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This stable 100% occupied, cash flowing & well maintained mobile home park consists of 31 MH spaces and laundry room. $58,000 of street upgrades that were completed in 2008. Serviced by city water, the septic system is in good working order with a maintenance fee of $6.85 per space ($2,548 per year) billed to the tenants which are also billed for trash and sub-metered for gas, electric & water which keeps the operating expenses low. The existing loan is from 2006 when financing rates and terms were more favorable.
There is an additional $26,160 of note income per year from 7 homes which are included in the park sale,but notreflected in the caprate or sales value.However, revenue is generated from these loans at blended cap rate at9.30% for 2010. Currently there is no onsite manager and the current manager drives to the park 2-3 times per month. Brokers assume a new owner trade space rent at $375 per month for basic onsite park management duties.
The park is permitted to add an additional 29 spaces on the excess land on the west side of the park and along the northern perimeter. To develop these additional spaces the city is requiring the park to be connected to city sewer.
For More information Contact MHRV Advisors the park brokers at http://www.mhrvadvisors.com/mobile-home-park-brokers-&-rv-park-brokers-sales-in-ca-az-nv.html or visit http://www.mhrvadvisors.com