Off-Market Mobile Home Parks in Poplar Bluff, MO

[Rob Estes]

Off-Market Mobile Home Parks in Poplar Bluff, MO!

The main hub between St. Louis & Memphis

• 2 park portfolio
• Large park - 37 pads
• Smaller park - 20 pads
• City sewer (direct bill by city)
• City water (direct bill by city)
• All home individually metered for both water and electric
• Tenants pay utilities (water/sewer/electric)
• Garbage paid by owner (dumpsters on-site)
• All park owned homes
• 3 vacant Mobile Home Pads (sites ready for new home install)
• 4 homes currently need renovation work
• Under-market current rents
• Owner is getting older and would like to retire is the only reason for a sale
• Owner is willing to owner finance remaining note with $450,000 down
• All title work /closing paperwork is completed and owner is looking for a quick close and new ownership starting Feb 1st.
• All 54 homes on-site must remain POH's for duration of the owner financing

I have a full presentation will all the details, addresses, rent rolls, breakdown, proformas, and pictures. Would be happy to send after an NDA is signed.

Currently Grosses $21,650 per month

Purchase Price: $1,750,000 (firm) or highest bid. (assignment fee included in price)

This is an assignment of contract, serious end buyers only, end buyer pays all closing costs and attorney fees associated with the deal.

Cap Ex. needed

• Paved roads
• New Signage
• Landscaping
• New mailboxes
• Power washing / painting units

At takeover (as rentals only)

$15,025/mo. (Bigger MHP) + $6,625/mo. (Smaller MHP) = $21,650 /mo. or $259,800 /yr. (gross)$21,650 /mo. or $259,800 /yr. - expenses(40%) = $12,990 /mo. or $155,880 /yr. (NOI)Asking price = 1.75mm$155,880 /yr. (NOI) /1.75mm = 0.9 ( 9% cap rate )9% Cap at asking.

Potential at full capacity with $50 rent raise (57 units)

$18,675/mo. (Bigger MHP) + $9,425/mo. (Smaller MHP) = $28,100 /mo. or $337,200 /yr. (gross)$$28,100 /mo. or $337,200 /yr. - expenses(40%) = $16,860 /mo. or $202,320 /yr. (NOI)Asking price = 1.75mm$202,320 /yr. (NOI) /1.75mm = 11.6 ( 11% cap rate )11.6% Cap at asking.

Please feel free to PM me directly for a NDA form or with any questions. Thanks!