Updated about 8 years ago on . Most recent reply
Looking for 40 Lot Mobile Home Park financing
Greetings all,
Since BP is such a fantastic resource I figured I'd come here for some advertising.
Nearly under contract, (waiting on signature of a LOI from seller) is a mobile home park in Central, IL. Once under contract I'd be happy to share more information with interested lending parties. Plenty of opportunity to improve this property.
This park is 40 lots of which 9 are empty. Current lot rent is up to $75 under market rent for the area. Property has 5 tenant owned homes and 25 park owned homes which bring in just over $10k a month and my projected operating costs (no financing) put the park at $50k+ cash flow per year.
- Gross Income - $124,000
- Expenses - $71,000
- NOI - $53,000
- Cap Rate - 15%
- Purchase Price - $350,000.
I'm looking for a private lender to assist in the purchase of this property. If you have any interest, or suggestions, or want to discuss please follow up with me.
Steve Johnson
240-394-5733
[email protected]