Hello Bigger Pockets Family!
I need help determining if this mobile home park is a good deal or not. Basically i haven't had much experience in them so need some BP expertise in analyzing this. Thanks so much in advance!
INVESTMENT HIGHLIGHTS
- 95-100% occupancy with long term tenants
EXECUTIVE SUMMARY
Mobile Home Park & community is a small park investor's dream! 20 good-looking and well-kept units on 1 acre + parcels with control of a private community h2o system! Quiet country setting w/ SW & DW units throughout this well designed community with nice paved roads. Mostly long-term and likely life-long tenants here, each MH permanently attached to real estate w/ central HVAC, & many with recent new roofs. Currently at 100% occupancy with gross income of $11,960/mo ($10,915 rent + $1,045 over 19 additional h2o accounts). 10.10% cap rate at the proforma $100,464 NOI with 30% OPEX factor. PGI and cap could easily be raised by charging current 20 tenants $55/mo h2o fee. Purchase alone or w/ sister property located only 7 miles away!
PROPERTY FACTS
INVESTMENT HIGHLIGHTS
- 95-100% occupancy with long term tenants
EXECUTIVE SUMMARY
Chaserville Mobile Home Park & community is a small park investor's dream! 20 good-looking and well-kept units on 1 acre + parcels with control of a private community h2o system! NE Cook County is south Georgia living at it's finest and Chaserville shows it!. Quiet country setting w/ SW & DW units throughout this well designed community with nice paved roads. Mostly long-term and likely life-long tenants here, each MH permanently attached to real estate w/ central HVAC, & many with recent new roofs. Currently at 100% occupancy with gross income of $11,960/mo ($10,915 rent + $1,045 over 19 additional h2o accounts). 10.10% cap rate at the proforma $100,464 NOI with 30% OPEX factor. PGI and cap could easily be raised by charging current 20 tenants $55/mo h2o fee. Purchase alone or w/ sister property - Fox Run MHP located only 7 miles away! See Loopnet "1000 Pleasantdale Circle, Sparks" & "Portfolio of 18 Assests For Sale Adel Portfolio" to follow or contact L.A. for details. Aerials and more exterior pictures to follow.
PROPERTY FACTS
| Price | $995,000 | Lot Size | 20.00 AC |
| Sale Type | Investment | Building Size | 40,000 SF |
| Cap Rate | 10.10% | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Manufactured Housing/Mobile Home | Year Built | 1980 |
| Apartment Style | Garden | Opportunity Zone | No |
| Building Class | C | |
INVESTMENT HIGHLIGHTS
- 95-100% occupancy with long term tenants
EXECUTIVE SUMMARY
Chaserville Mobile Home Park & community is a small park investor's dream! 20 good-looking and well-kept units on 1 acre + parcels with control of a private community h2o system! NE Cook County is south Georgia living at it's finest and Chaserville shows it!. Quiet country setting w/ SW & DW units throughout this well designed community with nice paved roads. Mostly long-term and likely life-long tenants here, each MH permanently attached to real estate w/ central HVAC, & many with recent new roofs. Currently at 100% occupancy with gross income of $11,960/mo ($10,915 rent + $1,045 over 19 additional h2o accounts). 10.10% cap rate at the proforma $100,464 NOI with 30% OPEX factor. PGI and cap could easily be raised by charging current 20 tenants $55/mo h2o fee. Purchase alone or w/ sister property - Fox Run MHP located only 7 miles away! See Loopnet "1000 Pleasantdale Circle, Sparks" & "Portfolio of 18 Assests For Sale Adel Portfolio" to follow or contact L.A. for details. Aerials and more exterior pictures to follow.
PROPERTY FACTS
| Price | $995,000 | Lot Size | 20.00 AC |
| Sale Type | Investment | Building Size | 40,000 SF |
| Cap Rate | 10.10% | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Manufactured Housing/Mobile Home | Year Built | 1980 |
| Apartment Style | Garden | Opportunity Zone | No |
| Building Class | C | |
| Price | $995,000 | Lot Size | 20.00 AC |
| Sale Type | Investment | Building Size | 40,000 SF |
| Cap Rate | 10.10% | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Manufactured Housing/Mobile Home | Year Built | 1980 |
| Apartment Style | Garden | Opportunity Zone | No |
| Building Class | C | |
VALUATION
Total Monthly Rent $10,915
Total Monthly Water Charge $1,045 *39 Total Units on water system / only 19 non park owned homes are charged per month
Annual Gross Rent $143,520
30% operating exp -$43,056
Net Operating Income $100,464
List Price $995,000
10% cap rate $1,004,640
11% cap rate $913,309
12% cap rate $837,200
Cap Rate at asking price of $795,000 10.10%
List Price of $995,000 for 20 mobile homes (19 currently rented) AND 19 additional water system customers
*$995,000 is a ±10.10% cap rate at the proforma $100,464 NOI with 30% operating expense factor arrived at by combination of looking at recent comparable sales, cap rate analysis, and market experience.
