NEW INDIANA MOBILE HOME PARK LISTING!

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Asking Price $475,000    (11% Cap rate!)  ($13,571 Per Pad)

Rent is $210.00 per month

Currently no vacancies. Manager is paid free lot rent plus $9.00 an hour for miscellaneous work. The park operates on a Private Water System and a Private Sewer System. Tenants utilize propane gas service which is provided by the park. Propane is metered. Gas meters are read and billed on a monthly basis by the park manager. A cluster of large tanks feed the entire park. No tenant eviction here in over 5 years! Rent collection is excellent. No ad in the paper over 5 years. Park does not even have a phone number. The community fills it self through word of mouth.

Snow plowing shows a zero in the 2005 numbers because it is included in the maintenance expense. Plowed only three times in 2005. Owner states 16x80 can be placed on each lot if new owner so desired. 14x70's will just give you more room. There is a small piece of additional land towards the north west portion of the property. 10 spaces can be easily fit in that space according to the seller. There are two ponds. The community dwellers enjoy catching fish and relaxing around the ponds. Manager willing to stay. Additional Mobile Home Park Management Services are available. Park has a "middle of nowhere" feel to it while its minutes from everywhere. Wal-Mart Distribution center near by with a "We are hiring" sign by the gate.

This is a relatively simple deal. Buyers with 20% down payment will have no problem going to the bank with this one! Call today with your offer before this one gets away from you. You can run the numbers till your fingers are numb, which ever way you slice it, this is a great long term deal for someone! More information is provided below. Please keep scrolling down to the end of the page. Thank you for your interest!

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See Avilla Indiana Demographics

See the pictures

Please note: The first expense in the list includes Water, Sewer, Rubbish, and Electric and a pallet of salt three times a year.

YEAR
 
TOTAL INCOME
EXPENSES 
Wtr / Swr / Rubbish /Elec
Maintenance/Repair
Legal
Management Fee  
Office Supplies
Property Insurance 
Telephone 
Snow Removal
Trash Removal 
Advertising 
Payroll
Property Tax 
Auto Expense 
Licenses
School Tax
Accounting 
Other
Other
Miscellaneous 
TOTAL EXPENSES 
NET OPERATING INCOME 
 
Caps
2005 Actual
2005 Actual

 

76,416

 

18,188
0
4,271
0
0
1,157
2,380
0
0
0
0
4,905
2,337
0
350
0
0
0
0
0
33,588
42,828

 

10%
$428,280
Caps 8% 8.50% 9% 9.50% 10% 10.50% 11% 11.50%
2005 Actual $535,350 $503,859 $475,867 $450,821 $428,280 $407,886 $389,345 $372,417

2006 numbers are better as the rents were increased in 2006 to $210.00 from $190.00 in 2005. $85,680 is the 2006 projected income. Using the 2005 expenses $33,588 your NOI becomes $52,092 which translates to an approximate 11% CAPITALIZATION RATE!

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or call Gorial Realty LLC the Mobile Home park specialists! 1-(866) 66 PARKS       866-(667-2757)