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