Great park in New Mexico that can quickly become a cash cow. Grossing around $16,500 now and once its submetered and lot rents go up, your over $20K in gross rent
I have the P&L and rent rolls. Market lot rent is $200-$250. The asking price is $975,000 and it’s firm. Seller will hold a $700K note with $275,000 down at 5% over 30 years with a 10 year balloon. Your payment monthly will be $3,710.
15 vacant lots
7 vacant poh
No rv lots
7 rv’s on mh lots
65 paying tenants
Ave lot rent $169 - Raising lot rent will be easy since local rents are north of $200
Park pays city water & sewer - Submetering can save you $2,200 month in water.
Tenants pay nat gas, new lines installed by owner. He worked for gas company
Tenants pay own electric, except rv tenants reimburse owner
Small laundry room
Park has well and owner provides free water for all lots to water grass
Water & sewer line have been replaces with pvc
POH are older, 70’s-80’s
Alamogordo is going to be the new home of the largest commercial marijuana growing facility in the country.
This park seems to have some good upside with just raising rents and installing meters.
Let me know if you have any questions at all.