This is a great opportunity to own a 79-space community over 7 acres in southeast Pennsylvania. Mobile Home Park currently occupies 76 of its lots (96.2% Occupied) and boasts itself as an all-tenant-owned park! Lot rent is $490. All utilities (Water, Sewer and Electric) are serviced by the city. Water and Sewer on the property are billed back at a flat rate along with a Meter-Maintenance fee, all amounting to $10 a piece. Electric is Master-Metered.
This includes a convenience store, Country Store, on top of the 79 lots, of which there are only 3 vacancies. The property has the ability to expand an additional 22 spaces and it is estimated the cost will be approximately $3k/pad!
There are 8 homes on contract for sale with the residing tenant.
Financial Summary
Offering Price $3,550,000
Price per Pad $44,937
Net Operating Income (In-Place) $377,017
Net Operating Income (Pro Forma) $387,373
GRM 6.96
Cap Rate (In-Place) 10.62%
Cap Rate (Pro Forma) 10.91%
Net Operating Income 2015- $269,751 2016- $377,017
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