Fellow MHP investors,
We have a 42 pad mobile home park under contract that is up for assignment in St. Louis Missouri. The park has significant upside and is a great buy for first time park owner or an experienced operator.
The majority of homes are 1990’s and above, a few doublewides, and city water/sewer.
We are assigning because it doesn’t meet our investment criteria from a geographic location and is to small for us at the moment.
Details below and more info available.:
Lots: 42
Occupied Lots: 39(all occupied w/ paying tenants)
Vacant Lots: 3
Lot rent: $320( which are under market)
City water and Sewer(submetered but aren’t making collections)
Tenant Owned Homes:12
Park Owned Homes: 27
POH Age: All homes are 1990’s and above(majority 3 bedroom)
POH Rent Avg: $700
Comes with an apartment building as well that has 3 units currently rented out at $500 each.
Purchase Price: $1,300,000
Assignment Fee: $40,000(or 3% of purchase price)
Earnest Money Deposit: $10,000
Due Diligence Period Ends: February 27th
Financing period: 60 days after Due Diligence period ends
No seller financing, but have plenty of banks that have showed interest.
We have a full Due Diligence Package available with all documents.
Please PM me for more info on this property, leave your email and I will shoot it over to you.
Ryan