25 Site Atlanta MSA Park Assigning, $500K

New off market mobile home park under contract that we’re assigning.

25 Site park in Atlanta MSA. For more info email jon@fourbrothersbuyhouses.com

Price: $500,000

25 site community
Direct bill city water
Direct bill city sewer
City trash pickup
No utility bills for owner
Major rent upside
5.7 million population Atlanta MSA

Financial overview:
18 occupied lots + one 3 bedroom single family home
$7,950 monthly gross on all park owned homes
$95,400 gross income, 40% expense ratio (direct bill city utilities and park owned home repairs and maintenance) = NOI of $57,240
12.05% cap rate at purchase price
Raise park owned home rent to market and increase cap rate to 17.66% at 40% expense ratio
Sell homes to tenants / transition into all tenant owned home community and have 10.88% cap rate with market lot rent of $300