I am putting together a group of investors to joint venture with me and purchase a mobile home park in Georgia. I am in the process of conducting due diligence and am trying to ascertain what you think the value of the property should be based upon a “standard industry” percentage being allocated to expenses and reserves. The following is the criteria of the park:
201 spaces;
public water and sewer individually metered;
120 park owned homes (all in reasonably good condition) of those 77 park owned homes rented & 43 park owned homes vacant;
37 lot rentals occupied (resident rents lot and owns home); and
44 lots vacant
Monthly income currently being generated : $34,904.00 x 12 = $418,848