Well located MHP with plenty of up-side in a strong market. The park has 29 lots, of which, 18 are park-owned homes tenants each paying rent at an average $236.94 plus the average lot rent of $207.63, and 1 vacant park owned home.
There is 1 tenant owned home, paying $175 a month, who is the manager. The remaining 9 are vacant, 4 of them are permitted for the current well capacity, the remaining 5 lots can’t be used until the well is approved to service those lots.
Benton Bay Mobile Home Park is an all-ages community and has private septic and a private well that is not included in rents. There is a $25 charge for water, a $20 charge for mowing and a $20 charge for trash. The tenant owned unit is in good shape and is a 1990s vintage. The publicly maintained roads are in average condition as our offering price suggests. Located in a good location, child friendly park located in one of the best school districts around. The school bus picks up and drops off inside the park. Quiet park with no walk-by or loitering traffic.
This park is being offered as a stabilized investment with an 8.36% normalized cap rate on current lot rent using a 41.7% expense ratio. The price per lot is $22,916, but with additional well permitting, you can add an extra 5 lots and bring the price per lot to $18,965. Each POH is priced at $6,500 per home. We are looking for cash offers, however, recourse bank debt may be available for this deal.
We are asking our investors to submit offers at or above $550,000 for the entire park including POH. The potential return on investment for this park is a 22.4% cash on cash return.
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