Mobile Home Park for Sale - Posted by Sean

Posted by Chuck (AZ) on August 10, 2001 at 18:01:32:

Sounds about right to me… definately worth looking into. The price isn’t bad, when you look at the comps.

If you need financing options, drop me an e-mail.

Mobile Home Park for Sale - Posted by Sean

Posted by Sean on August 10, 2001 at 17:56:45:

I just found a MHP for sale out near me (by near, I mean within 120 miles). Fifteen spaces at $350 a space. Just reduced to $199,900 (they are having problems moving it). The Seller doesn’t want to carry any paper.

Anyway I glanced over http://www.creonline.com/mobilehomes/wwwboard4/messages/8680.html and someone else had figured 35% for expenses so assuming 100% occupancy that would be at most $40,950 annual income. Figuring that into a cap rate we’re talking 20.5% cap SOOOOOOOOO

Perhaps they have a lot of vacancy? From the price they’re asking if it’s a 10% cap that would mean almost $20k in a year from a park that could(should) be producing much closer to $40k – could that mean that half the spaces are vacant or am I incapable of using a calculator?