Posted by Scott Moore on June 17, 1999 at 13:28:56:
With the park in the shape it is in and only having 25 lots at the present time, in my experience $595,000 is way too high. But I do not know the area in which it is located therefore I can not tell you if it is or not. All I can say is that if it was me, I would not get it at such a high price.
OK…Details on Ugly Mobile Home Park - Posted by JaimeR_NJ
Posted by JaimeR_NJ on June 17, 1999 at 12:21:08:
25 units asking price $595,000. Gross Income $93,000. Stated expenses $17,000 (which I understand is somewhat low), NOI $76,000. They have not factored in any mgt fee on these numbers.
9 acre park with room to have 25 more spaces, well water and septic (I assume not individual, but have a call out to the broker), gravel streets, they say playground (I didn’t see one), tenants pay for trash removal.
Broker’s not sure if there is room for any owner financing and he suggests 25% down.
I mentioned in a previous post that the grounds looked deplorable to me and so did all the homes and yards. Many of the homes were for sale.
Based on what I saw, and my zero knowledge of mh parks, I would say that the asking price is way too high.
Opinions?