57 Sp Mobile Home Park Asking Only 14K Per Space

The Peaceful Acres MHP is a 57-space MHP, that is under-performing and being sold at a discounted price. The owner also has an adjacent 1-acre lot that is zoned for 8 spaces that need to be built-out. Projection Report. Also included are 15 MH/RV park owned units with one double wide MH. Units need an estimated $40,000 worth of work. Currently the park is 40% occupied and collecting an average $65,000 NOI. The attached Financial Projection Report is based on the asking Price of $800,000, however, the Seller is flexible with the price depending on the offer and the Buyer qualifications. All Cash offers, with no financing contingency, will receive the lowest price. Rents collected average $235/space that is below market. Indicated expenses in the attached CCI Investor Report are actual and current. Bank Financing is available to a Qualified Purchaser. Center State Bank currently has the mortgage on this property and will consider financing for the next purchaser. The property is in fair condition with about $100K of anticipated repairs/upgrades. The reason the park is not fully occupied is the Owner is too busy to put the time into it. It is expected, with new management in place, the occupancy would go up to over 90% and rents should be increased to a minimum $325/sp, or $800/MH, as other equivalent parks in the area are producing. This should be accomplished within three years as indicated in the CCI Financial Projection Report.