9 lot mobile home park for sale in Kentucky…..
This one has quite a bit of upside with rents. There are 8 park owned homes (POH) in the park. 6 of them are rented(or about to be), 2 are vacant and renovations have just been started. Current monthly rents are $3530 including one renovated unit that is about to be rented. With the completion of the last 2 units and increase of rents to market, total gross monthly should come up over $5200 a month. Current average rent is only $588/m so there is plenty of room to raise rents to the average of $650-700+ depending on the size of the unit.
On an annual basis you are looking at $42,360 on current rents and an upside of over $70,000 annually gross and you still have a vacant lot you can fill. The expenses are low. The landlord pays for water and trash and there is septic. The tenant pay $40 a month towards those utilities. 2022 Gross income was $45,277. Park is self managed and all tenants pay through Buildium.
With renovating the last 2 units, and a little bit of overall tlc, this can be a great cashflow property. Taxes are low and so is insurance. Most units at 2/1s but the 2 vacant are 3/2’s. They need about 10-12k each to make in good rental condition. All trailers have titles and all are between 60’s -80s.
Property is just under 2 acres. There is a vacant lot to add another unit bring it to 9 units and bringing rents up another $10,000 a year in gross rents to have gross rents over $81k a year.
Based on an 8cap and 35% expense ratio, you are looking at an ARV of over $650,000 gaining over $250,000 in equity after repairs and adding another unit and netting over $52k a year in cash flow.
Asking only $339k which is a 9cap based on 2022 gross rent and we are on track for that same annual rent in 2023.
Please call Anthony at 407-923-8890 or Jeff at 740-571-1206 for info.