This property is Off-Market

Hwy 231
Troy, AL 36081 ·

651 Spaces · Multifamily For Sale

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Pride of Cash Flow

Price N/A Property Use Type Investment
No. Spaces 651 Cap Rate 10.75%
Property Type Multifamily Lot Size 94 AC
Property Sub-type Mobile Home/RV Community
Listing ID: 16938559 Date Created: 12/06/2010 Last Updated: 12/20/2010

Description

The Central Alabama Park:
This property consist of 167 sites on 28 acres of prime commercial ground
There is immediate upside by filling the 49 or so vacant park owned homes (most are 2006 and 2007 models). Income stream would increase 49 units x $450.00 per month x 12 months less 10% vacancy less 35% expense would increase the net income by $$154,791

The Southern Illinois Park:
All units are single wide.
79 park owned with (all 2002 and 2003 models) 35 currently rented at $450.00 per month. Market rents for trailer homes are between $350.00 and $550.00 per month.
Market rents for lots are $150.00 to $225.00 per month.
Market rents for apartments are $450.00 to $900.00 per month.
The seller has other parks in other parts of the country that he would be better served as they are much closer than this one.
All tenants sign a one year lease.
Big box and shopping district are with in 2 miles.
Immediate upside by filling the 30 vacant homes at $450.00 per month.
Sept 2010 rent roll reflects 135 occupied units out of the 484 total available lots.
35 Homes are rented with an average of $300.00 home rent plus $175.00 lot rent
3 Lease to own homes at $150 per month
See 10 year projected income attached. For a 200 lot occupied property, fill the park owned homes either by renting them or lease to own (which would shift the repairs and taxes to the leasee)

Research

Hwy 231, Troy, AL 36081 (Pike County)

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