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Browse More Listings in Multifamily For Sale, Ottumwa, IA or Iowa

Multifamily Property - Off Market

Redwood Village

1405 Albia Road, Ottumwa, IA 52501

Price:
N/A
No. Spaces:
47
Property Type:
Multifamily
Property Sub-type:
Mobile Home/ RV Community
Property Use Type:
Investment
Cap Rate:
8.50%
Occupancy:
98%
Tenancy:
Multiple
Lot Size:
5.68 AC

Last Verified 5/10/2009 Listing ID 16208295

Description

Redwood Village is a mobile Home Park located in Ottumwa, Iowa with 46 homes on 47 home sites. It is a desireable location, close to shopping, schools and employment. City water and sewer. No park-owned homes, and only one vacant site to be filled. Double car garage. This Park currently has under-market lot rents and has plenty of upside potential.
lot rent at $180/mo=10% Cap Rate
lot rent at $200/mo=12.3% Cap Rate

Here are the 2008 numbers:

Annual Income: $93,440.00

Annual Expenses 2008:
Insurance: $828
Water: $18,989
Taxes: $14,071
Trash: $8340
Mgr: $655
Snow removal: $1772
Mowing: $593
Road and garage repairs: $1536 (non-recurring)
Postage: $16
Plumbing/Sewer cleanout: $85

Total Expenses $46,776
Cash Flow: 46,664.00

Notes:
Market area lot rents are currently in the $200-$220 range. New residents entering in the park currently pay $200-$220 lot rent per month.

1405 Albia Road
Ottumwa, IA 52501

Map of 1405 Albia Road, Ottumwa, IA 52501 (Wapello County)

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Created 4/25/2009

Additional Information for 1405 Albia Road, Ottumwa, IA 52501

Active For Sale - 0 Listing
Active For Lease - 0 Listing
Previously Listed - 2 Historic Listings
Sales Comparables Available - 0 RecentSales Record

View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.

The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

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Multifamily Property For Sale - Redwood Village

1405 Albia Road, Ottumwa, IA, 52501