3737 W Chestnut Expy
Springfield, MO 65802
HOMESTEAD ACRES MOBILE HOME PARK · Multifamily Property For Sale · 834,174 SF

HIGH CAP RATE PARK IN SPRINGFIELD MO! The 143 pad Homestead Acres Mobile Home Park is for sale at an 11.31% cap/$16,783/Site. The park has 2 contiguous sections, a 62 pad fronting on Chestnut and newer 81 pad section to the NE fronting on Dexter. The newer section can accomodate the larger newer 80' homes. 19.15 acres. 86% occupancy (Nov. 2017) with 70% MH/30% RV . Pad rent is $265-MH and $220-RV reflecting a Dec. 1, 2017 rent raise. City utilities, owner pays water, sewer and trash. Tenants pay gas and pays owner directly for the submetered electricity. Park is the electric provider! Historically 12-15 lease to owns with 1-4 year terms, balances of $50-60K, 1 rental at $425. The park includes a 3,000' commercial building with park owned 2,000' laundrymat, 500' park office and 500' business tenant. 2 non-traditional sources of income: 1) Laundymat has income of $69K/yr (2016). net $30-35K/Yr. and 2) Electricity has income of $128K (2016) net $21K. electricity is submetered by the park owner who upsells. Wide asphalt streets in good condition with greenbelt area. Good school system. Homestead Acres MHP is located at 3737 W. Chestnut (Section 1) and abutting to the NE, 630 N Dexter (Section 2) just N. of West Chestnut Expressway and W. of the W. Bypass (Hwy 160) in NW Springfield, MO SE of the Springfield Branson National Airport. Dubbed the "Queen City of the Ozarks" and the birthplace of Route 66, Springfield is the 3rd largest city in Missouri with a population of 170,000. It is the county seat of Greene county and boasts 3 universities, including Missouri State University. It is one of two principal cities in the 7 county Springfield-Branson metro area. The park is located in a good location in Springfield.