2460 340th St
- Immediate upside with lot rents $50-$75 below market
- Close to 100% recapture rate on utilities
- 3 Vacant POH recently remodeled - aged between 1992 and early 2000s.
- 7 RTOs with a balance of $139k
- 6 Vacant lots with infrastructure ready for infill
- 20%+ Cash on Cash returns by year three
- Majority TOH & no issues with RTO operations
- Stabilized tenant base with minimal collection issues
- Up to $100,000 in potential creative seller financing
Property Description
Skyview MHP is a 38-site mobile home community located in Keokuk , Iowa. The community currently includes 21 occupied tenant owned homes paying an average of $225/m, 7 rent-to-own tenants paying an average of $563/m, and 1 SFR renters paying $693/m. All lots are sub-metered and utilities are billed back to the tenants. The investment strategy for this park would be to gradually raise rents to market rate, occupy the three remaining vacant park owned homes that were rehabbed & sell off these homes to the tenants to decrease expenses, along with infilling remaining vacant lots that are equipped with infrastructure. A new investor has the opportunity to purchase a stabilized asset with minimal collection issues & quick upside with a rent increase day one & 20%+ cash on cash returns by year three.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $825,000 |
| No. of Units: | 38 |
| Year Built: | 1969 |
| Lot Size: | 0.00 Acres |
| Opportunity Zone: | No |
| Price per unit: | $21,711 |
| Property Website | Click Here |
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