32.3% YIELD! Des Moines Mobile Home park CITY UTILITIES submetered
14 lot mobile home park
1 acre
205 Mill St SE Mitchellville IA 50169
Call or Text: 949-939-1133
Invest $74,550 as owner financed down payment
Make $1,000,000 Net!
CITY WATER, CITY SEWER Individually metered
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$497,000
Total Monthly income: $3755
14 total lots (10 owner occupied homes/4empty lots)
-8lots are paying $350/month
-1 lot is paying $405/month
-1 lot is paying $550/month
Monthly income: $3755
Annualized Gross Income: $45,060
Expenses:
Insurance - $500
Property Taxes - $2200
Offsite Manager - $4500
Annualized Expenses: $7200
Average monthly expenses would be: $600
Total net = $3755-$600 = $3155(total monthly net)
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Reason for selling: Need more time to focus and expand my other business
Out of state owner. Park runs itself. Have not been to park in over 7 years!
Great tenants and great manager.
Deposits are made to our local bank account
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$497,000 Purchase Price
15% down ($74,550) with 3.25% (WSJ Prime Rate)
$422,450 balance with a monthly interest payment of $1144
Balloon payment due in 5-10 years
$3155(monthly net) - $1144 (monthly loan payment) = $2,011 monthly net profit
$2,011 x 12 = $24,132 Yearly Net Profit
$24,132/$74,550 = 32.3% YIELD
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In a span of 3 years it is possible to bring the other rents up to $550/month and filling up the entire park would make total monthly collections: $7700
Which would have a valuation of almost $1,540,000 at a 6% cap rate!
Location
Very beautiful picturesque city.
Population is increasing.
15 minutes from Des Moines
Demand is extremely high for affordable homes in the area
A lot of opportunity here for the future owner.
Text or email for quickest response
Tony: 949-939-1133
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