25%+ 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 up to $1,000,000 Net!
CITY WATER, CITY SEWER Individually metered
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$497,000
14 total lots (10 owner occupied homes/4empty lots)
Lot rent: $350/month
Monthly income: $3500
Annualized Gross Income: $42,000
Expenses:
Insurance - $1000
Property Taxes - $2200
Offsite Manager - $4500
Annualized Expenses: $7700
Total net = $42,000 - $7,700 = $34,300
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$497,000 Purchase Price
15% down ($74,550) with 3.25% (WSJ Prime Rate)
$422...
$422,450 balance with a monthly interest payment of $1144.13 (Annualized $13,729)
Balloon payment due in 5-10 years
$34,300(net) - $13,729 (loan payment) = $20,571 net profit
$20,571/$74,550 = 27.6% YIELD
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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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In a span of 3 years it is possible to bring the rents up to $550/month and filling up the entire park would make total monthly collections: $7700
Which would have a valuation of almost $1,500,000 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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