Conesville MHP
 
First St Conesville IA 52739
$430,000
List Price
5.88 %
Cap Rate
9.69
GRM
20
Number of Pads
Financial Projection and Tenant Info
  • With low overhead, zero park owned homes, and solid infrastructure, this park will make a great long term investment for a new owner. Lot rents in the area are $325+, leaving plenty of upside for a new owner through raising lot rent to the appropriate level. Current financial projections exclude the development and infill of the additional 10 lots that the property is zoned for, leaving extra upside for a new owner looking to expand the property.
  • Current ownership developed the property in the early 80's and the park still has several of the original tenants. Current ownership has not raised lot rent in several years, meaning there is easy upside available for a new owner. All tenants are month to month but do agree to a standard set of park rules and expectations. Tenants are responsible for their own water, as well as the maintenance of their lots. In the event a tenant is evicted or needs to move, they are responsible for the sale of their own homes. Current ownership also does not pay utilities for vacant lots due to an agreement with the city. This deal may be transferable to a new owner.
  • Contact listing broker for additional details.
Infrastructure
  • The park features high pressure plastic sewer mains, a sealed asphalt road that is maintained entirely by the city, and room to develop another ten lots on the east side of the property. Tenants maintain their own yards and the city provides snow removal for the main road. Currently, the owners pay for sewer and trash service which are included in lot rent at a rate of $47 per lot. The city is also responsible for repaving and resealing the sealed asphalt road that serves the park, with the park only being responsible for the maintenance of the park utility infrastructure.
Location Description
  • The town of Conesville is located on HWY 70 in Southeast Iowa and is part of the Muscatine, IA MSA. The town is located 30 minutes south of the Iowa City metro and has direct HWY access to the city of Columbus Junction. Major employers in the area include Tyson Foods, HNI, Kent, Hyvee, and several mid level agricultural companies. The area in general has a high demand for affordable housing, as well as a housing shortage.
  • This mobile home park is located less than 30 minutes from the Iowa City metro. The property has direct highway access to the local Tyson Foods Plant near Columbus Junction Iowa less than 10 miles from the park. The park has many long term tenants, and the area itself has a high demand for affordable housing. The property has room and zoning for an additional ten pads on the East side of the property. Current financial projections in this OM exclude the development and infill of lots, meaning there is additional upside for a future owner if they decide to further expand the property.
FOR MORE DETAILS CONTACT
Jason Bergan
Broker
(563) 880-9679
jbergan@c21sre.com