This mobile home park is located in the county outside of Riverside, IA. The park is in an unzoned area of Washington County with no restrictions or covenants. This allows a new owner to develop at least another 27 lots on the proposed land shown in the overview, and additional land is available for additional development of mobile home sites.
Utilities
The property is currently served by a private well system and 5 individual septic tanks. Current ownership pays for water and does landscaping and snow plowing. Tenants pay all other utilities directly.
Rent to Own Contracts and POHs
Current ownership has Three Rent to Own Contracts in place and 5 Park Owned Homes. This offers new ownership the opportunity for additional income through contract sales to long term tenants.
Park Owned/Rent to Own Home Details
Lot 2: (POH) 1990 Redman: 14x66: $500 Per Month (POH)
Lot 4: 1990 Point West Custom: 14x76: $ $585 on RTO Contract
Lot 5: 1995 Fleetwood: 16x76: $655 on RTO Contract
Lot 6: 1979 Patriot: 14x56: Vacant
Lot 7: 1998 Century: 16x76: $700 (POH)
Lot 10: 1996 Liberty: 16x76: $650 (POH)
Lot 12:1995 Fleetwood: 16x76: $655 on RTO Contract
Future Income Assumptions
The income and expense section shows the current income with park owned homes and RTO contracts. Section 1 of the future income assumptions represents lot rent only for the current residents.
Year 3 shows financials based on expanding the property to 40 units and charging a base lot rent of $350 per month. There is a 5% lot rent increase each year thereafter.
Riverside, IA
Riverside, IA is a town of roughly 1,000 residents and the Riverside Casino and Golf Resort. Located off of US HWY 218. The town is located less than 20 minutes from Iowa city and has seen many recent housing developments in recent years. This property offers affordable housing to an area with high job demand and a growing population.
Local Lot Rents
With lot rents climbing to the $500-$600 ranges in Iowa City, there exists substantial upside in raising lot rents at the subject property. With the opportunity to expand the park, there also exists realistic and attainable income through further development and expansion of the mobile home park.
Further development land is being offered at roughly $12,000 per acre. Contact Broker for additional details.
