This property features 18 lots with 7 currently occupied. At under $200,000 this property offers a new owner the ability to infill the property over time, as well as raising lot rent, offering a good return on a long term investment. Lot rent was recently raised to $235 which is still well below market prices for lot rent in the area.
Utilities
This property is served by city water and sewer, with tenants paying all utilities directly. The owner currently pays for trash service.
Market Rent
Market rent in this area ranges from $200-$250 for similar properties. This allows new ownership to take over a property that is slightly below market, while capitalizing on keeping the property in line with rising lot rents.
Local Management
This property is managed by a local manager that lives in Leon, KS. They receive free lot rent for their home located in the Leon, MHC as payment.
Portfolio Option
This property can be purchased individually, or with one to two other parks located in Nickerson and Leon, KS. Contact Broker for additional details.
Seller Financing Available
The owner will sell the portfolio with the below seller financing terms
Price: $750,000
Down Payment: $187,500 (25%)
5% Interest
20 Year Amortization
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Hartford, KS
Hartford, KS is located in the Emporia MSA. Hartford is located just off of I-35, offering tenants affordable housing with an easy commute to larger employment centers such as Emporia, Burlington, and Ottawa, KS.
See the Deal Room for MSA Data, or contact the listing broker.
