PAWA MHC is an all ages community with 15 lots, having 8 units onsite. The property contains 5 Tenant Owned Homes and 3 Park Owned Homes. There is an additional parcel included in the sale, which offers new ownership potential to develop another 3 lots.
Onsite Management- in place to assist with property maintenance, snow removal, and mowing of the common areas. Management is paid per occurrence for mowing and snow removal as needed.
Majority Tenant Owned Homes. Park Owned Home renovations completed in 2025- the remodeled unit is currently vacant, but is ready for new tenants.
Public Utilities, Direct Billed- Water, Sewer, and Electric. Trash is also direct billed.
Upside Opportunity
The current lot rent is $235/month. Current market rates are $300-$350/month, with larger communities averaging $430-$550/month. This provides the potential to increase lot rents immediately upon purchase.
Lot rent has not been raised in several years, the last rental increase was a $15/lot raise.
The Park Owned Homes are currently renting for an average of $227/month above lot rent, offering additional short term capitalization.
New ownership has the option to sell Park Owned Homes on contract or outright, offering a larger short term return.
Utilities and Infrastructure
Public Utilities, Direct Billed- water, sewer, gas/electric.
Trash Service, Direct Billed.
The community streets are gravel.
Number of Usable Lots
Commercial Parcels: 0827382001 and 0834129017.
0827382001: Public record indicates zoning for up to 15 lots, although fire code changes may restrict the infill and number of usable lots on this parcel.
0834129017: This abutting parcel (0.27ac) is included in the sale. This area is not included in the total lot count however, the parcel could accommodate 2-3 additional units.
Financial Analysis
Pro Forma Year 2 assumes $300 lot rent. Lot rents were raised $25 annually over a 4 year period, and then increased at a rate of 5% per year for the remainder.
Financial Analysis does not include infill potential.
Wapello, IA
Wapello is the county seat of Louisa County, Iowa and has a resident population of 10,000. The town of Wapello is located with 50 miles of both Iowa City, and the Quad Cities of IA and IL.
Median household income is $71,000 per year based on the most recent data.
Subject Property
The subject property is located on HWY 61, offering an easy commute and central location for tenants commuting to larger metros.
The park features minimal roads, and has no thru traffic due to the road design. This offers low overhead and ease of maintenance for new ownership.
Employment & Colleges
Wapello is within commuting distance of several large metros, as well as numerous smaller communities. The local Tyson Foods Inc. packing plant has undergone a $15M expansion to accommodate a third shift, which has increased demand for affordable housing in the area.
Wapello is within commuting distance of both the University of Iowa, and Southeastern Community College.
