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Property Overview

Pocahontas Villa is an all ages, 32 lot mobile home community with 24 lots currently rented. The community features wide concrete streets, with two of the four roads serving the park maintained by the city. The park is served by city water and city sewer, which current ownership bills back to the residents. Pocahontas Villa currently has an occupancy of 75% with 17 Park Owned Homes, and 7 Tenant Owned Homes. The community has an on site manager that has been in place for the last two owners, and residents are mainly long term occupants. This property offers a new owner the opportunity to purchase a stable property, and offers upside through minor infill and the sale of POHs for increased short term income.
Upside is available and attainable by increasing lot rent to current market values in the mid $300s. Currently lot rent averages are $300 per month, having been raised in the Fall of 2024. Additional upside is available through contract sales of POHs, giving new ownership the opportunity to increase income while simultaneously lowering operating expenses related to park owned homes.

Utilities

The property is served by city water and city sewer, both of which are billed back to the tenants. Trash services are also billed back to the tenants.

Recent Improvements

Current ownership installed two new water meters in the park and has started billing back water. Current ownership utilizes metron for water readings which has an online portal for tracking usage. Management currently uses rent manager to bill back tenants.

On Site Management

The current owners utilize an on site manager that has been managing the property for the last two owners. This makes the property an easy transition for both local and out of state owners.

Park Owned Home Improvements

Current ownership has remodeled the majority of the park owned homes and placed quality tenants. Owners have also resealed the roofs of the park owned homes and have remodeled the park owned home decks. Work was done by a local contractor who would be able to handle future projects for new ownership.

Financial Analysis

Analysis assumes raising lot rent to $350 within the first year of ownership, and then raising $25 in years 3 and 4 to a lot rent of $400 in year 4. Lot rent was increases by 3% each year thereafter. Financial analysis also assumes the sale of the park owned homes on a five year contract at current rent.

Pocahontas, IA

The subject property is located in the County seat of Pocahontas County, Iowa. Located 40 miles from Fort Dodge, Iowa which has a population of approximately 25,000.

Proximity

This property is conveniently located within a block of both the Dollar General and True Value, providing easy access to groceries, household goods hardware and more for the tenants.
The largest employment types in Pocahontas are: Manufacturing, Retail, and Healthcare. The property's proximity to Fort Dodge also makes it an easy commute to a larger employment center in the area with industries such as manufacturing, trucking, and multiple ag based companies.