This community consists of 14 lots, wit 13 park owned homes on site and one tenant owned home. Currently there are are 12 occupied park owned homes with the sellers working to rehab and rent the one vacant park owned home.
Lot rent is below market rent at a modest $170 per month with comparable communities in the area at and above $300 per month. This offers new ownership the ability to raise rates to market over time, offering a good amount of realistic and attainable upside.
Park owned homes currently rent for an average of $370 above lot rent per month ($540 total).
Park owned homes can be sold on contract while establishing market lot rent for increased income, while decreasing operating expenses for the community. Current tenants have expressed an interest in purchasing their homes on contract but current ownership has not offered contract sales.
Utilities
Tenants pay all utilities directly to the City of Brooklyn, including trash service.
Ownership currently pays for lawn care and snow removal.
Park roads are gravel.
Investment Highlights
- Below market rents for both park owned homes and lot rent
- Direct billed, city utilities
- High demand for affordable housing in the area
- Opportunity for RTO income on 13 Park Owned Homes
Excluded Items
Current ownership has excluded the roughly 6 washers and dryers that they have in some of the park owned home units from the sale.
Brooklyn, IA
Brooklyn, IA is located in Poweshiek County, and the town is just north of I-80.
Brooklyn is located within a 20 minute drive of Grinnell, IA which is a major employment center in the area.
This offers tenants in the subject community the ability to easily commute, while keeping their living costs more affordable.
Area Employers
Local employers include Brownells, John Deere, Walmart, and many other agricultural and manufacturing based industries.
