Sunflower Place MHP and RV offers new ownership a cash flowing community with significant upside through raising rental rates and infilling the property over time. The community is served by public utilities with the owner currently paying for water and trash, as well as paying for electric for several units. New ownership could immediately cut operating costs by requiring tenants to pay their own electric, and billing back water and trash services.
Lot rent is currently set at $300 per month, and park owned homes averaging only $250 above lot rent. New ownership could raise lot rents slightly, and could also raise park owned home rents to an average of 400 above lot rent, or sell the park owned homes on rent to own contracts.
Current Occupancy
Currently there are two tenant owned homes on site paying $525 and $600. Lot rent for park owned homes is assigned at $300 per month. This gives new ownership the ability to standardize lot rent at a higher rate for new tenant owned homes.
The community features 37 usable lots, with only 6 homes currently on site. New ownership would have the ability to significantly increase occupancy by infilling vacant lots or advertising the RV spaces. Further expansion may also be possible, as the property was originally set up for 47 lots.
Investment Highlights
Sunflower Place offers significant upside for a new or experienced owner through infill or RV site rentals.
Offered at less that $9,000 per pad, and served by public utilities, new ownership has the ability to gain a large amount of equity in the property. The City of Belleville is also located within an opportunity zone, allowing a new owner to offset their capital gains on the property.
Utilities and Infrastructure
The property is served by public utilities with the current owner paying for water. Current ownership also pays electric for several units although they are directly metered.
New ownership could require all tenants to pay electric directly, and bill back water and trash in order to reduce operating expenses.
Financial Analysis
The financial analysis assumes the gradual infill of the community at two homes per year, while raising lot rents over time. New ownership would have the ability to further increase future revenues through outright home sales or rent to own contracts above lot rent.
Financial analysis assumes raising lot rents by an average of 3% per year.
Contact Broker for Additional Details.
Belleville, KS
Belleville is the county seat of Republic County Kansas and has a population of 2,000 residents.
Local Employers
Local Employers in the are include Walmart, Cloud Community College, Cloud County Health Center, as well as several large and mid size manufacturing and agricultural industry employers.
Neighboring Communities
Belleville is located 20 minutes north of Concordia Kansas which is an employment center in the area.
Concordia is home to Cloud County Community College, as well as several large chain retail stores, health providers, and manufacturing jobs.
