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Investment Overview

West Oak Park is an all age community located in Newton, IA, less than 30 minutes from the Des Moines, IA metro. Lot rents are currently $200, with market rates at comparable properties ranging from from $350-$400 per month. The property features 8 park owned homes, 3 tenant owned homes, and one single family home for a total of 12 rental units. There is also 1 single stall and 5 double stall garages on site. Current ownership bills the tenants back each year for the property taxes associated with the garages, lowering operating costs. Current park owned home rents average $578 above lot rent per month ($778 total). Similar mobile homes for rent in Newton charge between $800-$1,000 per month for single wides, offering additional upside for future ownership. Of the 8 park owned homes, 7 are single wide units, and 1 is a double wide.

Park Owned Home Values

Current Ownership has historically sold the single wide homes at an average price of $27,000. Future owners could sell the park owned homes outright to recoup down payment costs, sell the homes on contract to reduce operating expenses while maintaining income, or continue renting the homes out for long term income. Contact Broker for Additional Details.

Utilities and Infrastructure

West Oak MHC is serviced by public utilities with tenants paying for gas and electric directly. Current ownership pays for trash service and water, with water billed back to the tenants each month. Historically the sellers have billed back water at a 100% recapture rate plus a small maintenance fee.

Park Owned Homes

Lot 2: 2002 Discovery Special: 896 sq. ft. Lot 3: 2000 Four Seasons: 1680 sq. ft. (Double Stall Garage) Lot 5: 2000 Dutch Ltd: 1216 sq. ft. (Double Stall Garage) Lot 7: 2000 Dutch Ltd: 1088 sq. ft. (Single Stall Garage) Lot 8: 1999 Bonnavilla: 1120 sq. ft. Lot 9: 1997 Bonnavilla: 1088 sq. ft. (Double Stall Garage) Lot 11: 1996 Bella Vista: 896 sq. ft. Lot 12: 1996 Dutch LTD: 1216 sq. ft. Contact Broker for Additional Details

Single Family Home

The single family home on the property was completely remodeled in 2006, including water lines, electrical, and plumbing. The current owners also updated the floor plan to a more modern design by removing partitions and reframing the interior. The home consists of two bedrooms, a home office, an open kitchen/living room area, and a remodeled bathroom and laundry area. The home has central AC and is occupied by a long time tenant at $570 per month. Contact Broker for Additional Details

Property Highlights

- Exceptionally maintained grounds and park owned homes - Below market rents - 100% Public Utilities - Paved, wide roads

Newton, Iowa

Newton, Iowa is a community of about 15,000 people, located on Interstate-80, 35 miles east of downtown Des Moines.
The average cost of a home in Newton is just over $150,000. About 65% of Newton residents are homeowners, while about 35% of residents rent their homes.
Newton residents work in a variety of industries, with their primary industries being Manufacturing, Healthcare, and Retail Trade. Newton residents' median household income is $56,000/year, while their median individual income is $38,562/year.
The average commute time for Newton residents is just over 20 minutes. Meaning that many of the residents commute to the Des Moines metro each day for work.