205 Mill St SE, Mitchellville, IA 50169 - Polk County

14 lot mobile home park

1 acre

205 Mill St SE Mitchellville IA 50169

Call or Text: 949-939-1133

Invest $74,550 as owner financed down payment

Make $1,000,000 Net!

CITY WATER, CITY SEWER Individually metered

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$497,000

Total Monthly income: $3755

14 total lots (10 owner occupied homes/4empty lots)

-8lots are paying $350/month

-1 lot is paying $405/month

-1 lot is paying $550/month

Monthly income: $3755

Annualized Gross Income: $45,060

Expenses:

Insurance - $500

Property Taxes - $2200

Offsite Manager - $4500

Annualized Expenses: $7200

Average monthly expenses would be: $600

Total net = $3755-$600 = $3155(total monthly net)

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Reason for selling: Need more time to focus and expand my other business

Out of state owner. Park runs itself. Have not been to park in over 7 years!

Great tenants and great manager.

Deposits are made to our local bank account

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$497,000 Purchase Price

15% down ($74,550) with 3.25% (WSJ Prime Rate)

$422,450 balance with a monthly interest payment of $1144

Balloon payment due in 5-10 years

$3155(monthly net) - $1144 (monthly loan payment) = $2,011 monthly net profit

$2,011 x 12 = $24,132 Yearly Net Profit

$24,132/$74,550 = 32.3% YIELD

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In a span of 3 years it is possible to bring the other rents up to $550/month and filling up the entire park would make total monthly collections: $7700

Which would have a valuation of almost $1,540,000 at a 6% cap rate!

Location

Very beautiful picturesque city.

Population is increasing.

15 minutes from Des Moines

Demand is extremely high for affordable homes in the area

A lot of opportunity here for the future owner.

Text or email for quickest response

Tony: 949-939-1133