MT. VERNON MOBILE HOME PARK
Mt. Vernon, IN

PURCHASE DATE:  October 2015

Mt. Vernon Mobile Home Park, purchased for $1,500,000, is comprised of three separate mobile home parks initially totaling 128 pads. This acquisition included the assumption of $825,000 of existing debt (separate loans for each park), and an additional $600,000 in capital raised that is being used for correcting deferred maintenance and the acquisition and renovation of park-owned mobile homes. There are six additional pads discovered during removal of overgrown vegetation, which was a pleasant surprise. Of the 134 pads, 82 will have park-owned mobile homes. Several units have been furnished for short-term rental and are generating rents that are double that of the other park-owned rental units.

Initial monthly income at escrow closing was $15,992. Current monthly rent is $23,000 and will be increasing significantly as 19 on-site mobile homes are to be renovated and rented. Stabilized monthly income should reach $40,000. The sale of the park is planned towards the end of 2017.

www.mountvernonmhp.com

PURCHASE DATE:  October 2015

Mt. Vernon Mobile Home Park, purchased for $1,500,000, is comprised of three separate mobile home parks initially totaling 128 pads. This acquisition included the assumption of $825,000 of existing debt (separate loans for each park), and an additional $600,000 in capital raised that is being used for correcting deferred maintenance and the acquisition and renovation of park-owned mobile homes. There are six additional pads discovered during removal of overgrown vegetation, which was a pleasant surprise. Of the 134 pads, 82 will have park-owned mobile homes. Several units have been furnished for short-term rental and are generating rents that are double that of the other park-owned rental units.

Initial monthly income at escrow closing was $15,992. Current monthly rent is $23,000 and will be increasing significantly as 19 on-site mobile homes are to be renovated and rented. Stabilized monthly income should reach $40,000. The sale of the park is planned towards the end of 2017.

www.mountvernonmhp.com