RAMBLING ROWS MHP (55+)

Property Description:

3* quality mobile home park with 55+ designation in metro Phoenix. Vacancy is currently 25% with only four vacant spaces (ten vacant park-owned homes) allow for an investor easy and quick upside with a local rehab unit and a professional sales team. Two of the vacant sites are currently RV sites with water/sewer only but if the common area is re-configured can easily accommodate two MH sites. There is an amenity package that is consistent with a 55+ park. There is a clubhouse (converted from an apartment unit), old sport court currently used for parking, and a pool and sundeck. Broker believes the park’s surroundings does not allow for a successful 55+ business so Buyer should consider a conversion to a family park. The space sizes and off-street parking justify such a conversion and local bus stops and job growth also would provide plenty of demand. All sorts of cost-cutting measures are in the expenses. The pool is extremely expensive to maintain and operate and the water/sewer/trash are all included in the rent. Broker believes overall rent costs are minimum 10% below market.   There are three recreational vehicles occupying MH sites plus three RV specific sites which can only fit park models. There was formerly 2 duplexes however one of the units was converted to a clubhouse gathering area. Laundry receipts are not included in profit and loss statements.