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Countryside Mobile Home Park

13-lot Mobile Home Park in Riverside, IA (5 Additional Acres for Development included in Price)

Listing Contacts

Active

Asking Price: $505,000
Address 

1357 Tulip Ave, Riverside, IA 52327

Show on Map
Date Added
May 13, 2024
Days on Market
341 days
Time Since Last Update
33 days

Details

Property TypeMobile Home Park
ClassC
Cap Rate9.17%
Pro-Forma Cap Rate9.82%
Occupancy92%
Occupancy Date04/04/2024
NOI$46,296
Pro-Forma NOI$49,608
Units13
Pads13
Price/Pad$38,846.15
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Marketing Description

Riverside, IA is located off of US HWY 218 less than 20 minutes from Iowa City.​ It is home to roughly 1,000 residents and the Riverside Casino and Golf Resort.​ The town has seen many recent housing developments in recent years.​ This property offers affordable housing to an area with high job demand and a growing population.​

Below are the current lot rents of area mobile home parks:

Breckenridge MHP (Iowa City): $579/month

Bon-Aire MHP (Iowa City): $415-$430/month

Iowa City Regency MHP (Iowa City): $475/month

Investment Highlights

This mobile home park is located just outside of Riverside, IA. The park sits on 2 acres, but the land for sale includes 5 extra acres, which allows for a new owner to develop at least another 25 lots on the proposed land shown in the overview.

The property is currently served by a private well system and 5 individual septic tanks. Current ownership pays for water and does landscaping and snow plowing. Tenants pay all other utilities directly.

Park Owned Home Information:

Lot 2: (POH) 1990 Redman: 14x66: $700 Per Month

Lot 5: (POH) 1995 Fleetwood: 16x76: $700 Per Month

Lot 7: (POH) 1998 Century: 16x76: $700 Per Month

Lot 10: (POH) 1996 Liberty: 16x76: $700 Per Month

Valuation Calculator

Valuation Calculator

Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$46,296.00
$3,858.00/mo

Valuation Metrics

0
DSCR
9.17%
Cap Rate
9.17%
ROI

Due Diligence

Due diligence information will be provided.
Please reach out to the listing contacts for details.

Contact

Listing Contacts


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