Alta Manufactured Home Community
11% Cap Rate Manufactured Home Community in Northwest Iowa
Marketing description
The subject community features 14 lots, with 13 homes and one garage currently on site. There are seven park owned homes and six tenant owned homes. Lot rent is currently slightly below market at $330 per month, and park owned homes average $605 per month above lot rent. The property is currently 92% occupied, offering new ownership an easy transition into an established community.
Currently there are seven park owned homes, all of which are occupied. The park owned home rents average $605 above lot rent. See below for the location, year, and make of the park owned homes:
Lot 1: 1999 Duchess
Lot 2: 2000 Commodore
Lot 5: 1995 Dutch LTD
Lot 8: 2024 Adventure
Lot 9: 1994 Skyline
Lot 11: 1973 Mark II
Lot 13: 2004 Redman
Investment highlights
New ownership could sell the park owned homes on contract to reduce expenses, or could continue the current park owned home rental model for increased long term income. The four stall garage on site is currently not being utilized, and could be rented by new ownership for an additional income stream.
The community is served by city water and city sewer, and all utilities are billed to the tenants directly. With little common area and full occupancy, this property is perfect for either a newer investor looking to get started, or an experienced investor looking for an addition to their portfolio.
Below are a list of recently completed capital improvements:
2021:
Removed 30 trees at an expense of $15,000
Replaced individual trash cans with two dumpsters that are still direct billed to residents
2022:
Lot 10: Replaced Water heater
2023:
Lot 3: New AC unit
Lot 9: New deck built for tenant, removed tree and cleaned up old concrete
2024:
Lot 6: Demolished and replaced home, added new gas service
Lot 2: Replaced Water Heater
2025:
Lot 2: Fully Remodeled
Lot 6: New Roof
Lot 10: New Deck
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Is there information that looks off?
