1601 Army Post Rd, Des Moines, IA 50315 For Sale

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The MHP Value Team is pleased to offer for sale South Park, a 25-site mobile home community and one commercial unit located in Des Moines, Iowa.

The owner has invested north of $1.1M in community improvements since 2020. Upgrades include new PEX water lines, sewer lines, electrical runs, and full paving throughout the park. Each home has been remodeled with new paint, skirting, and modern interiors featuring updated amenities. Before closing, the owner plans to spend an additional ~$20,000 to seal coat the roads and finish remodeling the remaining 2 vacant homes on site. New concrete patios and driveways have been introduced to each home, and bedrock was placed between units to reduce landscaping costs.

The park currently consists of 22 rent-to-own (RTO) homes with an average lot rent of $655/month and an average remaining balance of about $27,000 per home. Each RTO tenant pays an additional $291/month toward ownership, typically with over 10 years remaining on their notes at 9% interest. There are now only 3 vacancies within the asset which include the two vacant park-owned homes and the existing vacant lot with full utility infrastructure in place. There is also one-occupied commercial unit $2100/month (Gross Lease)

The investment strategy for South Park centers around infilling the remaining homes and raising rents to market. For further value, an investor can also bring one additional home on site to then infill, increasing cash on cash returns further. A park operator has the opportunity to acquire a majority RTO community with favorable seller financing.

Important Note to Prospective Buyers from Pace Morby: Congrats to all new members of the Pace Morby “Creative Finance” and “Subto” communities. We appreciate your interest and enthusiasm. Please note that we work exclusively with qualified, verified buyers. Our clients are not seeking first-time purchasers attempting to acquire mobile home parks with no capital investment. We will also not share proprietary Seller information with any intermediaries, including, but not limited to, scouts, “bird dogs,” or third parties.