Listed by Century 21 Signature Real Estate Ankeny
$159,900
UP TOWN PARK MHC
Details
Property Type Mobile Home Park
Sub Type Mobile Home Park, Manufactured housing community
Units 6
Cap Rate 10.21%
NOI $16,322
Tenancy Multi
Pro-Forma Cap Rate 16.26%
Pro-Forma NOI $26,002
Class C
Acreage 0.500
MHP | 10.21% CAP | 6 Pads | Newly Remodeled | $200 Lot Rent
Marketing description
- Uptown Park is a 6-lot manufactured housing community that also includes a one-bedroom single-family home, creating a diversified income.
- The single family home has been remodeled, providing a low-maintenance asset for new ownership.
- Current lot rent is $200 per month, with water, sewer, trash service, and common area mowing included. This presents a clear value-add opportunity for new ownership to increase rents toward market rates over time while implementing utility bill-backs to tenants, reducing operating expenses and improving net operating income.
- The park-owned home currently generates an additional $270 per month above lot rent.
- The single-family home is currently leased for $520 per month, slightly below market rent, providing another opportunity to increase revenue through future rent adjustments.
- With below-market rents, utility reimbursement potential, and multiple avenues for income growth, Up Town Park offers investors an attractive value-add opportunity with stable in-place cash flow and long-term upside.
- Below Market Rents
- Park-owned Home income above lot rent: $270
- Single-family home income: $520
- Utility recapture potential
- Remodeled Single Family Home
- Well maintained park-owned homes
- 55+ current tenant base
Contact Broker for additional information
Investment highlights
- Up Town Park is a 6 lot 55+ community, which also features a one bedroom single family home. The single family home was recently remodeled, offering low maintenance for future ownership.
- Although current ownership operates the property as a 55+ community, there are no age restricting encumbering the property.
- Currently, lot rent is $200 per month and includes water, sewer, trash, and common area mowing. This offers a new owner the ability to raise rents to market overtime, and also offers the ability to bill back utilities to reduce operating costs.
- Park Owned Home rent is $270 above lot rent, offering further upside for new ownership.
- The single-family home is leased for $520 per month which is slightly below market rates.
- The park is served by public utilities which are believed to be the original cast iron, but are in solid operating condition.
- Electrical pedestals have been replaced since the owner purchased the park in 2010 and are all believed to be 100 amp service.
- Lot 1: POH: 2001 Skyline 14x60 2 bed/ 1 bath
- Lot 2: RTO: 2000 Liberty 14x60 2 bed/1 bath
- Lot 3: POH: 2009 Waverly 12x37 1 bed/ 1 bath All Electric Home
- Lot 5: POH:1958 Victor 10x50 2 bed/ 1 bath
- POH and RTO Payments are $270 above lot rent for a combined total of $470 per month.
- Current ownership has separate agreements for lot rent and RTO/POH rent.
- The current RTO contract has roughly one year of payments left as of 07/01/2026
- Titles are in hand for all Park Owned Homes
Contact Broker for additional information
Listing Contacts
Listed by Century 21 Signature Real Estate Ankeny
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$16,322.00
$1,360.17/mo
Valuation Metrics
0
DSCR
10.21%
Cap Rate
10.21%
ROI
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