901 JENNA ST South Whitley IN 46787

Property Overview

Wisely Commercial Realty is pleased to offer for sale Lake Park Estates located in South Whitley, Indiana. South Whitley is located approximately 28 miles West of Fort Wayne. Lake Park Estates consists of 120 approved home spaces; 52 sites have been developed and 68 sites have been planned out but not developed. The community is situated on 56 acres of land. The property is serviced by City Water and City Sewer and is direct billed to the Residents. A new owner can come in and fill the remaining vacant sites.

Offering Summary

Community Price: $1,350,000

Park Owned Homes: $700,000

Expansion Land: $510,000

Total Price: $2,560,000

Community NOI: $95,863

Community Cap Rate: 7.1%

Price Per Site: $11,250

Approved Sites: 120

Developed Sites: 56

Economic Occupancy: 75% (Developed Sites)

Total Park Owned Homes: 15

52 Developed Sites & 68 Planned Sites

City Water & City Sewer Direct Billed to Residents

Strong Demand for Housing in the immediate area

Located approximately 28 miles West of Fort Wayne

Ability for a new owner to continue filling the vacant sites with new home