Current Use by Public Records
- Mobile home & RV parks
Property Details for 0 Us-61
- Property type
- Mobile home & RV parks
Description
This 8-unit mobile home park in Wapello, Iowa, presents a compelling investment opportunity with significant upside potential. Currently priced at $199,000, the property boasts a strong 12.53% cap rate and a net operating income (NOI) of $24,939. The park features 8 units, 15 pads, and a price per pad of $13,200. Currently, lot rent is $235 per month, significantly below the market average of $275-$325, allowing for substantial rent increases. Four units are park-owned and four are tenant-owned, offering the potential for additional income through contract sales. The park is served by public utilities, with tenants responsible for direct billing. Ownership currently handles mowing and snow removal, with an on-site manager compensated accordingly. An adjacent 0.27-acre parcel is included in the sale, offering potential for infill development, although recent fire code changes may limit the number of usable lots. While public records indicate zoning for up to 15 lots, a more realistic estimate for infill is 10-12 usable lots. Financial projections, excluding infill, assume a gradual increase in lot rent to market rates over five years, with subsequent 5% annual increases. The sale includes four park-owned homes, which could be sold on a 5-year, interest-free contract for $800 per month, generating additional short-term revenue. This property offers a blend of immediate income and long-term growth potential.
Value Estimations
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Wapello
- County
- Louisa
- State
- Iowa
- Longitude
- -91.1913
- Latitude
- 41.1748
