2000 29th St, Muncie, IN 47302-6021

Property Details for 2000 29th St

Year built

1930

Construction

WOOD

Lot size

2.71 lot acres

Property type

Hotels

Property subtype

Motels

APN

18-11-26-102-007.000-003

APU

181126102007000003

Description

This exceptional investment opportunity presents a 60-unit mobile home park portfolio situated in Muncie, Indiana, a stable metro area boasting a population exceeding 150,000 residents and anchored by Ball State University. The portfolio comprises two parks, totaling 60 pads currently operating at 50% occupancy, with a projected occupancy date of August 29, 2024. The property features a combined 233,046 square feet of net rentable space, priced at $4.61 per square foot, resulting in an asking price of $1,075,000. The current NOI stands at $87,451, yielding an 8.13% cap rate, with a pro-forma NOI of $95,387 and a pro-forma cap rate of 8.87%. The property includes 120 parking spaces and sits on a 5.35-acre lot. Built in 1957 with ongoing renovations, the property consists of two single-story buildings and benefits from city water and sewer connections. The property is zoned for mobile home parks and other commercial uses. Upgrades completed in recent years include the addition of new homes, new sewer connections, road patches, and a renovated single-family residence. The majority of trailers are tenant-owned, with month-to-month leases managed through the PayLease system. Residents are directly billed for utilities, and garbage is included in property taxes. The property offers significant value-add potential through increased occupancy and potential rent increases. This portfolio is being sold as a whole and presents a compelling opportunity for investors seeking a strong return in a stable market.

Location Insight

City

Muncie

County

Delaware

State

Indiana

Longitude

-85.363

Latitude

40.1607

CBSA code

34620

CBSA name

MUNCIE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments