214 3Rd St Mound City, MO 64470

Property Details for 214 3Rd St

Lot size

3.50 lot acres

Property type

Mobile home & RV parks

Description

This 3.5-acre Missouri mobile home park presents a compelling value-add investment opportunity. Currently featuring 13 single-wide homes, with 3 park-owned units generating $475/month in average rent, the property boasts 27 pads and significant upside potential. The majority of existing homes are salvageable, with renovations estimated at $10,000-$15,000 per unit. Renovations would allow for rapid increases in occupancy and rental income, projected at $700-$800 per month after improvements. The park includes 3 abandoned tenant-owned homes and one RV, offering additional development possibilities. There are an estimated 27-33 usable lots across the two parcels. The current owner handles lawn care and lighting, with tenant utilities billed directly, minimizing operational expenses for the new owner. The property's current NOI is $6,300, with a pro-forma NOI of $85,000 projected after renovations. The asking price is $250,000, and seller financing is available to qualified buyers. Located at 214 E 3rd St, Mound City, MO 64470, this Class C property offers a 2.52% current cap rate and a projected 34% pro-forma cap rate. This is an exceptional chance to acquire a significantly undervalued asset with substantial growth potential.