3770 Park Dr, Meriden, KS 66512

Property Details for 3770 Park Dr

Lot size

15.00 lot acres

Property type

Mobile home & RV parks

Description

This exceptional investment opportunity presents a 37-unit mobile home park in Meriden, Kansas, situated within the Topeka MSA. Boasting 100% occupancy and a substantial 9.73% cap rate, this well-maintained Class B property offers significant upside potential. The park sits on 15 acres and includes 36 mobile home lots, one single-family residence, and a storage outbuilding. Current lot rent is $265 per month, considerably below market rates estimated at $350, allowing for future rent increases. The majority of the homes are from the late 1990s and early 2000s, and the park benefits from long-term tenants and a quiet, clean community atmosphere. Two storm shelters enhance tenant safety. The property's strong NOI of $107,000, combined with its below-market rents and proximity to Topeka, makes it an attractive investment with potential for increased profitability through gradual rent adjustments. The asking price is $1,100,000, translating to approximately $29,730 per pad. This represents a rare chance to acquire a stable, high-performing mobile home park with clear potential for growth. The property has been meticulously maintained by the same family for nearly 30 years, ensuring a history of responsible ownership and management. This turnkey investment requires minimal capital expenditure in the near term, allowing for immediate cash flow and long-term appreciation.

Location Insight

City

Meriden

County

Jefferson

State

Kansas

Longitude

-95.563532579415

Latitude

39.139603918909