Cooper Lake MH & RV Park is a year-round, all-ages mobile home and RV park that consists of 8 MH lots and 69 RV lots. There are 7 rented park owned homes and 1 vacant park owned home on the MH lots. The average MH lot rent is $300 per month and the average home rent is $407 per month.
Out of the total 69 RV lots, 34 are currently active, 8 more will be active by closing, and 27 require a power pole installment and final inspection from the municipality to become active. 1 power pole can service up to 4 lots, so an investor would need to install about 7 to activate all 27 of the non-active lots. There is an older, tenant owned mobile home on one of the active RV lots. The average RV lot rent is $650 per month.
The park is serviced by a well and septic system that is paid for by the park and included in the rent. Trash is serviced by a dumpster and paid for by the park. Electricity is billed directly to tenants on mobile home lots and is included in the rent on RV lots. The park owned homes are an average vintage of roughly 1985. The roads are gravel and in average shape.
A small portion of the property is located in a flood zone. The flood zone affects roughly 8 RV lots in the park, but no mobile home lots. The park is NOT located in an opportunity zone.
We are asking investors to submit offers at or above $2,050,000. Given the location and metrics of the park, the deal should qualify for traditional recourse community bank debt.
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