Well located, well maintained all ages mobile home community 9 miles from downtown Little Rock AR. The city has a population of 197,780 with 720,000 residents in the MSA. The MSA has grown +7% since 2010 and the unemployment rate is lower than the national average at 3.3%.
Legion Hut MHC has a total of 63 MH lots and 1 single family home, including an office for the park. There is a total of 45 tenants with 30 lot rent only tenants paying an average of $280, 9 rented POHs paying an average of $380, 5 rent to own homes, and 1 vacant POH. There is also a single-family home that is rented for $850 per month. Current occupancy is at 70.31%. The POHs are in above average condition and includes four new 2019 homes and an average vintage on the remaining homes being 1995.
The park is connected to public water and sewer and is being billed back to the tenants. Each developed lot has a submeter. The park has gravel roads in average condition and presents and opportunity to pave the park as the upside is being achieved in order to later refinance with a non-recourse loan. The park is not in a flood zone.
This deal is being offered as a value-add investment opportunity. The gross revenue is $226,083. We are asking our investors to submit offers at or above $1,640,000.
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