Return To ListingsListing Agent: Joanne Stevens
(319) 378-6818 (Send Email)

Villa Village MHP

$1,150,000

2404 N. 8th St., Red Oak, IA, 51566

  
 

Please click the link for additional information including Rent Roll and PnLs:
http://properties.iowacommercial.com/VillaVillage-RedOak-Iowa-MHP
Villa Village is located adjacent to Montgomery County Hospital and near restaurants and shopping. It is zoned for 116 sites. There are 39 occupied, paying lots. In 2007, 95 lots were occupied and paying lot rent. The property has City water and City Sewer, with the water meters owned by the City, read by the City, and direct billed to the tenants by the City. Manager lives on-site, duties include collecting rent, leasing & home sales, evictions, and mowing. Manager's compensation is $750 per month plus free lot rent. The park-owned home on lot 19 is currently being used as an on-site office.
This is a economically viable mobile home park. The location is off a four lane highway and there is quite a lot of industry, medical and government jobs. A new memory care facility has just been built across the street from Villa Village. The hospital is minutes away. Unemployment is below 5%. Surrounding uses included a church, farm ground, and medical.
In 2007, Villa Village sold to the current owner. Price: $1.3 million. The occupancy was 95 sites. During the seller's ownership the lack of capital to manage home sales and home rentals took a toll on Villa Village. The reason for the sale is for the owner to focus on his core business (insurance).
To be successful the next owner of Villa Village will need to do the following:
*Sell or rent the six vacant POHs that are ready for occupancy
*Rehab or sell "as is" the eight vacant POHs in need of repair
*Market to prospective residents

Spaces:116 
Vacant Spaces:60 
Year Built:1970 
Lot Size:23.68 
 

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