Last Chance Mobile Home Park

Property Description:

Huge upside 40 space mobile park in North Phoenix with four park-owned homes current rates of $260.00 per month plus submetered water collected by third party billing company.   Even including water costs rents are significantly below comparable rents for the area.   Park itself is located on 4.41 acres and has a pool, clubhouse, and laundry facility which is on a revenue split plan with Mac Gray.  Electricity is individually metered by APS.  Sewer and water is provided by City of Phoenix.  Water pass-through collection rates are very low and trash currently included in rent.  Park contains two doublewides and huge singlewide lots all of which have driveways.  Park can be seen from Greenway Blvd and is mere blocks from countless commercial developments and the Interstate 51 freeway.  Upside includes raising rents, increasing utility pass-through, filling vacant spaces, or redevelopment.   There is no rent control in the City of Phoenix.  Seller will carry note on park with $325,000 down with 5.5% fixed interest financing with payments amortized over 30 years with a balloon payment due five years from closing.