Projected gross income of $194,000 once stabilized.
Property only has 4 pads occupied, paying $250 a month each are individually metered.
Rents can be increased to $500 per pad by adding restrictions.
All the surrounding mobile home parks have little to no vacancy.
The owner does not own any of the units, you only own the pads.
Buyer will need to replace vandalized copper wire from electrical company at around $100,000. Also, when new trailers are placed on pad, there will be a $1,000 to $1,500 to connect electric.
Approx. 10 additional pads can be added to the east side of the property.
The area population between both cities is 4 million people.
Property is right outside of downtown St. Louis with easy access to the arches.
Proforma: Income:$219,000 Expenses:$23,000 Management Fee:$16,450 Net Income:$179,550