32 Pad Mobile Home Park, Roseau, MN

[Christopher Winkler]

Seeking a 60-70% LTV purchase loan to purchase a stable 32 pad mobile home park in Roseau, MN. Seller will take a carry back 2nd lien for the difference, or we can bring in an equity investor to cover the gap and participate in a % of the profit.

Roseau, MN is home to Polaris Industries and Marvin Windows, and there is a tight rental market. 32 pads, 29 rented and will either rent the other 3, or purchase a MH to rent out, which can be obtained for $1,000.00 down. Also has a Duplex rented with two 2/1 apartments. Plans to raise pad rents from $160.00 to $320.00, increasing the CAP Rate.

Summary:

• Value: $500,000.00
• Purchase Price: $350,000.00
• NOI: $251,149.00
• CAP Rate: 7.2%

PM me for more info, borrower has 4 more and a 5 unit Apt. needing funding.