Help needed in analyzing Mobile home park and development
I need some help in analyzing this deal,I would greatly appreciate any help in can get, thank you ,Here's a synopsis of the deal.
27.47 acre, 262 lot mobile home park which is currently 81.2% leased, resulting in gross rents are approximately $110,000 per month with approximately 60 vacant pads.he previous owner received full approvals to redevelop the site to include 394 townhomes and 21,816 square feet of retail space. The shift in the residential market ended the development plans and the project was returned to the lender in May 2009.
The previous owner purchased the residential portion of the site on June 7, 2006 for
$14,900,000 and the commercial parcel on June 14, 2006 for $1,280,000. The previous
owner received full approvals to redevelop the site to include 394 townhomes and 21,816
square feet of retail space (see details on page 12 & 13),
This a REO,I was planning on offering 9,575,078 for the Property