Topeka Timbers MHC

Topeka Timbers is zoned for 52 lots with 31 units currently occupied. There are 14 Park Owned Homes in need of rehab on site, as well as one abandoned home, with the remaining 6 pads being vacant. The property also features one storage rental and an apartment rental. The property is served by city utilities, with the park currently paying for water. The park roads are paved asphalt which may require repairs in the near future.

This property offers new ownership the opportunity to purchase a high occupancy community within the city limits of Topeka, KS. Upside exists through the rehab and sale of the Park Owned Homes, and very minimal infill of the 6 vacant lots on site. Water can also be submetered or billed back to the tenants, which would reduce the current expense ratio by 25%. Lot rents can be raised to market prices over time, offering realistic and attainable growth of the property.

Lot Rents in the Topeka area range from $500 to $600, offering a new owner upside through raising lot rents to market over time. Average lot rent in Topeka Timbers is currently $410 per month.

There is an assumable seller financed note available on this property: $497,605 Remaining as on April 2023. 5% Interest, 30 year amortization, ballon due on November 1st, 2026.

The subject property is located in an opportunity zone, allowing a new owner to take advantage of future capital gains discounts. Contact Broker for Additional Details

Topeka is the state capital and the third largest metropolitan area in Kansas. The population within the city limits is 126,000, while the population of the metropolitan area is 233,000.
Topeka is home to manufacturing or distribution centers for six Fortune 500 companies including: Frito-Lays, Payless Shoes, Goodyear Tires, and Hallmark Cards.
Three of the largest employment industries are: food service and preparation, healthcare support, and transportation. These three industries account for 22% of all jobs in the area and have a median wage of nearly $20/hour.