Center Court MHC

This property is located in the center of Garnavillo, IA. The park currently has 8 POHs and one TOH. All park owned homes have been well maintained, and rent quickly when vacancies occurs. The majority of the park owned homes have metal roofs, and have been remodeled with new flooring, paint, and siding as needed. The quality of the park owned homes would allow a new owner to increase short term income by selling the homes on contract, eliminating maintenance expenses. New ownership could also continue to rent out the park owned homes for additional income, while raising rents to market rates over time. Two homes were recently remodeled and rented for $600 per month. Contact Broker for Additional Details

The park is served by 100% public, direct billed utilities. This offers low overhead for new ownership.

1990 Schult - 1056 Sq Ft 1995 Kingston - 960 Sq Ft 1997 Bellavista - 960 Sq Ft 1997 Duchess - 896 Sq Ft 1996 Forestbrook - 1056 Sq Ft 1996 Forestbrook - 1056 Sq Ft 1998 Skyline - 924 Sq Ft 1999 Patriot - 1200 Sq Ft

Park owned homes have been valued at an average of $25,000 which is reflected in the listing price. New ownership would realistically be able to sell these homes in their current condition at a value of $800 on a 5+ year interest free note, for a total note value of $48,000 each on the conservative side.

The listing price includes a studio apartment rented at $400 per month, a pole shed rented at $300 per month, and a garage that current ownership uses for storage. These structures are located on an adjoining parcel. Seller is willing to include or exclude them from the sale, and the properties were valued at $90,000. Contact Broker for Additional Details

Ownership may consider seller financing with favorable terms in either first or second position. Current debt is approximately $120,000 and is likely not assumable. Contact Broker for Additional Details

Garnavillo, IA is located in NE Clayton County. The property is near the city of Prairie du Chien, WI which has employers such as 3M, the main Bass Pro/Cabela's Distribution Center, Design Homes, and multiple big box stores. Clayton county Iowa has a strong farming economy, and is home to multiple implement dealers including John Deere, Ziegler, and others. The county seat of Clayton County, Elkader is home to Mobile Track Solutions which is a family owned, and locally operated business, offering stability in the area. Due to a large list of local employers, affordable housing needs in the area remain strong, making the subject property a good long term opportunity.