Ridgewood Estates 41 Space Mobile Home Park on 5 acres of land, in Topeka, KS  $399,000.00 

 

  • Summary: city approved 41 space Mobile Home Park 
  • 11 occupied rent paying lots with 6 occupied POH, 5 TOH 
  • OF 39 there are 28 lots not getting rent of which  16 have vacant POHs with mid to major repair required.
  • City water/sewer billed, gravel roads. CLASS C
  • Reason for sale: owner is getting older and hard to travel.

Family oriented Ridgewood Estates located in Shawnee Heights School District! Residents have access to community pool and playground. This is a friendly community with great amenities, a convenient location and professional, on-site management. Ridgewood Estates provides you can enjoy the privacy and the quiet you can't find in apartment living.

POPULATION 126,397 (2019)

Very strong rental market with low inventory

Topeka is a capital of Kansas median income of $ $48,847

December 2020, the average apartment rent in Topeka, KS is $435 for a studio, $601 for one bedroom, $766 for two bedrooms

 

Total Park NOI on 39 units

39 (3%) vacancy x$375 

171 45% expense $94,010

10 cap $940,100.00

If 41 are made rentable and leased, then that could place a market rate of $1,158,300.00

39 leased with vacancy factor of 5%.

  • Cons: part of park is in 100 yr flood zone

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