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247 Marmandie Ave, New Orleans, LA 70123

Commercial property for sale

  • Description
  • This is a great investment opportunity at a cap rate of approximately 10%. It offers a solid cash flow and more importantly does not require large capital expenditures and maintenance that other rental properties require. The only maintenance required is $2400/year on landscaping. All mobile homes are owned by tenants (so they are responsible for repairs). The mobile home segment of the housing market is currently very strong given that 20% of Americans household income is less than $20,000. With a government suggest housing cost to total income ratio of 33%, these families can afford about $500 per month for housing. The only options within this budget are low rent apartments or mobile home parks. When choosing between these two options, more people would prefer to live in mobile parks. Another added benefit is low turnover rates given the $4,000 barrier to move a trailer. The Longstreet Mobile Village is a 69 space mobile village located in River Ridge at 247 Marmandie Avenue, two blocks north of Jefferson Highway. Each mobile home site is individually metered for both sewer and electric. All utilities and roads are privately owned by the park. The park is currently fully leased with monthly rents between $320 - $375 and none of the mobile homes are owned by the park (all owned by tenants). Also, not included in gross revenue number below is the potential for laundry income, which is not currently in operation but brought in $4,800 in previous years. Projected NOI for 2013 is $212,166, which includes a 3% management fee. Building price details: $2,100,000.
  • Property Details
  • Property Type: Multifamily
    Use Types: Mobile Home Park
    Status: Available
    Price: $ 30,435 +/Unit
    MSA: New Orleans-Metairie-Kenner
    Zoning: R-1A
    Buildings: 69
    Terms: Cash to Seller
    Added: 12/19/2012
    Last Update: 01/02/2013
  • Contact info
  • 504-581-5005 [Office]
  • Note

  • Details Info about this row that located on 247 Marmandie Ave, New Orleans, LA 70123 was got from trusty sources, but All Foreclosures Homes can't guarantee that details about listing price, status, facts, images and owner are correct, because this listing can be changed or removed from market without notice. If You need to receive additional details about this property try to ask directly listing agent or owned.

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