2131 E Union Hills Drive - Buffalo Ridge Estates, Phoenix, AZ

Property Description: Mobile Home Park - 38 Spaces




Property Use Description: Mobile Home Park

Sale Notes:
Very clean 4 star park, absolutely no deferred maintenance. Seller just repaved & crack sealed the entire park. Amenities in this All-Ages park include a Pool, Clubhouse, Playground, RV Storage & Plenty of Off-Street park. Well located in the desirable Paradise Valley School District, this the park is close is close to Loop 101, between Interstate 17 and the 51. This prime location and the appealing esthetics of the community has created unique rental market where are homes are being filled with great quality tenants. The park currently has 19 park owned homes that are all included in the sale. The sales prices for these homes range from $12,500 up to $69,000 for a brand new 3bd/2ba model. All of these homes are ready to rent and are being marketed at $900 up to $1,100 per month.

Space rents in the park range from $350 to $445 with water, sewer and trash billed to the residents. Gas and Electric are directly billed to the tenant by the provider. A new owner can take advantage of the new rental market and increase their cash on cash return substantially by offering rentals, rent to owns or lease-options. The rental market is very active right now as tight lending requirements make purchasing a stick built home very difficult thereby creating a much larger and more qualified rental pool.

The existing assumable financing is a Fannie Mae loan at 7.18% fixed until 2038. Fannie Mae will allow additional financing to well qualified borrowers. Please contact broker for additional loan information.