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727 N Main Street - Greenbriar Mobile Home Park, Cottonwood, AZ

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727 N Main Street - Greenbriar Mobile Home Park

Cottonwood, AZ 86326-3788

Property Type:Multi-Family Number of Units:14 Status:Existing Year Built:1958
Stories:- Building Size:1,000 SF Land Area:1.35 AC (58,806 SF)
For Sale Price:$695,000 Price/Unit:$49,642.86 Cap Rate:8.74 % GRM:-


Sale Notes:
This mobile home park contains 13 well maintained park owned rented mobile homes and one rented block building. There is also a two car garage/worksThe Park has an onsite prooperty manager.hop for the owner and the manager's use. The annual vacancy factor is 1.66%. The property shows a 9.0% cap rate. There are some practical ways to increase the income. There are some advantages in owning a mobile home park containing park owned mobiles compared with owning apartments. First, mobile homes are taxed as personal property, which greatly reduces taxes. Second, mobile homes can be depreciated over a much shorter period than apartments. Third, replacing existing mobile homes with good quality used mobile homes is fairly inexpensive.

This property is located in Old Town Cottonwood. During the past few years Old Town has become the central wine tasting area of northern Arizona. This has given rise to new restaurants, boutique hotels, antique malls, art galleries and bookstores.
The property is located 15 minutes from the old mining town of Jerome, 25 minutes from the red rock tourist mecca of Sedona, 60 minutes from Prescott, 70 minutes from Flagstaff and 90 minutes from Phoenix.

Year 2013
Scheduled Gross Income $99,300
Effective Gross Income $97,652
Operating Expenses $29,295
Net Operating Income $68,357

Sound Investment Real Estate
Rick Rosenzweig
(928) 274-0670

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