2000 29Th StMuncie, IN 47302

Property Details for 2000 29Th St

Year built

1930

Construction

WOOD

Lot size

2.71 AC

Property size (Sq ft)

1,140 SF

Property type

Hotels

Property subtype

Motels

APN

18-11-26-102-007.000-003

APU

181126102007000003

Description

This exceptional investment opportunity presents a 60-unit mobile home park portfolio situated in Muncie, Indiana, a stable metro area boasting a population exceeding 150,000 residents and anchored by Ball State University. The portfolio comprises two parks, totaling 60 pads currently operating at 50% occupancy, with a projected occupancy date of August 29, 2024. The property features a combined 233,046 square feet of net rentable space, priced at $4.61 per square foot, resulting in an asking price of $1,075,000. The current NOI stands at $87,451, yielding an 8.13% cap rate, with a pro-forma NOI of $95,387 and a pro-forma cap rate of 8.87%. The property includes 120 parking spaces and sits on a 5.35-acre lot. Built in 1957 with ongoing renovations, the property consists of two single-story buildings and benefits from city water and sewer connections. The property is zoned for mobile home parks and other commercial uses. Upgrades completed in recent years include the addition of new homes, new sewer connections, road patches, and a renovated single-family residence. The majority of trailers are tenant-owned, with month-to-month leases managed through the PayLease system. Residents are directly billed for utilities, and garbage is included in property taxes. The property offers significant value-add potential through increased occupancy and potential rent increases. This portfolio is being sold as a whole and presents a compelling opportunity for investors seeking a strong return in a stable market.

• CAP approach

  CAP return

  Valuation

  6%

  $181,992

  6.5%

  $167,993

  7%

  $155,993

• Comparable approach

  Method

  Valuation

  Relative Method

  $283,784

  Geo Method

  $332,705

• Alternative Use

  Use

  Valuation

  Residential

  $183,399

  Hospitality

  $167,993

  Educational

  $139,768

  Medical

  $144,575

  Retail

  $217,417

Location Insight

City

Muncie

County

Delaware

State

Indiana

Latitude

40.1607

Longitude

-85.363

CBSA code

34620

CBSA name

MUNCIE, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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