727 N Main St., Cottonwood, AZ 86326

Originally established in 1958 the park has 13 park-owned mobile homes, a 428 sq. ft. cottage and a 2 car garage on 1.32 acres with mature trees. There is an onsite manager. City of Cottonwood MAY allow one more rental unit on the property. The cap rate in 2013 was 8.82%; in 2014 it was 10.21%; in 2015 it was 10.47%; 2016 projection is 10.21%. Occupancy was 100% in 2015. When a tenant vacates a unit the owners perform any needed repairs and usually increase the rent. The mobile homes are affixed. They can be depreciated on a 10 year schedule vs 27.5 years for stick-built properties. Like most of Old Town, the property is in the 100 year flood plain. The owners will accept cash or may carry with $300,000 down with the balance @ 6% interest for 25 years with a 7 year balloon.