Cottonwood, AZ 86326

This is one of Cottonwood's best income properties: 1) Mature trees; 2) Frontage on N. Main Street zoned CR, allowing possible business use entering historic Old Town Cottonwood. 3) Rent has upside; 4) Cottonwood may allow one additional rental unit on the property; 5) Almost no vacancy; 6) Mobiles are taxed as personal property and depreciated over 10 years compared with 27.5 years for apartments. 7) OWC with strong down payment; 8) Low rates from lender that lends on mobile home parks; 9) 8.32% cap rate; 10) Potential to add a coin laundry. The rentals consist of mobile homes on lots, not lots alone. There are 13 mobile homes, a block cottage and a two car garage. Mobiles range from 1960's to 1990's. Owner manages the park from home in Scottsdale. Property management is available. Greenbriar Mobile Home Park
727 N. Main Street, Cottonwood, Arizona 86326
Pro-forma for the year ending 12-31-20
Offered for sale at $910,000 (8.32% cap rate)

Annual Income (Actual):

123,516 Gross Scheduled Income (actual)
1,235 Vacancy (Est 1.0%)

122,281 Total Annual Gross Income

Annual Expenses (Pro-Forma):

2,749 Property Taxes
4,323 Rental Tax (See Note #1)
3,183 Insurance (See Note #2)
2,040 Trash Removal
12,352 Repairs & Upgrades (Est 10%; See Note #3)
12,000 Water/Sewer (Est; Owner pays; See Note #4)
9,881 Property Management (Est 8%; See Note #5)

46,528 Total Annual Expenses

75,753 Net Operating Income

910,000 PURCHASE PRICE (8.32% Cap Rate)

Notes:

(1) Upon purchase, buyer to set up new rental tax account. The 3.5% rental tax is shown above.
(2) If buyer gets a bank loan, bank may also require flood insurance. Owner paid $5,350 in 2019 for flood insurance.
(3) Owner paid about $2,000 in 2019 for Repairs/Upgrades. 10% of gross rents may be a more accurate annual figure.
(4) Water and Sewer normally run about $12,000 per year; 2019 ran $16,535 due to undetected leaks now repaired.
(5) Owner manages the park from home in Scottsdale; 8% has been estimated if buyer wants to have the property managed.

For additional information please contact:

Rick Rosenzweig, Broker
Sound Investments
877 Cove Parkway (PO Box 97)
Cottonwood, AZ 86326
928-274-0670 mobile
soundinvestments1@msn.com