Listing Details:

• Business Category:               Real Property Rltd
• Price:                                       $1,200,000
• Gross Revenue:                     $105,085
• SDE:                                        $79,529
• Seller Financing:                    50%
• FF&E:                                      $30,000
• Employees:                            1 
• Location:                                Duluth, MN
• Reason For Sale:                   Retirement
• Years Owned:                         19
  
  
  

Description

This 55+ mobile home park spans 7.5 acres and has 20 lots, with some currently being used as double lots. The property features a common area with parking, the current owner’s home (being leased out as of Oct 2024) and garage/shop with an apartment above, as well as a lot used as a garden.

Most residents at this park own their mobile home and lease a lot from the owner, although a few lots and the mobile homes on them are owned by the park owner. Since most residents own their own mobile homes and are responsible for the upkeep of their individual lots, this park is relatively easy to maintain!

Included in the Sale

• 7.5 acres of land
• Current owner’s home (2 BD/1 BA)
• On-site garage/shop that includes an apartment above
• Three additional park-owned mobile homes
• Kubota tractor for snow removal
• Lawnmower for park-owned lots and common areas

Business History

This park was originally opened in 2005.

Competitive Analysis

Situated on a quiet street, this mobile home park offers city utilities and is located on the edge of Duluth, MN. Duluth is a popular tourist attraction, celebrated for its stunning natural beauty along the shores of Lake Superior. The city offers a wealth of outdoor activities like hiking, biking, and kayaking, alongside vibrant attractions such as Canal Park, the scenic Lakewalk, and the historic Aerial Lift Bridge.

This park stands out with its on-site management and maintenance, ensuring a seamless living experience for residents. Its strategic location provides a competitive advantage, consistently attracting individuals who want to be close to Duluth’s many attractions. The park’s appeal is evident in its long-term residents, who value the perfect blend of convenience, amenities, and vibrant surroundings.

Number of Employees

• 0 Managers
• 0 Full Time
• 1 Part Time
• 1 Total

Owner Roles & Hours

The current owner works minimal hours, allowing her the flexibility to be out of town frequently if she wishes. Her responsibilities include communicating with residents, overseeing upkeep needs, and collecting rent.