2400 Lake Avenue

Mobile Home Park with Apartments in the Lake Minnequa area. Both properties at 2400 and 2435 are being offered together for the above list price. The lots contain a total of 1.46 acres and 34 income spaces: *13 park-owned homes * 11 apartments * 10 rental lots for mobile homes. Estimated 6.89% Cap Rate based on the $1.5M list price by renting 13 mobile homes at $750-$1,000 per month, 11 apartments renting at $700-$925 per month and 10 lot only spaces renting at $475 per month with operating expenses of $94,607 and net operating income of $104,220. Of the 13 mobile homes, 4 are not currently rented due to needing repairs/renovation to be rented. There is also a house on the property that has potential, along with the possibility of adding a few more lots to the existing space. Located within easy access to I-25, St. Mary-Corwin Hospital, Lake Minnequa outdoor activities, Wal-Mart, restaurants, and shopping. This property is being sold in compliance with Colorado Revised Statute 38-12-217.

Listing Office: HomeSmart