Since 1967, Sistad Mobile Home Park has been a well-established community treasure. A one family, second generation owned MHP, the seller grew up working in the park. Several years ago, the son and his wife bought the property from the parents. The sellers have other interests, in addition to the mobile home park, and wish to concentrate on expanding their other assets. This is a very stable park with many long-time tenants, some going back to the 1960's. The average tenant has lived in the park for over 11 years. There is very little turnover, and strong collections. Vacancy of homes or rentals is rare. Park features City Water and Sewer, paved streets, sidewalks, storm shelter, 8 POHs, all fully rented and a total of 33 lots. Lot rent was raised from $285 to $305 on the first of the year and includes Water, Sewer and Garbage. Garage rent (2) is an additional $10/month. Lots 23 and 24 were combined in 1999 to add a multisection home/office for onsite property management (currently used as a rental). Lot 25 is a large garage for park storage and maintenance equipment. There is a basement under the garage for the Park's storm shelter. A new inner street was completely reconstructed in 2000. The park is located in Stewartville, a suburb of the ever-growing Rochester area and is a part of the Crime Free Housing program. With ever expanding medical, retail, hospitality and manufacturing jobs, this region is expected to increase by 20% due to the expansion of the Mayo Clinic.

Location Description:

Stewartville, MN, Olmsted County is a 15-minute or ten-mile drive from Rochester, MN. The Park is located along Highway 63.

Stewartville Population: 6,189

Rochester MSA Population: 188,842

The region's population is expected to grow by over 20% in the next ten years due to expansion in Rochester of the Mayo Clinic.

Highlights:

>> Storage Garage/Storm Shelter

>> Off and on street parking

>> 8 POHs (100% rented)

>> 91% Occupied

>> Assessed Value $510,800

>> Parcels: 543443029490, 543443030705, & 543443029483

>> Taxes: $12,474

>> City Water/ City Sewer

>> Asphalt streets

>> 100-amp electrical service

>> Not in floodplain

>> Seller Managed

>> Seller retiring

>> Seller requests that buyer submitting an offer provide confirmation from a lender or mortgage broker that the buyer has submitted the financials (tax returns, financial statements, etc.) that the lender requires to qualify the buyer.

>> Seller requests an earnest money deposit of 2%.

>> Sale is subject to the sellers doing 1031 Exchange.

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