Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 5.8%
- Listing ID: 1103647
- Posted On: Jul 7, 2019
- Updated On: Jul 12, 2020
Description
VALUE ADD - HUGE UPSIDE
Thirty acre Mobile Home and RV Community with 275 large spacious usable lots.
-189 MH lots there ($150 lot rent)
-77 RV lots with complete hookups, water sewer electricity and garbage pick up twice a week and we mow your yard every two weeks. ($425
-8 Park Owned Homes $500 renovated recently
All residents pay for their own utilities, water, sewer, garbage and electricity.
IMPROVEMENTS IN 2016:
Replacement/improvement of the six roads serving the park in 2016.
Office remodel
New meter boxes installation
Laundry Facility Built
BIG RIVER STEEL: River Oak MH & RV Park 10 minutes from Big River Steel, which just raised $800 million debt-equity financing package to expand scrap metal capacity June 2019 to begin Phases 2,3,4 & 5, to be built over the next 5 years. Once complete will leave behind 600 jobs with an area shortage of housing. This funding has been approved by the City of Osceola and State of Arkansas, who has $105M in state funds invested in this 1,800 acre, 2.1B development.
Amenities
- Laundromat
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 275 |
| Total Occupancy: | 17.0 % |
| Year Built: | 1965 |
| Average MH Lot Rent: | $150 |
| Size: | 30 acre(s) |
Financial Information (Actual)
| Gross Income: | $108,000 |
| Operating Expense: | $42,000 |
| Net Operating Income: | $66,000 |
| Expense Ratio: | 38.9 % |
| Debt Info: | 0 |
Lot Information
| Singlewide Lots: | 190 |
RV Information
| Number of RV Lots: | 77 |
| Average RV Lot Rent: | $450 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 8 |
| Average Rent for Park-owned Homes: | $500 |