Mobile Home Park Details
- Distressed: This property is in default, REO or in foreclosure.
- Purchase Method: Cash, New Loan
- Cap Rate: 22.1%
- Listing ID: 1176845
- Posted On: Jan 6, 2020
- Updated On: Aug 2, 2020
Description
This is the unique opportunity to purchase a 38 Space Mobile Home Park with great upside!
Located less than 20 miles from Little Rock Arkansas, and only 3 miles from Little Rock Air Force Base, this property is set up for its next owner to bring in new homes, increase occupancy, and bring rents to market!
Pinewood Estates consists of 38 total lots, which if shuffled around may have room for 40, each home has ALL UTILITIES DIRECT BILLED TO TENANT (w/s/t/e/g). At least 6 spaces immediately ready for new homes; all lots have sewer in place, and ability to add water meters. Electric may not be available at all vacant spaces.
Currently only 18 spaces are occupied, two out of three streets have had their plumbing replaced with full PVC, while only one remains with 400 ft of Orangeburg Pipe, which is in working order, and has been regularly maintained and repaired.
Currently 4 tenants are on a Rent Credit Program, allowing the tenants to apply their rents toward purchasing their homes.
With attention from a focused operator, this property has significant upside, as it's expenses are low to operate, and occupancy rents could be increased to stabilize and reposition the asset for a mid-term hold, and resell, or would make for a great asset for a long term investment!
Location
Part of Pulaski County, Arkansas, Pinewood Estates is located in Jacksonville. Jacksonville is less than 20 miles North East of Little Rock, Arkansas' Capital, and home to Little Rock Air Force Base, easily accessible by car and plane.
Jacksonville’s central location makes it the ideal place to live in Arkansas. Some of the state’s major attractions are only a short drive away. You can hear live music in the River Market entertainment district or revisit history at the Clinton Library in downtown Little Rock. Then visit the top-notch Little Rock Zoo, swim in the pristine waters of Greers Ferry Lake or browse the discount shops at the Outlets of Little Rock
Pinewood Estates (1124 Wilds Rd, Jacksonville, AR 72076) is located right off US-167, within short driving distance to a Walmart Supercenter, Kroger Grocery Store, Little Rock Air Force Base, as well as local bars and restaurants.
Pinewood Estates is only a 17 mile drive from Bill and Hillary Clinton National Airport.
Park Information
Community Type: | All Age |
Number of MH Lots: | 38 |
Total Occupancy: | 47.0 % |
Average MH Lot Rent: | $200 |
Size: | 5 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $102,800 |
Operating Expense: | $42,014 |
Net Operating Income: | $60,785 |
Expense Ratio: | 40.9 % |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 4 |
Average Rent for Park-owned Homes: | $380 |