Mobile Home Park Details

Purchase Method: Cash, New Loan
Cap Rate: 8.3%
Listing ID: 1267113
Posted On: Jun 5, 2020
Updated On: Oct 6, 2020

Description

Keith Wilson Co. is pleased to offer a new listing July 2, 2020!!! Tri City Manufactured Housing Community in the OKC metro area, $2,800,000 - 8.3% cap on park in place and homes NOI. All MH clean, 46 sites with 39 park owned homes, vintage 2002, of which 32 are LTO and 7 rentals. 100% occupancy. Built in 1975 on 3.7 acres with new storm shelter (2019) and asphalt streets. The main access road is city owned and maintained. Municipal utilities paid by tenants except owner pays trash. In place site rents of $360 with street rents higher. Tri City represents an opportunity to purchase one of the cleaner superior Manufactured Housing Communities in the Oklahoma City metro.

Location

Tri City is located in Newcastle, OK, an affluent fast growing SW OKlahoma City suburb. Current population of 11,000 represents 40% growth in the last 10 years. In 2019, Newcastle was ranked the "36th Best City to Live" in the U.S. by 24/7 Wall Street. Median income of $78,144 is about $30,000 higher than the Oklahoma average and the cost of living is 17% lower than nationwide. Tri City is a 2 minute drive to the Newcastle Casino, 10 minutes to the new 640,000 ' Amazon Fullfillment Center with 1,700 employees, 30 minutes to the University of Oklahoma in Norman, OK with 30,000 students and 25 minutes to the OKC CBD. Oklahoma City, with 3.5% unemployment in March 2020, moved from the 31st in 2010 to the 25th largest city in the U.S in 2020. The city is home to the Oklahoma City Thunder, an NBA franchise and boasts the 5th largest office building west of the Mississippi, the Devon Energy Center. Tinker AFB, with 20,000 employees is the largest Air logistics center in the U.S Air force.

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