Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 8.0%
  • Listing ID: 1269247
  • Posted On: Jun 9, 2020
  • Updated On: Jul 28, 2020

Description

This is the easiest park to own and manage. Navasota is just minutes from College Station, TX and has a shortage of rental properties. This park has 10 large spaces (can take 80' homes) of which 9 are occupied and pay lot rent of $315.00 per month. Additionally tenants pay $45 per month for lawn care, the community is always mowed and looking nice. Tenants pay for their own city water, sewer and trash directly to the city (no utilities to pass thru to tenants, no uncollected utilities). City of Navasota maintenances the water meters. Tenants are trained to pay online or via a cash pay card. I visit this property no more than 1-2 times per month. The city of Navasota has been very responsive and easy to work with. This is the nicest park in town and within walking distance to schools and downtown. I am only selling in order to purchase another property that is next door to a park I already own. Owner can carry the balance with $200K down. Owner holds a TX R.E. license and will pay a 3% commission to licensed agents.

Location

In Navasota, TX just a few minutes walk from downtown.

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Park Information

Community Type: All Age
Number of MH Lots: 10
Total Occupancy: 90.0 %
Average MH Lot Rent: $315

Financial Information (Actual)

Gross Income: $33,780
Operating Expense: $6,900
Net Operating Income: $26,880
Expense Ratio: 20.4 %
Debt Info: No debt.

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 0
Average Rent for Park-owned Homes: $0

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