Mobile Home Park Details
- Cap Rate: 10.0%
- Listing ID: 13203
- Posted On: Jun 2, 2010
- Updated On: Dec 15, 2010
Description
Meadowbrook Mobile Home Park is a 133 lot Manufactured Home Community on about 16 acres located just off Interstate 410, Exit 2, in the SW part of the city of San Antonio, Texas. THE PROPERTY HAS BEEN COMPLETELY REFURBISHED WITH NEW UTILITY SYSTEMS AND ROADWAYS. ALL OF THE UTILITIES ARE INDIVIDUALLY METERED AND PAID DIRECTLY TO THE UTILITY COMPANY AT NO EXPENSE TO THE COMMUNITY. This should make Lakeside Village a relatively easy property to operate while keeping maintenance/repair costs to a minimum. About 3 mobile homes have been sold on a contract which will be part of the sale. There are presently 100+ lots rented at $300.00 per month.
The City of San Antonio, with a population of about 1.2 million and a MSA area of over 1.9 million is located in south central Texas, 200 miles W. of Houston and 150 miles NE of the Mexico border. A Toyota Plant with a large employment base was constructed a few miles away in recent years. Major employers in the area are: USAA (United Services Automobile Association), H.E.B. Food Stores, Valero Energy, Southwest Research Institute, government employment including several military bases and a large variety of private companies involving trade, transportation, services and manufacturing.
Meadowbrook Mobile Home Park has good access from both a neighborhood (local) and a regional perspective. Visibility is considered good. The property is zoned R6 Single Family. The current MHC use is a legal, non-conforming use under this zoning classification. The lots are large and can accommodate newer, full sized mobile homes. Each space has gravel 2 car parking and the streets are of adequate width for two way traffic.
TERMS: Cash, new financing, The bank that holds the existing loan
likes the property and may be willing to finance a buyer.
FOR FURTHER INFORMATION OR TO VISIT THE PROPERTY, PLEASE CONTACT WAYNE LINSCHEID, BROKER, SELLER�S AGENT
THE SELLER HAS REQUESTED THAT INTERESTED PARTIES DO NOT TALK DIRECTLY TO THE MANAGEMENT OR THE TENANTS.
Meadowbrook Mobile Home Park offers an excellent rate of return on investment now, plus the opportunity to take advantage of the strong demand for low cost housing in the area by moving in late model mobile homes for resale (usually at a profit), thereby increasing the space rental income.
With all new utility systems and new roadways, Meadowbrook Mobile Home Park should experience ease of operation, along with very low operating expenses and no capital improvement costs in the foreseeable future.
*WHILE THE ABOVE INFORMATION IS FROM SOURCES DEEMED RELIABLE, WE NEITHER REPRESENT NOR WARRANT ACCURACY OR COMPLETENESS
FOR FURTHER INFORMATION, CONTACT WAYNE LINSCHEID, SELLERS AGENT. PLEASE DO NOT CONTACT PARK MANAGER OR TENANTS.
Park Information
Number of MH Lots: | 133 |
Size: | 16 acre(s) |
Financial Information
Gross Income: | $348,949 |
Operating Expense: | $58,000 |
Net Operating Income: | $345,039 |
Expense Ratio: | 16.6 % |