Mobile Home Park Details

Purchase Method: Cash, New Loan
Cap Rate: 8.5%
Listing ID: 1378526
Posted On: Jan 14, 2021
Updated On: Mar 30, 2021

Description

This is a great location that contains 7 spaces for RV's or campers, and one mobile home rental that will be sold with the land. The only unit that is park owned is the mobile home, all other spaces are for lot rentals only. The park pays the electricity and trash bills monthly, and the septic and water services as needed. This is a great opportunity to purchase an asset that will make good money for years to come! This is a great investment for a new investor trying to get into renting at a very reasonable price!

Location

This property has a great location. It is located just outside of city limits, and the city of Lubbock has been extending out this way, so it is only a matter of time until it is located within the city limits. In this location, you get the benefit of living close enough to the city to have everything nearby, but the benefit of it feeling like a private area. There is grocery shopping, and plenty of restaurants within just a few miles.

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Park Information

Community Type:	All Age
Number of MH Lots:	8
Total Occupancy:	63.0 %
Year Built:	2010
Average MH Lot Rent:	$350
Size:	1 acre(s)

Financial Information (Actual)

Gross Income:	$21,160
Operating Expense:	$6,360
Net Operating Income:	$14,800
Expense Ratio:	30.1 %
Debt Info:	Owner finance loan with family of the previous owner. No liens or other debts.