Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.5%
- Listing ID: 1380765
- Posted On: Jan 19, 2021
- Updated On: Mar 30, 2021
Description
Timbuktu is a mobile home park just outside of the Lubbock, Texas city limits. The park has a total of 10 lots for mobile homes, and one that is set up for an RV or camper. All of the mobile home lots are filled with park-owned mobile homes. 3 of the mobile homes are duplexes, and one of the mobile homes was converted into a storage/shop by the previous owner and is not livable. The mobile home that was converted into a shop may be able to be turned into a rental, but we never looked into it. The front of the mobile home park contains a house that is 1 bed/1 bath. If you include the house and 3 duplexes, thats makes for 13 rental units (might be able to make it 14 if storage/shop can be converted), and one open lot that can fit a camper or RV.
Location
South Eastern part of Lubbock, just outside of the city limit. Located just a few miles away from 82nd st. and University ave. , which is an area of Lubbock that has great places to shop for groceries and lots of restaurants within a mile radius.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 10 |
| Total Occupancy: | 79.0 % |
| Year Built: | 1990 |
| Average MH Lot Rent: | $250 |
| Size: | 2 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $59,400 |
| Operating Expense: | $11,565 |
| Net Operating Income: | $47,834 |
| Expense Ratio: | 19.5 % |
| Debt Info: | Owner finance loan with family of the previous owner. No liens or other debts. |
Lot Information
| Singlewide Lots: | 10 |
| Doublewide Lots: | 0 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
RV Information
| Number of RV Lots: | 1 |
| Average RV Lot Rent: | $250 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 10 |
| Average Rent for Park-owned Homes: | $450 |