Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 7.0%
  • Listing ID: 1429529
  • Posted On: Apr 27, 2021
  • Updated On: Oct 12, 2021

Description

Kerrville Texas

4.45 acres tucked between Schriener University and the VA Hospital sits within the city limits, 17 park owned homes and a large 1/1 bedroom house with a carport and big backyard. This turnkey park has all city water and sewer. No messy septic to fool with. Management has been set up in such a way that it is minimal. The homes age from the 1990's and up and are in excellent condition. Long term tenants. Some 15 plus years. Close to the High School and the New Jr. High School. The property is being surrounded by two new single family subdivisions. One adjacent to the property and the other across the street. There is plenty of green space for expansion with large trees. Future development is excellent as the city expands in this direction.

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Park Information

Number of MH Lots: 18
Total Occupancy: 100.0 %
Year Built: 1993
Average MH Lot Rent: $995
Size: 5 acre(s)

Financial Information (Actual)

Gross Income: $201,744
Operating Expense: $31,000
Net Operating Income: $179,744
Expense Ratio: 15.4 %

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 18
Average Rent for Park-owned Homes: $935

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