Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 7.0%
  • Listing ID: 1437494
  • Posted On: May 12, 2021
  • Updated On: Aug 17, 2021

Description

This manufactured home community is located just an hour outside of Houston near Lake Livingston. Property totals 9.1 acres with 7.5 acres currently developed. This leaves 1.6 acres for future expansion. Property currently has 6 home rentals, 6 lot rent only , 8 owner financed homes and 17 rent to own homes. A total of 33 homes (rentals, owner financed and rent to own) with 46 total lots. Owner financed homes pay site rental in addition to monthly note payment. Two new singlewide manufactured homes are being delivered to be owner financed. The business has a waiting list for owner financed homes. Net Income from 2019 to 2020 increased 110% and is projected to increase an additional 36% in 2021 . Business is converting rentals into owner finance or rent to own agreements - this accounts for drop in operating expenses. Owner has stated that lot rent is below market average in the area

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Park Information

Number of MH Lots: 46
Total Occupancy: 94.0 %
Average MH Lot Rent: $275
Size: 9 acre(s)

Financial Information (Pro Forma)

Gross Income: $290,400
Operating Expense: $24,569
Net Operating Income: $265,831
Expense Ratio: 8.5 %
Debt Info: Wholly owned

RV Information

Number of RV Lots: 0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 33
Average Rent for Park-owned Homes: $627

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