Mobile Home Park Details

Cap Rate: 13.0%
Listing ID: 15502
Posted On: Aug 17, 2010
Updated On: Jan 5, 2011

Description

*NO OWNER FINANCING AVAILABLE

INVESTMENT HIGHLIGHTS
35 Spaces with 30 POHs
23 Park Owned Homes
19.72 Percent Cash on Cash
Return After Reserves
12.90 Percent Capitalization Rate
$30,000 Per Space
Great Local Management
25.41 Percent Leveraged Pre-Tax Internal Rate of Return

Property: The subject property is a 35-space partially subsidized mobile home community located in the city of Nacogdoches, Texas which is in Nacogdoches County. The property consists of 35 spaces with 30 park owned homes on 6.07 acres. There are 23 remodeled homes with new paint, carpet and skirting, some of the homes have received new appliances and HVAC units. All of the homes are grouped together by a privacy fence in exception of one lot which is approximately one acre and has generous road frontage and provides a great opportunity for a laundry facility to be shared by neighboring communities. 68 percent of rental income streams from the HUD office of Nacogdoches County which holds their clients accountable to stay within the program. The current management lives locally and drives through the park several times a day to assure safety and an appealing landscape.

Condition: The property is in excellent condition with no signs of deferred maintenance.

Location

The property fronts FM 2259 which is only one-half mile outside Loop 224 which is a major thoroughfare surrounding Nacogdoches. The immediate area consists primarily of multifamily mobile home communities and businesses. The property is situated immediately outside of the city limits, renovation improvements have been expedited without need for building permits.

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