Mobile Home Park Details
- Cap Rate: 6.3%
- Listing ID: 1653596
- Posted On: Apr 22, 2022
- Updated On: Oct 24, 2023
Description
JTACR Real Estate Group is pleased to present Covington Courts Mobile Home Community: a 70-site community located in Lubbock, TX.
The community is advantageously positioned directly off of I-27 Frontage Road And Inside an Opportunity Zone, providing excellent accessibility to the entire region as well as providing the Opportunity Zone tax advantages.
In addition, Covington Courts is situated with City hookups for both Water and Sewer.
The sale includes 5 tiny homes, with the option to purchase the additional park owned homes for an additional purchase price.
Current ownership features below market rents, as well as the upside of filling currently vacant pad sites, thereby presenting investors with the opportunity to acquire an immediate value add opportunity with significant upside.
Amenities
- Pool
- Club House
Park Information
Number of MH Lots: | 70 |
Total Occupancy: | 43.0 % |
Average MH Lot Rent: | $150 |
Size: | 7 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $71,310 |
Net Operating Income: | $50,685 |
Lot Information
Singlewide Lots: | 70 |
Utility Information
Water: | City |
Water Paid By: | Tenant - RUBs |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 5 |
Average Rent for Park-owned Homes: | $400 |