Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.0%
  • Listing ID: 3382146
  • Posted On: Jul 17, 2023
  • Updated On: Oct 12, 2023

Description

WP & Company is pleased to present this 17 space MH park in the heart of the city limits of Vidor, TX. Occupancy is 100% full and ready to generate a passive income immediately. The park sits on 2 acres, has community mailbox for easy access, concrete roads, and a couple of gravel parking spaces. Each home has a nice deck added with two (2) nice parking places per home. All homes are owned by the park and are only a few years old, so maintenance is minimal. Most units rent from $950-$1050 with a lease in place. This market has a huge need for rentals which makes this investment a perfect purchase. Utilities are on city water (individually metered), individually metered electric and city sewer. Tenants pay all utilities. The last 12 months the gross income is right around 190,000 and NOI around 150,000. A rent increase has just been put in place and the next 12 months should track closer to 175K NOI. Priced at $1,595,000. Call for any other details or to view the property.

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Park Information

Number of MH Lots: 17
Total Occupancy: 100.0 %
Size: 2 acre(s)

Financial Information

Gross Income: $190,000
Operating Expense: $40,000
Net Operating Income: $145,000
Expense Ratio: 21.1 %

RV Information

Number of RV Lots: 17
Average RV Lot Rent: $1,050

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 17
Average Rent for Park-owned Homes: $1,050

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