Mobile Home Park Details
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Purchase Method:
Cash, New Loan
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Cap Rate:
10.5%
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Listing ID:
367033
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Posted On:
Mar 21, 2013
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Updated On:
Mar 9, 2014
Description
CONTACT BROKER FOR FULL OFFERING MEMORANDUM
Property:
This investment consists of 64 (58 occupied including park owned homes) mobile home spaces with the potential of five more
spaces. Twelve units (10 occupied) are park-owned rental mobile homes which are single-wide in size plus there is an on-site
office. Lot rents are currently averaging $243 per month and the average mobile home rental unit price is $561. Tenants
currently pay directly to their provider for cable and electric. Water is supplied by a public co-op and is paid for by the seller
and the septic is treated with an on-site TCEQ compliant waste water treatment facility. Trash, which is collected in
dumpsters on the property, is also paid for by the seller. Each home site has off-street parking for both tenants and guests with
an average of two parking spaces per unit. Historically the park has enjoyed strong occupancy with relatively little turnover in
tenant owned home spaces. The property is located on about 29 acres with some of the property still undeveloped. Residents
are generally working class people and most of the mobile homes are 1980s thru 2000s model units.
Condition:
The property is in fair condition. According to the owner and the WWTP maintenance man the waste water treatment
plant is in great condition. Water and sewer lines are reported to be PVC and also in good condition with occasional
roto-rooting performed. The roads and parking aprons are all reinforced concrete and are in good condition.
Location
Location:
Walnut Creek Mobile Home Park is located in Alvarado, Texas which is in Johnson County and the Dallas/Fort Worth MSA.
The 2011 official estimate U.S. Census has the Dallas-Fort Worth Metroplex at 6,526,548,[1] making it the largest
metropolitan area in the South. During the 12-month period from July 2008 to July 2009, the Dallas–Fort Worth–Arlington
metropolitan area gained 146,530 new residents, more than any other metropolitan area in the United States.[2][3] The area's
population has grown by about one million since the last census was administered in 2000.[4] The Dallas–Fort
Worth–Arlington MSA is, by population, the largest metropolitan area in Texas, the largest in the South, the fourth-largest in
the United States , and the tenth-largest in the Americas. The metroplex encompasses 9,286 square miles (24,100 km2) of total area: 8,991
sq mi (23,290 km2) is land, while 295 sq mi (760 km2) is water, making it larger in area than the U.S. states of Rhode
Island and Connecticut combined. It is also the sixth largest gross metropolitan product (GMP) in the United States,[5]
and approximately tenth largest by GMP in the world.
More specifically, the park is located in a country setting in an area just north of the City of Alvarado’s main retail
district. The investment location is comprised of many single-family homes and pasture land. Walnut Creek is located
on Cummings Drive, just south of FM 917 which is a very well-traveled street/highway. Grocery stores, schools,
restaurants and many other businesses are relatively nearby for the convenience of the tenants as well.
Interested in purchasing this mobile home park? Get pre-qualified for a loan.
Utility Information
| Water: |
City |
| Water Paid By: |
Park
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| Sewer: |
Treatment Plant |
