Mobile Home Park Details

• Purchase Method: Cash, New Loan
• Cap Rate: 10.9%
• Listing ID: 367034
• Posted On: Mar 21, 2013
• Updated On: Mar 9, 2014

Location

Location: The investment is located in Joshua, Texas, in Dallas/Fort Worth. 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 states of Rhode Island and Connecticut combined. It is also the sixth largest gross metropolitan
product (GMP) in the United States and approximately tenth largest by GMP in the world. More specifically, the park
is located in a country setting in an area just west of the city of Joshua’s main retail district. The investment location is
comprised of many single-family homes and pasture land. Pleasant Oaks Mobile Home Park is located on County Road
1022, just south of FM917 which is a very well-traveled street/highway. Additionally, a brand new toll road will run
along the western edge of the property providing commuters with a traffic free drive into Fort Worth. Grocery stores,
schools, restaurants and many other businesses are relatively nearby for the convenience of the tenants as well.

Condition:
The property is in fair condition, however, the homes are older and rules regarding personal items left outside do not
seem to be enforced at this time leading to a cluttered look of the property. Additionally, about three of the seven park
owned homes should probably be torn down as they don't appear to be habitable. All financials have been adjusted to
reflect only four usable park owned homes. According to the owner the brand new Waste Water Treatment Plant has
already been approved by TCEQ and will be constructed very soon. Water and sewer lines are reported to be PVC and
also in good condition with occasional roto-rooting performed. The roads are all asphalt and are in good condition
although only about one lane in width. The parking areas are dirt and gravel.