Mobile Home Park Details
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Purchase Method:
New Loan
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Cap Rate:
9.8%
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Listing ID:
397431
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Posted On:
Aug 28, 2013
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Updated On:
Mar 9, 2014
Description
This investment consists 100 units; 99 spaces of which 68 are mobile home spaces and 31 are RV Spaces. There are only four parkowned rental mobile homes, all of which are single wide in size plus an on-site office and an on-site stick built rental home.
Lot rents vary from site to site and are currently averaging $187 per month. Tenants were notified at the beginning of August
that rents are to increase by $15 per site and the owner received little to no push-back from tenants. Tenants currently pay
directly to their provider for cable, phone and satellite television. Water, sewer and trash are supplied by the city and are paid
for by the seller. Electric and gas are sub-metered, paid by the seller and then reimbursed back to the seller. Each home site
has on-street parking for both tenants and guests with an average room of two parking spaces per unit. Historically the park
has enjoyed very strong occupancy with relatively little turnover in tenant owned home spaces. The property is located on just
under nine acres just north of downtown Amarillo, Texas. Residents are generally working class people and retirees with most
of the mobile homes and RVs being 1970's through early 2000's model units.
Broker has underwritten a management fee based on reports of the amount of time the current owner spends managing the
park. It is assumed a suitable resident manager could be found on-site as well as an additional allotment for periodic
handyman work which is in addition to the current maintenance and supply budgets represented in the actual profit and loss
statements.
Location
Location:
Westwinds Mobile Home Park is located in Amarillo, Texas which is the main economic hub of the Panhandle of Texas.
The population of the Amarillo metropolitan statistical area is almost a quarter of a million people. Major economic
drivers in the area consist of beef processing, agriculture, US military subcontractors as well as oil and gas.
More specifically, the park is located in a city setting in an area just north of the City of Amarillo’s downtown district.
The investment location is comprised of many single-family homes, schools as well as a fairly recent emergence of new
retail shops and centers. Westwinds Mobile Home Park is located on Mirror Street, immediately south of an elementary
school and just off of Business Interstate 40, which is a very well-traveled street/highway and incidentally a former
portion of Route 66. Grocery stores, schools, restaurants and many other businesses are located nearby for the
convenience of the tenants as well.
Condition:
The property is in fair condition. According to the owner most of the water and sewer lines are reported to be upgraded
to PVC and also in good condition with occasional roto-rooting performed. The roads are asphalt with need for some
patching on some of the streets. Main electrical distribution panels have been upgraded in the near past yet many of the
units still have 100 amp service panels as most of the trailers have gas service for their major appliance energy needs. Lot
sizes vary depending on the area of the park and some are able to receive 76-foot trailers while others are more suited to
typical RV sized units. It appears to be more or less an even mix of both sized lots.
Amenities
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Utility Information
| Water: |
City |
| Water Paid By: |
Park
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| Sewer: |
City |
