Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.3%
  • Listing ID: 4613002
  • Posted On: Mar 6, 2024
  • Updated On: Oct 29, 2024

Description

*Please find the attached Offering Memorandum located at the bottom of this page*

Big Country Capital Group proudly presents Lazy Days in Port Isabel a thriving 35-unit, mixed-use oasis nestled in the heart of Port Isabel, TX, spanning across 1 acre of prime real estate. Strategically situated amidst a bustling landscape of shops, retail outlets, and residential neighborhoods, this community addresses the pressing housing needs and demands of the vibrant South Texas region. Boasting a coveted location within the City Limits of Port Isabel, the property offers the convenience of City hookups for both Water and Sewer, ensuring seamless living for residents. Under current ownership, the community features below-market rents, presenting a lucrative opportunity for investors to capitalize on immediate rental upside potential by increasing ration utility billing. Furthermore, recent capital improvements and updates have been implemented, enhancing the property's value and reducing anticipated costs. With its strategic location, diverse amenities, and promising investment prospects, Lazy Days RV/MHP Park stands as an enticing opportunity for discerning buyers seeking a well-maintained asset with significant growth potential.

Location

Port Isabel, situated 3.3 miles from South Padre Island, 35 miles east of Harlingen and 22 miles northeast of Brownsville, Texas, is steeped in rich history and vibrant culture. Nestled near the Brazos-Santiago Pass, connecting the Rio Grande Valley to the Gulf of Mexico, and just 30 miles from Matamoros, Mexico, its strategic location offers unparalleled access to diverse opportunities. The iconic Queen Isabella Causeway links the city to South Padre Island, a renowned Gulf shore destination.

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 35
Total Occupancy: 91.4 %
Average MH Lot Rent: $565
Size: 1 acre(s)

Financial Information (Pro Forma)

Gross Income: $295,051
Operating Expense: $170,076
Net Operating Income: $124,975
Expense Ratio: 57.6 %

Utility Information

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