Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan
- Cap Rate: 7.2%
- Listing ID: 518960
- Posted On: Apr 27, 2015
- Updated On: Feb 2, 2016
Description
Nicely maintained older park in NE Houston. 74 pads with paved roads. Historically high occupancy. Currently on well and on site sewage treatment plant, the sellers will work with the new buyer to hook up to City of Houston utilities, which have already been approved by the city! Please refer to the package regarding the costs to the city and for the installation. NOTE: one of the sellers has a valid real estate license and is acting as consultant and lead negotiator as well as a principal.
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Park Information
| Community Type: | All Age |
| Number of MH Lots: | 74 |
| Total Occupancy: | 96.0 % |
| Year Built: | 1975 |
| Average MH Lot Rent: | $255 |
| Size: | 8 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $294,316 |
| Operating Expense: | $135,192 |
| Net Operating Income: | $147,550 |
| Expense Ratio: | 45.9 % |
| Debt Info: | Current loan @ 10%. |
Lot Information
| Singlewide Lots: | 72 |
| Doublewide Lots: | 2 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
RV Information
| Number of RV Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
