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Mobile Home Park Details

Purchase Method: Cash
Cap Rate: 13.0%
Listing ID: 520301
Posted On: May 4, 2015
Updated On: Jun 16, 2016

Description

- HIGH CAP RATE.
- NNN investment opportunity.
- Rare opportunity to acquire a recently developed RV park. The park is currently under a five-year triple-net like lease expiring July 2021, at $10,000 per month with standard escalation clause. As part of the lease agreement, tenant expanded the park by 69 spaces, to 111 spaces, at tenant' s sole expense.
- Nicest park in the area. Clean and quiet with an attractive perimeter fence, and extra large spaces for RVs and fifth wheels. The large clubhouse includes the park office, a recreational area with pool table, cable TV, and vending machines for sodas and snacks. There are also two shower facilities with oversized shower stalls as well as coin operated laundry machines.
- With grandfathered zoning, the park is closer to the city center than any other park, providing long-term attractiveness to the tenant base. It is less than 1 mile from Austin Elementary School, Crockett Middle School, and the Reeves County Hospital. The park is on public utilities and is one of the only parks in the area with Wifi.
- Property sits on a strategic location by the intersection of IH-20 and US 285, which connect the region to the Dallas/Fort Worth corridor.

Location

- Pecos was named one of America' s fastest-growing small towns by Forbes magazine.
- The local elementary, middle, and high schools are all less than 1.5 miles from the property.
- Pecos is the retail and commercial center of the Far West Texas region.
- A growth-oriented local government has partnered with local colleges and developers to attract mixed use developments, loft housing, business incubators, and increased tourism.
- Local industries include ranching, agriculture (cantalopes), and oil and gas.
- Recent oil and gas discoveries in the nearby Wolfcamp, Wolfbone, and Bone Spring formations have added to the 200+ operators in the area. These formations are known for having some of the lowest drilling costs in the region.
- The nearby West of the Pecos Museum is a highly recognized landmark for RV tourists, with three full floors and over 50 rooms of exhibits, artifacts, and history.
- The community is also known for the Pecos Rodeo (the world' s first).
- Located in the heart of Far West Texas with Big Bend National Park, Balmorhea State Park and Guadalupe National Park nearby, Pecos offers numerous options for outdoor activities.

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