Contact Information
Charles Camp
Exit Realty of Lubbock
Mobile Home Park Details
- Price: $89,500
- Distressed: This property is in default, REO or in foreclosure.
- Purchase Method: Cash
- Cap Rate: 11.4%
- Listing ID: 6767555
- Posted On: Nov 11, 2024
- Updated On: Nov 11, 2024
Description
Rare find at this price which is below it tax value. Eleven buildings containing 14 rental units with five(5) one bedroom units and NINE(9) Units that can be rented as 2 or 3 bedrooms. That is less than $6,500 per unit. One of the units was converted to a storage shed and is not on the tax rolls. Estimate rent income after renovations is over $5,000 per month. This park could be easily converted to a RV park or combination RV an MH park with space rental only with a total investment less than $250K. The water and sewage systems appear to work fine. Currently 2 units are rented. This one will go fast.
Location
South on I-26 to 84th St, then east on 84th St. to MLK Blvd, right on MLK 300 feet to E CR 7110 or E 84th St for about 1.5 miles until you see a 24' sailboat on the north side on CR 7110 and you are there. You can start from the Slaton highway and MLK taking MLK south to E CR 7110 (East County Road 7110 is also 82nd St.
Amenities
- Storage
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 11 |
| Total Occupancy: | 15.0 % |
| Year Built: | 1950 |
| Average MH Lot Rent: | $400 |
| Size: | 2 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $5,000 |
| Operating Expense: | $1,200 |
| Net Operating Income: | $3,800 |
| Expense Ratio: | 24.0 % |
| Debt Info: | estimating 400,000 total investment or less. |
Lot Information
| Singlewide Lots: | 10 |
| Doublewide Lots: | 1 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 11 |
| Average Rent for Park-owned Homes: | $400 |