Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 14.9%
- Listing ID: 68259
- Posted On: Mar 15, 2011
- Updated On: Jan 5, 2012
Description
Cap Rate was updated on 9/26/11 to reflect increased rent received.
Gross rents received continue to increase, please see attached chart.
Right next to Cannon Air Force Base, this is a phenomenal investment property with tremendous upside potential. This seven acre property has spent the last six months being upgraded and is now ready to start putting in more mobile homes.
The property currently has 30 mobile home spaces, 4 park owned homes (rent for $360 - $700per month ), a newly remodeled three bedroom house (currently rented for $900 per month), 8 one bedroom apartments (fully rented for $480 - $505 per month) and a small commercial building with highway frontage with a car count of approximately 10,000 per day.
There are also three wells on the property and a onsite septic system.
Clovis is booming and the demand for housing is incredible. Apartments are usually rented within two days if a vacancy occurs and the record is 12 hours to fill a vacancy.
The estimated occupancy is about 50% due to the fact that the mobile home lots had been full of non habitable mobile homes. Over the past few months they have all been removed and the property is now ready to start accepting new homes.
The lots are designed to accommodate RV's or Mobile Homes
If you are looking to make money, this is it.
Financials are available upon request
Partner in the corporation is a licensed NM broker
Location
The property is located only one mile from Cannon Air Force Base. Cannon Air Force Base is currently undergoing major expansion and is planning on having over 5000 troops stationed here within the next three years increasing the demand even more.
Clovis is also a hub for the growing dairy industry.
The Tres Amigas Superstation is scheduled to start being built in Cloivis in the near future. This Superstation will connect the three major electrical grids in the United States which has never been done before. Estimations of 1200 employees will be needed for the initial construction phases.
The building of the Superstation will make Clovis not only an energy distribution center for the U.S. but will also enable large wind farms to be built near and supply power to the Superstation, one of which is already under way. Take a look at
Mariah Project - http://www.scandiawind.com/ScandiaWindSouthwest.html
Housing is already in short supply in the area. The growing Air Force Base, the Dairy, Tres Amigas Superstation and the windfarms will do nothing but add to the growing demand for housing in the area.
Here are some links to interesting articles about Clovis and housing in Clovis.
Tres Amigas Superstation - http://www.tresamigasllc.com/index.php
Clovis may just control you future - http://blogs.har.com/blog/dispPost.cfm?Refid=2472&bid=223
Airforce housing shortage in Clovis - http://www.airforcetimes.com/news/2010/02/airforce_cannon_022710w/
Here is an excerpt from an article in a recent issue of Stars and Stripes: (military magazine)
"Cannon Air Force Base, N.M., projects a 20 percent family housing shortage (530 units) for its expanding base population. The shortage will be aggravated by growth in the civilian labor force expected from major base construction projects. Occupancy rates for rental housing in the community exceeded 99 percent in 2010 and 2011, with high demand reported “for even inadequate housing units on base†and off base rental in “less desirable areas.†Rents are higher than monthly BAH rates for many members."
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 30 |
| Total Occupancy: | 65.0 % |
| Average MH Lot Rent: | $200 |
| Size: | 7 acre(s) |
Financial Information
| Gross Income: | $109,000 |
| Net Operating Income: | $79,000 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
