Mobile Home Park Details
- Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
- Cap Rate: 10.0%
- Listing ID: 68333
- Posted On: Mar 18, 2011
- Updated On: Jan 12, 2012
Description
13 space MHP with 10 park owned homes. 9 of the homes are on new contracts to sell to tenants (around $180k in value right there). The tenth home is rented out to a long term tenant.
The property is just outside of the city so doesn't have to deal with city regulations. The property has its own water well that servers the park and tenants pay their own utilities.
The only utilities paid by the park is for the well pump.
The park also pays for trash pickup.
Location
Odessa has one of the lowest unemployment rates in the country and has shown an over 10% population growth in the last ten years. The economy was originally based on oil production but has diversified over the last 20 years.
Odessa is the twin city of Midland which was the hometown of G.W. Bush.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 13 |
| Total Occupancy: | 76.0 % |
| Average MH Lot Rent: | $200 |
Financial Information (Actual)
| Gross Income: | $47,000 |
| Operating Expense: | $11,000 |
| Net Operating Income: | $35,000 |
| Expense Ratio: | 23.4 % |
Lot Information
| Singlewide Lots: | 11 |
| Doublewide Lots: | 2 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 10 |
| Average Rent for Park-owned Homes: | $550 |