Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.1%
- Listing ID: 69161
- Posted On: May 4, 2011
- Updated On: Mar 19, 2013
Description
Property: The subject investment opportunity is an 45 space mobile home park located in the city of Houston, Texas. The property was developed in the mid 1980's and was intended to originally be a zero lot line garden home community but its final use was determined to be a mobile home park in 1990. In all, the park consists of 4.27 acres of subdivided land. The occupancy is currently 100 percent. All utilities are billed by the City of Houston or utility provider and the main utility lines and streets are maintained by the CIty as well.
Condition: The property has city maintained asphalt streets and underground city maintained utility lines. The park has concrete parking pads which appear to be in good condition.
Pricing: The park is priced at $1,200,000. Also, the park sale is contingent on the sale of all the community financed homes which will be negotiated separately from the sale of the park.
Location
Location: Houston is one of the largest cities in the USA and therefore has thousands of employers and abundant opportunities for tenants. The city is also home to major universities and state of the art hospitals.
Park Information
Community Type: | All Age |
Number of MH Lots: | 45 |
Total Occupancy: | 100.0 % |
Year Built: | 1985 |
Average MH Lot Rent: | $268 |
Size: | 4 acre(s) |
Financial Information (Actual)
Gross Income: | $141,504 |
Operating Expense: | $44,866 |
Net Operating Income: | $96,638 |
Expense Ratio: | 31.7 % |
Lot Information
Singlewide Lots: | 45 |
Doublewide Lots: | 0 |
Triplewide Lots: | 0 |
Park Model Lots: | 0 |
RV Information
Number of RV Lots: | 0 |
Average RV Lot Rent: | $0 |
Utility Information
Water Paid By: | Tenant - Individual Service |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 22 |
Average Rent for Park-owned Homes: | $0 |