Mobile Home Park Details
- Listing ID: 964110
- Posted On: Jun 29, 2018
- Updated On: Dec 28, 2018
Description
CALL TO OFFERS!!
A rare OKC 3 PARK PORTFOLIO in Norman & El Reno (2), OK with 356 sites (277 MH, 79 RV), 96 park owned RTO homes, avg age 2002, 100% occupied, $3.2M RTO balance-home value of $2.2M, $350 site rent, occupancy is 90% MH, 74% RV. $45/mo utility reimbursement. $751,000 in place lot only NOI. All parks can add lots. A substantial number of new homes have been added to the parks in the last 2 years and have been absorbed. All parks could be full if owner brings in additional homes and new lots can be added at each park. These parks are some of the best and cleanest in the market. The 2 El Reno parks are only 1/4 mile apart and managed out of one park. The Norman park abbuts the Belmar Golf Club in a fast growing affluent area.
Location
OKC 3 PARK PORTFOLIO consists of:
1) the 102 site Sunnylane Estates in North Norman, 3 miles east of I-35 on Sunnylane Road. Norman is a fast growing affluent suburb in the south section of the OKC metro area and the 3rd largest city in OK with a pop. of 125,000 and a 2.9% unemployment rate. The park abbuts the Belmar Golf Club owned by Toby Keith, whose personal residence is 1/4 mile away. Norman is home to the University of Oklahoma with 27,000 students. 31 additional acres.
2) El Reno Village and Skyview MHP are located just north of I-40 in the east section of the OKC metro area in the south part of El Reno. El Reno is a 19,000 pop. bedroom community of OKC. Both parks are manged out of El Reno Village.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 356 |
| Total Occupancy: | 90.0 % |
| Year Built: | 1977 |
| Average MH Lot Rent: | $350 |
| Size: | 85 acre(s) |
Financial Information (Actual)
| Gross Income: | $1,376,038 |
| Operating Expense: | $624,532 |
| Net Operating Income: | $751,506 |
| Expense Ratio: | 45.4 % |
RV Information
| Number of RV Lots: | 79 |
| Average RV Lot Rent: | $422 |