Mobile Home Community

Mobile Home Park Details

Purchase Method: Assumable Loan
Cap Rate: 8.7%
Listing ID: 13055
Posted On: Jun 2, 2010
Updated On: Dec 20, 2011

Description

9/10/2011 NEW ON MARKET, Parkwest is a 151 pad mobile home park, $255 rents ,at least $50 under market, most parks in Stillwater are $300, 8.65% cap, $16,490/pad with assumable financing, built in 1978, 26.5 acres, 80% occupamcy, large office/clubhouse, swimming pool, storm shelter, landlord pays water, provided by the City of Stillwater and sewer, which is provided by a shared lagoon located on the adjacent 52 space park. Tenants pay trash, electricity and gas. 5 Park owned homes, rent for $575. No RVS and not allowed in the City of Stillwater.

Location

Parkwest is located in the NW sector of Stillwater, OK, population of 50,000, is the 9th largest and 2nd fastest growing city in the State of Oklahoma. Located 50 miles north of Oklahoma City and 50 miles west of Tulsa, OK. Home to Oklahoma State University, the largest institution of Higher Education in OK. Tremendous growth and construction. Largest benefactor to US public universities is T. Boone Pickens, who has given $700,000,000 to OSU. Class A office/retail, Boomer Lake and the airport are nearby.

Amenities

Pool
Club House

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Park Information

Community Type:	All Age
Number of MH Lots:	151
Total Occupancy:	86.0 %
Year Built:	1978
Average MH Lot Rent:	$255
Size:	27 acre(s)

Financial Information (Actual)

Gross Income:	$381
Operating Expense:	$166
Net Operating Income:	$215
Expense Ratio:	43.6 %
Debt Info:	Assume $1,394,874 loan, 7.5%, 25 yr. am, due 9/2014, starting 9/2012, Wall Street prime +2, adjusted qrtly $125,946/yr. debt service, Bank of Camden, TN