Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 12.4%
- Listing ID: 13196
- Posted On: Jun 2, 2010
- Updated On: Aug 8, 2016
Description
Each individual lot has natural gas access, electricity service, and water meter. The city bills the residents for water, sewer, and trash. Very low expenses since everything is paid for by the residents.
15 Total Spaces
3 Homes are vacant
1 Home is in process of rehab
Lot Rent is $175.00, Rent for Park Owned homes avg. $350.
2 Vacant Lots
Great Property with upside potential! Asking price is 12.4% cap!
Location
This investment property is located in Plainview, TX which is forty five miles north of Lubbock and about 60 miles south of Amarillo on I-27 located in Hale County, Texas. The mobile home park has a paved road and is serviced by city water and sewer and trash (all billed to the residents by the city).
202 S. Broadway is 1.61 acres and is located near downtown right across the street from a city park.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 15 |
| Total Occupancy: | 70.0 % |
| Average MH Lot Rent: | $175 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $22 |
| Operating Expense: | $6 |
| Net Operating Income: | $16 |
| Expense Ratio: | 27.3 % |
Lot Information
| Singlewide Lots: | 15 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 6 |
| Average Rent for Park-owned Homes: | $350 |