Mobile Home Park Details

  • Cap Rate: 6.3%
  • Listing ID: 1653596
  • Posted On: Apr 22, 2022
  • Updated On: Oct 24, 2023

Description

JTACR Real Estate Group is pleased to present Covington Courts Mobile Home Community: a 70-site community located in Lubbock, TX.

The community is advantageously positioned directly off of I-27 Frontage Road And Inside an Opportunity Zone, providing excellent accessibility to the entire region as well as providing the Opportunity Zone tax advantages.

In addition, Covington Courts is situated with City hookups for both Water and Sewer.

The sale includes 5 tiny homes, with the option to purchase the additional park owned homes for an additional purchase price.

Current ownership features below market rents, as well as the upside of filling currently vacant pad sites, thereby presenting investors with the opportunity to acquire an immediate value add opportunity with significant upside.

Amenities

  • Pool
  • Club House
Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 70
Total Occupancy: 43.0 %
Average MH Lot Rent: $150
Size: 7 acre(s)

Financial Information (Pro Forma)

Gross Income: $71,310
Net Operating Income: $50,685

Lot Information

Singlewide Lots: 70

Utility Information

Water: City
Water Paid By: Tenant - RUBs
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 5
Average Rent for Park-owned Homes: $400

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