Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 11.2%
- Listing ID: 432817
- Posted On: Apr 18, 2014
- Updated On: Jul 23, 2014
Description
PRICE JUST REDUCED!!! Marcus & Millichap is pleased to exclusively list the Trailer Village Manufactured Home Community in Ponca City, OK. Built in 1984, this economically stable 30-space asset is situated in the center of Ponca City, Oklahoma just 4 miles from the Phillips 66 Refinery. Trailer Village has over 5 years of proven financials and provides a spacious community appealing to a variety of potential renters. The property consists of new pads with new water and gas lines completed in 2011. The property features 21 park owned homes, two of which have been sold and are collecting mortgage income for the asset. Amenities include: new water and gas lines, 30' x 70' pad sites, 24-hour emergency maintenance, on site management, two parking spaces per unit for residents, and a large common area for picnics and recreational use. Situated in the heart of Ponca City, Oklahoma, the Trailer Village Manufactured Home Community delivers clean, affordable living in a safe, country community.
Location
The town named for the Ponca Tribe was founded in 1893 and went by the name New Ponca. New Ponca chose its location because of the close proximity to the Arkansas River and eventually renamed itself in 1913 to Ponca City. In 1911 E.W. Marland drilled his first successful oil well which he leases from the Ponca Tribe, providing the beginning of Ponca City' s never-ending bond to the oil and gas industry of America. Ponca City has grown into a regional player for the processing and refining of oil and contains the largest refinery in the state of Oklahoma.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 30 |
| Total Occupancy: | 92.0 % |
| Year Built: | 1984 |
| Average MH Lot Rent: | $160 |
| Size: | 3 acre(s) |
Financial Information (Actual)
| Gross Income: | $176,212 |
| Operating Expense: | $121,940 |
| Net Operating Income: | $44,223 |
| Expense Ratio: | 69.2 % |
Lot Information
| Singlewide Lots: | 30 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 19 |
| Average Rent for Park-owned Homes: | $400 |
