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Photo of Mobile Home
Photo of Mobile Home
Photo of Mobile Home
Photo of Mobile Home Community
Photo of Mobile Home Community
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Photo of home
Photo of home
Photo of home
Photo of Mobile Home
Photo of Mobile Home
Photo of Mobile Home
Photo of Mobile Home
Photo of Mobile Home Community
Photo of home
Photo of home
Photo of Mobile Home

Mobile Home Park Details

  • Purchase Method: Seller Financing, Assumable Loan
  • Cap Rate: 9.0%
  • Listing ID: 555531
  • Posted On: Aug 25, 2015
  • Updated On: Dec 2, 2016

Description

A well-established 90 space family mobile home community on about 21 acres located near Tyler, Texas, in Whitehouse. Lots are large with plenty of shade trees. Community is on city utilities except for gas. This is a superb location in a great school district, convenient to shopping, hospitals, colleges, employment and transportation.

There are 49 park-owned homes, most 1999 or newer, all refurbished as necessary and in good condition. The property is well-maintained, with no deferred maintenance. The asphalt streets and parking pads were repaved in March 2016. There are no common area amenities for ownership responsibility. There is lots of upside, as 74 lots are occupied, and rents in the area are as high as $380, while these are only $355-365. An energetic new owner could find another 10 lots here too, to make it a 100 space park, and sell it to an entity with a 100 space minimum purchase criteria.

The Tyler/Whitehouse area is a highly desirable, lovely, affluent and growing area of approximately 100,000 serving as a hub for many surrounding communities. It is located midway between Dallas and Shreveport on I-20. The Rose Capital of the Nation is surrounded by rolling hills, lush vegetation and numerous lakes. The economy is diversified and strong and includes three renowned hospitals, two major colleges, a newly expanded airport, and is a magnet for developers building high end subdivisions.

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

Park Information

Community Type: All Age
Number of MH Lots: 90
Total Occupancy: 83.0 %
Year Built: 1980
Average MH Lot Rent: $370
Size: 20 acre(s)

Financial Information (Actual)

Gross Income: $369,013
Operating Expense: $186,872
Net Operating Income: $182,141
Expense Ratio: 50.6 %
Debt Info: $1.285 million assumable loan, 6 years left, 5.25%, 30 yr amortization, total mortgage $10,400 monthly including escrows for taxes, insurance, and land taxes. 1% assumption fee, new buyer must be approved by Wells Fargo

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 49
Average Rent for Park-owned Homes: $341