Mobile Home Park Details
- Purchase Method: Cash
- Cap Rate: 13.5%
- Listing ID: 580758
- Posted On: Nov 27, 2015
- Updated On: Feb 24, 2016
Description
Small park in the Lower Rio Grande Valley - a popular and fast growing area do to great weather and regional economic growth. This park is a great cash cow for anyone that wants to get into this business.
A) This community park is on a quiet rural street about 10 minutes from the center of Harlingen. There are three septic tanks and two electrical drops servicing the park. The water is city supplied. The garbage dumpster is on contract with a private waste company.
B) There are 8 park owned trailers converted to 14 individual efficiencies.
C) There is a small laundromat on the property.
D) All tenants on a month to month contract (Texas 'Tenancy at Will'). Some tenants have been there for many years.
E) Average Monthly Expenses: $1,500
Utilities (Electricity / water / garbage) = $750
Maintenance & Materials = $200
Insurance = $142
Taxes = $96
Management = $300
F) Average monthly gross income: $3,250
G) Net Income: $1,750
H) CAP Rate: 13.5%
I) Expense ratio 46%
Location
Notes on the Harlingen Area.
Harlingen is in the central portion of the Lower Rio Grande Valley, between Brownsville and McAllen. All three of the valley municipalities have international airports so there are lots of options for air travel. South Padre Island is within a 45 minute drive and the Mexican border is even closer at the Progresso crossing. Municipal services, highway systems, hospitals, general services, etc. are all excellent and the area continues to attract new industries and businesses due to the proximity of the border, the great climate, and the inexpensive labor force.
Amenities
- Laundromat
Park Information
| Community Type: | All Age |
| Total Occupancy: | 80.0 % |
| Year Built: | 1995 |
| Average MH Lot Rent: | $250 |
| Size: | 1 acre(s) |
Financial Information (Actual)
| Gross Income: | $39,000 |
| Operating Expense: | $18,000 |
| Net Operating Income: | $21,000 |
| Expense Ratio: | 46.2 % |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | Septic |