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Mobile Home Park Details

  • Price: $6,950,000
  • Property ID: 1009839
  • Posted on Nov 21, 2018

Property Description

389-SITE RV & MOBILE HOME PARK - Magic Valley Park is a 389- site "Over 55" RV and Mobile home park. The park is a gated community, and managers live on site. Numerous community & recreational facilities. Residents can choose from over twenty planned events including sports, music, card and board games, church and others.

OFFERED AT $6,950,000 - At an offering price of $6.95M, the park offers a 7.0% cap rate on owner's Fiscal 2018 Income (FYE March-18). Projected 7.6% cap rate on projected FY-2019 Income. Returns assume expense adjustments to reflect standard operating expenses only.

CAPITAL IMPROVEMENTS - Recent capital improvements include $50,000 upgrades to lobby restrooms and $20,000 for new heating and pump equipment for the pool. Asphalt roads were improved at an expense of $5,300. Additional items included pothole repair and road seal coat as well as repairs to gates and chain link fencing.

SEASONAL RENTALS / MIX OF RENT STRUCTURES - Much of the park is rented on a seasonal basis with up to six months of rent paid upfront. The park offers sites for Tenant-Owned Homes, Park-Owned Homes, Park-Owned RV's, Transient RV's and Big Rigs. An prospective buyer could leverage the park mix to suit their desired income profile.

Listed By: Reid Holcomb of Keller Williams Dallas Premier

Location

RIO GRANDE VALLEY - A community of 40,000 residents, Weslaco is located at the southern tip of Texas in the Rio Grande Valley just 7 miles due north of the Mexican border. It is part of the larger McAllen metropolitan area. McAllen sits 20 minutes to the west and Brownsville is a short 45 minute drive to the southeast.

WINTER GETAWAY - Weslaco serves as a destination for active snowbirds and retirees who flock to the area for its 70 degree winter temps. With its close proximity to Mexico, the Rio Grande, numerous lakes and the Gulf of Mexico, the city offers residents a wide range of recreational and cultural activities.

CONVENIENT HIGHWAY ACCESS - The park is situated along Business Highway 83, Weslaco's major arterial. Magic Valley residents can quickly pop on to Interstate 2 to access points east and west. SFM 493 provides easy access to the Mexican border crossing 7 miles to the south.

LOCAL SHOPPING & RECREATION - The park is right next to downtown Weslaco so there are many conveniences within a short drive. Great local fresh vegetables and lots of citrus. If you like walking/biking there are many miles of paved trails in town. Fishing/boating is available on the Gulf. San Pedro Island is approximately 45 minutes away.

MEXICO JUST 7 MILES AWAY - Progresso Mexico is just 7 miles south of Weslaco and offers not only numerous shopping and dining alternatives, but also medical services, doctors, dentists and pharmacies for those seeking to save on their health care costs.

Amenities

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

Park Information

Community Type: 55 And Over
Number of MH Lots: 111
Year Built: 1992
Average MH Lot Rent: $370

RV Information

Number of RV Lots: 178
Average RV Lot Rent: $250

Park-Owned Homes

Number of Park-owned Homes: 49
Average Rent for Park-owned Homes: $1,100

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