Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 10.2%
  • Property ID: 1027785
  • Posted On: Jan 30, 2019
  • Updated On: Jan 7, 2020

Property Description

Lake Murray Mobile Home Park is a 37 site mobile home park built in 1955 located in Ardmore, Oklahoma, which is located 110 miles south of Oklahoma City and 115 miles north of Dallas. The park is on city water and sewer. The water is master metered. The 37 sites are comprised of 18 park owned mobile homes, 11 park owned RVs, 2 lots, 2 houses and 4 apartments. The property also has a laundry facility, basketball area, and two storage buildings.
Lake Murray Mobile Home Park is conveniently located less than a mile from Ardmore Downtown Executive Airport and within ten miles from top attractions like Tucker Tower Nature Center and Lake Murray State Park which is Oklahoma’s oldest and largest State Park. Major employers in the area include the United States Department of Army, Walmart, and Valero.
Ardmore, Oklahoma has an unemployment rate of 4.9% (US average of 5.2%). Ardmore’s future job growth over the next 10 years is predicted to be 42.5% (US predicted average of 38%). The park is priced at a day one cap rate of 10.22 percent. Lake Murray Mobile Home Park is an excellent opportunity for a future owner to take advantage of the higher rents that are being generated through the park-owned homes of the asset. The park also presents a possible value add opportunity (2 acres of undeveloped land).


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Park Information

Community Type: All Age
Number of MH Lots: 37
Total Occupancy: 92.0 %
Year Built: 1955
Average MH Lot Rent: $200
Size: 5.4 acre(s)

Financial Information (Actual)

Gross Income $224,391
Operating Expense $127,306
Net Operating Income $97,085
Expense Ratio 56.7 %
Debt Info

Lot Information

Singlewide Lots: 2

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 35
Average Rent for Park-owned Homes: $720

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