Contact Information

Mobile Home Park Details

  • Price: $240,000
  • Purchase Method: Cash
  • Cap Rate: 12.0%
  • Property ID: 1187064
  • Posted On: Feb 4, 2020
  • Updated On: Feb 24, 2020

Property Description

Rice, Tx Mobile/RV Park – 40 minutes outside of Dallas and 15 minutes from Corsicana. Very underserved renters market so a lot of potential to keep this occupied 100%.

Property is quiet neighborhood with solid tenants, families and retirees. 40% of tenants have been there 5 + years and always pay on time. It is leased at 60% right now, so opportunity is to get all RV spots rented for very strong cash flow and increased park value.
Property has 1 doublewide and 1 singlewide owned by park, 1 singlewide owned by tenant and 5 RV spots. Opportunity to add 1-2 more spots. Also, opportunity to be self managed and live in the 4 bedroom doublewide or the doublewide easily rents for $1200 a month. Driveways recently redone with river rocks.

Park pays for Water. Doublewide is individually metered for Electric, then each of the singlewides pay $100 toward electric and the RV spots pay $40.

Doublewide rents for $1200 month (4 Bedroom/2 Bath with fireplace), single wide for $700 month and RV spots for $375 a month plus $40 toward electric. Opportunity to raise the single wide rent and possibly RV rent.

Property is 2.5 acres on a quiet street but less than .5 miles off of 45 a busy Highway outside of Dallas that runs to Corsicana. At exit is Rice Café one favorite of the community and bingo hall. Owners of Rice Café are building a beautiful home right next to the park. Park backs up to a fishing pond that tenants enjoy.

City Water, Sewage on Aerobic Septic system serviced every 6 months.

Sell price is $255,000 with 60% occupancy with annual NOI of $31,000. At 100% occupancy, NOI is $44,000 so can easily get this park to a value of $380,000 at 12 cap.

Contact me at 214-924-1200 for any additional information

Location

Directly off I45- 40 minutes from Dallas, 15 minutes from Corsicana

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Park Information

Community Type: All Age
Number of MH Lots: 8
Total Occupancy: 60.0 %
Size: 3 acre(s)

Financial Information (Pro Forma)

Gross Income $57,000
Operating Expense $11,700
Net Operating Income $45,300
Expense Ratio 20.5 %
Debt Info

Lot Information

Singlewide Lots: 2
Doublewide Lots: 1

RV Information

Number of RV Lots: 5
Average RV Lot Rent: $415

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $1,000

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