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Mobile Home Park Details

  • Price: $2,425,000
  • Cap Rate: 7.8%
  • Property ID: 1188470
  • Posted On: Feb 7, 2020
  • Updated On: May 29, 2020

Property Description

Pike County, AL - Arrow Woods Estates is well-located, just minutes from downtown Troy, Alabama. This community features 75 pads, on a total of 15 acres, with another 20 acres available for development. Built in the 1980s, this well-maintained park has 12 tenant-owned homes, 50 tenants on rent-to-own (RTO) contracts, and 5 park-owned home (POH) rentals. Additionally, there is a dedicated office on-site.

The park utilizes city water & sewer and trash services, which are all directly-billed to the tenant. The roads throughout the park are paved and privately maintained, and are extra wide for on-street parking. These roads are in good overall condition. Current occupancy is 91%, with ownership expecting near full occupancy in the 2nd quarter of 2020. This park is not in a flood zone.

Arrow Woods Estates is a turn-key opportunity offering investors a stable cash flow, with a majority of tenants on their way to homeownership. Current lot rents are $220/per month, with the average note/rental payment being $350. Given the number of RTO's, the tenant is fully responsible for not only utility costs, but home and lot maintenance. The POH inventory is all late 1990's and 2000's homes that are in above average condition, with each home having central heat and air. A full breakdown of inventory and note information is available upon request.

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Park Information

Number of MH Lots: 75
Total Occupancy: 91.0 %
Size: 15 acre(s)

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 5
Average Rent for Park-owned Homes: $200

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