Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 29.0%
  • Property ID: 1230957
  • Posted On: Mar 18, 2020
  • Updated On: May 21, 2020

Property Description

Price is Right! Total acres are 6.88 with surplus land of 1.5 in this mobile home park called Homes R Us Mobile Home Park. At present, all 15 of the mobile homes are owned by the park. There is a fee of $350 per month per open space. There is still 1.5 ac that can be developed. The water is provided by a community water system, BCY water supply. The park has sewer-conventional septic treatment underground absorpion systems. The tenants pay all utilities, water, sewer, trash & electric. This park is located in the northwestern quadrant of Anderson County, less than 1 mile south of Montalba, TX, and less than 10 miles from Palestine, TX. Due to it only being 3 miles from the Texas Prison System on the Trinity River, the homes are always rented. A plus to this park is the long highway frontage. Owner financing available at 10%, 5 years,The seller has three other parks for sale. Make him an offer for all four! He is ready to sell!!

Location

Great location with long frontage on FM 321 in Tennessee Colony, Anderson County TX.

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Park Information

Community Type: All Age
Number of MH Lots: 15
Total Occupancy: 90.0 %
Average MH Lot Rent: $717
Size: 7 acre(s)

Financial Information (Pro Forma)

Gross Income $128,940
Operating Expense $19,350
Net Operating Income $109,600
Expense Ratio 15.0 %
Debt Info There is no debt. Owner owns all the mobile homes on site.

Lot Information

Singlewide Lots: 14
Doublewide Lots: 1
Park Model Lots: 15

Utility Information

Water: Well
Water Paid By: Tenant - Individual Service
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 12
Average Rent for Park-owned Homes: $675

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