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Address is 1920 W. 7th St. Elk City, OK 73644

Hal Hubbard

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Cedar Village

Manufactured Home Community for Sale in Elk City, Oklahoma

1920 W. 7th St.
Elk City, OK 73644

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Mobile Home Park for Sale

Number of MH Lots: 122
Size: 18.5 acre(s)
Cap Rate: 11.7%
Purchase Method: Cash, Seller Financing, New Loan
Status: Sold
Property ID: 13049
Posted on: Jun 02, 2010
Updated on: Sep 02, 2011

Property Description

Cedar Village was built in 1982 and has 18.5 acres, MOL, of land and 122 spaces. It is located in town and is on city water, sewer and trash removal, which is paid by the park. We have purchased 96 water meters and have been installing them when we bring in a home. The roads are paved with asphalt, street lights throughout the park and a storm shelter located under the office.

Cedar Village Mobile Home Community, LLC, owns 5 homes and they are sold through a Lease Option. We get $1200.00 down and $400.00 per month plus $150.00 for lot rent. I have never had to put an ad in any paper to try to sell/lease them.

We have 64 pads being used at the present time and with flood zone issues we can only use about 90 pads at the present time so there is still about 26 pads available. There is a rain runoff ditch that runs through the park. It runs straight in the park for about 800 feet then turns east. FEMA says where it turns is in a flood zone and I can't use these sites for Mobile Homes but I can use it for RV's and Storage lockers.

Where we have vacant lots I have offered them to tenants, on either side, at a reduced rate for a larger yard. We currently have 58 Singlewides @ $150.00 per month, 5 Doublewides @ $180.00, and 1 vacant lot @ $110.00. We just invested $20,000.00 for a new fence around the park in 2009.

With an Annual Gross Income of $143,500.00 and Annual Operating Expenses of $ 50,000.00, about 35%, the Net Operating Income is $93,500.00.

Some other things that are included in the price is:
1.) A Kubota Tractor with Backhoe, Brush hog and scraper attachments.
2.) 16 foot trailer for towing.
3.) 96 water meters and 50 have already been installed.
4.) These can easily be converted to an automatic read in the office
5.) 40, 200 amp pedestals and all but 3 have been installed already
6.) Mowers, weedwackers and various landscaping tools.
7.) Assortment of brass fittings and Pex connectors including ¾ and 1” crimpers.
8.) 400 feet of new underground water hose
9.) Various tools for rebuilding Mobile Homes

It is very difficult to get all of the information that I am sure they would like in this little letter, so if you have any interest in our park please contact me at 580 210-8330 or my email is;

Thank You

Hal Hubbard

Park Information

Number of MH Lots:122
Year Built:1982
Average MH Lot Rent: $150,180
Size:18.5 acre(s)

Financial Information

Gross Income$143,000
Operating Expense$50,000
Net Operating Income$93,000
Expense Ratio 35.0%
Debt Info

Lot Information

Singlewide Lots:59
Doublewide Lots:5

Utility Information

Water Paid By: Park

Park-Owned Homes

Number of Park-owned Homes:5
Average Rent for Park-owned Homes: $420

Zip codes in Elk City, OK

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