Contact Information

Mobile Home Park Details

  • Price: $800,000
  • Cap Rate: 7.9%
  • Property ID: 1340845
  • Posted On: Oct 15, 2020
  • Updated On: Oct 15, 2020

Property Description

Woodlawn Courts Mobile Home Park is located at 2102 Woodlawn Boulevard in Denison, Texas, and sits less than three miles from the major highway - Interstate 75. The asset consists of 23 Park-Owned Homes, 1 single-wide lot rent, and operates on city water and city sewer. The tenants pay for their own electricity and a 65 dollar monthly fee that includes trash, water, and sewer. The current management company is willing to stay on board for future ownership.

The city of Denison offers its residents a quiet and small-town atmosphere. The major attractions include the Waterloo Lake Regional Park, Eisenhower State Park, museums, and access to Lake Texoma, which is less than 30 minutes away and attracts many tourists every year. The city of Denison is also located near many large businesses that employ hundreds every year, including UHS of Texoma, Texoma Healthcare System and Signwarehouse Inc. Denison has also experienced a population growth of since 2010 of 17.93 percent and continues to grow every year. Within 10 miles of Woodlawn Courts Mobile Home Park there has also been a population growth of 19.6 percent since 2010.

Woodlawn Courts Mobile Home Park is being offered at a day one cap rate of 7.87 percent and a pro forma cap rate of 9.28 percent. Park rents range from $450 to $650 and residents are on 12-month leases, providing stable cash flow throughout the year. Woodlawn Courts has an opportunity for new ownership to raise rents to stay competitive with other parks in the local market.

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Park Information

Number of MH Lots: 24
Total Occupancy: 100.0 %
Average MH Lot Rent: $525
Size: 2 acre(s)

Financial Information (Actual)

Gross Income $157,396
Operating Expense $87,268
Net Operating Income $62,952
Expense Ratio 55.4 %
Debt Info

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