Mobile Home Park Details

  • Distressed: This property is in default, REO or in foreclosure.
  • Purchase Method: Cash, Seller Financing
  • Cap Rate: 17.7%
  • Property ID: 1343759
  • Posted On: Oct 20, 2020
  • Updated On: Nov 17, 2020

Property Description

This is a great opportunity for a new investor looking to get into a multi-unit property at a low price! This is a distressed property due to some problems we ran into getting loans during the Coronavirus pandemic. We would love to hang onto it, but our options are limited right now. It is within city limits, and has city utilities with the City of Amarillo. Electric company is Xcel Energy. It has many good renters, and several of them have been there for many years at this point. There are 4 units that aren't rented right now. 2 need major repairs, and 2 need minor repairs. Please only contact me with serious offers. Owner financing available with a down payment of 50%. There will be a considerable discount for a full cash offer. Small discounts will be available with a down payment larger than 50 %. More information, including rent rolls, available upon contact if there is serious intent to buy the park.

Location

Most of the city block, including the following addresses: 2301 SW 1st, 2303 A & B SW 1st, 2305 A & B SW 1st, 2307 A & B SW 1st, 106 S Rusk st, 105 S Lamar st, 2310 SW 2nd, 2308 A & B SW 2nd, 2306 A & B SW 2nd, 2304 A & B SW 2nd

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 16
Total Occupancy: 75.0 %
Year Built: 1975
Average MH Lot Rent: $450

Financial Information (Pro Forma)

Gross Income $65,520
Operating Expense $29,808
Net Operating Income $35,711
Expense Ratio 45.5 %
Debt Info We are in an owner finance with a balloon payment with the previous owner.

Lot Information

Singlewide Lots: 16
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 16
Average Rent for Park-owned Homes: $450

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