Contact Information

Mobile Home Park Details

  • Price: $2,100,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 20.8%
  • Property ID: 1356617
  • Posted On: Nov 17, 2020
  • Updated On: Nov 17, 2020

Property Description

Fountain Grass Park. An 8 acre park on the Highway, in a good location on a major highway- 288 Business. There are 32 buildings including one office building and one laundry building; all are park owned. The 30 rentable buildings include 15 duplex buildings and 15 single unit buildings. A total of 45 units currently, with infrastructure in place for 10-20 more units. FGP is currently operating similar to an “extended stay”, with weekly and monthly rates available- and performing very well. Average rent is $306 per week. Infrastructure and permitting is already in place and ready to add 10 additional buildings for those who may be looking for a park they can continue to expand in the future. This could potentially be up to a 100+ unit park if all lots were to be used with duplex buildings. About 20% cap rate! This opportunity is sure to go by fast, do not miss out on it. Priced to sell quickly. Seller is looking to close by the end of the year. Contact Blake Peltier (agent), promptly, at 979-849-2900 (call/text/voicemail), or email at peltier_realtor@yahoo.com; Listed by Bob Peltier & Associates Real Estate, broker. All information herein deemed reliable, but not guaranteed, buyer to verify.

Location

Strategic to Freeport, Galveston, Bay City, Houston areas. Highway frontage on State Highway 288 Business, a main thoroughfare for commerce. About 10 minutes to the Brazos mall and WalMart, and Surfside beach, and the great gulf coast Texas outdoors’ world class fishing, hunting, and water-sports. High and dry, no flooding here at FGP. Great prosperity and unprecedented growth abound nearby and for miles around.

Amenities

  • Laundromat
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Park Information

Number of MH Lots: 40
Total Occupancy: 90.0 %
Year Built: 2016
Size: 8 acre(s)

Financial Information (Actual)

Gross Income $565,176
Operating Expense $128,244
Net Operating Income $436,932
Expense Ratio 22.7 %
Debt Info

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 45
Average Rent for Park-owned Homes: $1,224

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