Contact Information

Dakota Andersen

Ivory Tiger Homes

Mobile Home Park Details

  • Price: $265,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.5%
  • Property ID: 1380765
  • Posted On: Jan 19, 2021
  • Updated On: Jan 19, 2021

Property Description

Timbuktu is a mobile home park just outside of the Lubbock, Texas city limits. The park has a total of 10 lots for mobile homes, and one that is set up for an RV or camper. All of the mobile home lots are filled with park-owned mobile homes. 3 of the mobile homes are duplexes, and one of the mobile homes was converted into a storage/shop by the previous owner and is not livable. The mobile home that was converted into a shop may be able to be turned into a rental, but we never looked into it. The front of the mobile home park contains a house that is 1 bed/1 bath. If you include the house and 3 duplexes, thats makes for 13 rental units (might be able to make it 14 if storage/shop can be converted), and one open lot that can fit a camper or RV.

Location

South Eastern part of Lubbock, just outside of the city limit. Located just a few miles away from 82nd st. and University ave. , which is an area of Lubbock that has great places to shop for groceries and lots of restaurants within a mile radius.

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Park Information

Community Type: All Age
Number of MH Lots: 10
Total Occupancy: 79.0 %
Year Built: 1990
Average MH Lot Rent: $250
Size: 2 acre(s)

Financial Information (Pro Forma)

Gross Income $59,400
Operating Expense $11,565
Net Operating Income $47,834
Expense Ratio 19.5 %
Debt Info Owner finance loan with family of the previous owner. No liens or other debts.

Lot Information

Singlewide Lots: 10
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 1
Average RV Lot Rent: $250

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 10
Average Rent for Park-owned Homes: $450

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