Contact Information
Mobile Home Park Details
- Price: Call for Price
- Purchase Method: Assumable Loan
- Property ID: 1444353
- Posted On: May 24, 2021
- Updated On: Jul 7, 2021
Property Description
https://estersonmhcteam.com/property/parkwest-mhc
Unpriced, call for offers
Park West MHC is a value-add project located in Stillwater OK, 2.5 miles from the Oklahoma State University.
The community consists of 143 mobile home lots and includes a separate adjacent parcel with an additional 26 (+/-) acres of zoned MHC land that could accommodate another 100+ lots. There are 11 occupied POH, 13 vacant POH, and 2 RTO’s. The current occupancy of the active lots is at 68.5% and there is upside available through rent growth, lease up/sale of 13 currently vacant park owned homes and the infill of 29 vacant lots. The current average lot rent is $332. Park West MHC has public water & sewer and is sub-metered and billed back to the tenants.
The offering is currently unpriced and we believe this will be a competitive offering with multiple offers from reputable buyers expected. The community has a CMBS loan that must be assumed. The current interest rate is 5.46% with about $2,475,000 left on the loan. The loan has a 30-year amortization with 7 years left on the note. Buyer must assume the loan.
Please reach out to any of us to discuss in greater details. Thank you and we look forward to your offers.
Amenities
- Pool
- Club House
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 143 |
| Total Occupancy: | 68.5 % |
| Average MH Lot Rent: | $332 |
| Size: | 49 acre(s) |
Financial Information (Actual)
| Gross Income | $445,835 |
| Debt Info | CMBS loan must be assumed | $2.475 Prin. Bal., 5.46% IR, 30 Yr. AM |
RV Information
| Number of RV Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Submetered |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 26 |
| Average Rent for Park-owned Homes: | $283 |
