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

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

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