Mobile Home Park Details
- Purchase Method: New Loan
- Cap Rate: 7.4%
- Listing ID: 15490
- Posted On: Aug 17, 2010
- Updated On: Oct 19, 2010
Description
*NO OWNER FINANCING AVAILABLE. BUYER MUST OBTAIN A NEW LOAN OR ACQUIRE NEW FINANCING.
*Located in the geographical center of Dallas/Fort Worth and close to several major highways, schools and major businesses
*25 developed sites, with Arlington City Council approval for the addition of three more pad sites
*City utilities are connected to the park trunk lines
*Recently upgraded some of the park's utility lines
*Replaced many of the electrical service poles last year
*Concrete Streets with asphalt overlay
*As of May 24, 2010, only one of the 25 developed pads is not leased up
*Pad occupancy has been highly stable for years
*600' of frontage on New York Ave which is a major thoroughfare and could
lend the property to a possible land play in the future if rezoned appropriately
*Significantly below-market lot rents and the current owner's charitable park rent concessions make an upside income potential that delivers great returns with only minimal effort (i.e Free January Rent)
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 25 |
| Total Occupancy: | 96.0 % |
| Year Built: | 1967 |
| Average MH Lot Rent: | $295 |
| Size: | 5 acre(s) |
Park-Owned Homes
| Number of Park-owned Homes: | 0 |
| Average Rent for Park-owned Homes: | $0 |