Mobile Home Park Details

Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
Cap Rate: 12.0%
Listing ID: 182139
Posted On: Jun 1, 2012
Updated On: Dec 1, 2012

Description

25 Mobile home spaces rented at $120 per month, 100% occupied.
NO park owned mobile homes. Renters pay all utillities.
40 Mini Storage units rented at $40 to $65 per month are 50% occupied. There are two buildings, both 30 x 100 feet for a total of 6,000 sq feet.

Owner financing; Owner is willing to carry a second mortgage (owner financing) of 10% for 20 years at 6% interest. Owner is also willing to delay the payments on the second mortgage for 12 months to allow the new buyer time to rent out more storage units and/or to raise the space rent to be able to offset the second mortgage.

Proforma gross is over $60,000 per year at current rent rates.

Location

At the corner of Cottonwood Street and Blackjack street, two blocks west of HWY 79 in Jewett Texas

Jewett is located in Leon County about half way between Dallas and Houston. The major employers in Jewett are: Nucor Steel Mill, NRG Electric Power Plant, Westmoreland Coal Mine, Sanderson Chicken Farms, Halliburton Oil and Gas services, Linde-BOC Gas Plant. Jewett is crossroads of Burlington Northern and Union Pacific Railroads. Lake Limestone (13,680 acres) is about 10 miles northwest of Jewett, with marinas and recreational facilities including fishing, motor boating, jet skiing, and swimming.