Mobile Home Park Details
- Purchase Method: Seller Financing
- Cap Rate: 5.5%
- Listing ID: 1935317
- Posted On: Nov 15, 2022
- Updated On: Sep 29, 2023
Description
**Seller Financing @ 5% Now Available!
• JDS Real Estate Services and MFI Commercial are pleased to
present Greenleaf Mobile Home & RV Park and Shepherds
Creek Mobile Home Park to the market! This two park
portfolio consists of 204 lots total in Ruston, Louisiana which
is only an hour east of Shreveport, Louisiana.
• Greenleaf Mobile Home & RV Park consists of 53 lots but has a
total of 58 total rentable spaces when including the 3
separate homes and duplex. The occupancy is currently 89%
occupied with only 5 MH lots and 1 RV lot currently being
vacant. These lots would be easy to occupy and are currently
ready to have an RV or MH placed.
• Shepherds Creek Mobile Home Park consists of 151 lots and
currently has 100 occupied tenant owned homes. There are
also 4 park owned homes that are currently all occupied
which leaves 46 total vacant lots. With almost no advertising
currently being done by either park, getting the vacant
spaces filled should take no time at all!
***Best opportunities for upside***
Advertising:
Currently Greenleaf and Shepherds Creek have no expenses for advertising, this could be an easy way to fill the vacant spaces at minimal cost. After looking online it was very hard to find much information about either park. Just by adding a Facebook page for each park I'm sure you would see a significant rise in park interest and occupancy!
Lot Rent:
The lot rents for each park were increased in July 2021 by $15 and in July 2022 by $25/mo. There is still more room to increase lot rents in the future and since they have been consistently raised every July it would be easy to maintain this timeframe.
Expansion:
Shepherds Creek Mobile Home Park is permitted for an addition 55 lots which would bring its total lot count up to 206! The parks current treatment plant is also big enough to hand the addition without having to be built out.
**Income & Expenses Are Annualized From Owners 2022 Monthly Projections For Shepherds Creek MHP & Green Leaf RV & MHP. Owner Unable To Provide Separated Or Itemized Park Financials. All Financial P&L Statements Bundled And Submitted With All Other Investments
**Recent Price Reduction & Seller Financing Available
Location
• Both Greenleaf and Shepherds Creek Mobile Home Parks are
right next to the US-80 located only 15 minutes from each
other and only 10 minutes from Ruston Regional Airport. They
are also less than 10 minutes from downtown Ruston, making
it easy to travel to local entertainment and activities in both
Ruston and Lincoln Parish.
• In downtown Ruston, LA you have easy access to the 22-block
historic downtown district, thriving arts culture, scenic
outdoor attractions, delicious restaurants and specialty shops.
Both Louisiana Tech University and Grambling State
University are also nearby providing a Louisiana college town
with authentic southern hospitality.
Park Information
| Number of MH Lots: | 204 |
| Total Occupancy: | 75.0 % |
| Average MH Lot Rent: | $240,265 |
Financial Information (Actual)
| Gross Income: | $538,080 |
| Operating Expense: | $152,790 |
| Net Operating Income: | $385,290 |
| Expense Ratio: | 28.4 % |
RV Information
| Number of RV Lots: | 12 |
| Average RV Lot Rent: | $275 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | Treatment Plant |
Park-Owned Homes
| Number of Park-owned Homes: | 7 |
| Average Rent for Park-owned Homes: | $750 |
