Mobile Home Park Details

Purchase Method: Cash, New Loan
Listing ID: 367035
Posted On: Mar 21, 2013
Updated On: Jul 22, 2013

Description

CONTACT BROKER FOR FULL OFFERING MEMORANDUM
NOTICE: The current seller has had issues with Haltom City regarding some of the park owned mobile homes. The City building inspector has deemed several units uninhabitable therefore condemning them. Once a unit is deemed uninhabitable, it must be removed and due to a City ordinance another mobile home cannot be brought in; under current code, this will result in the loss of the unit. Buyer must perform their due diligence in determining how to deal with this issue and also the risk associated with it. Seller will not be held responsible for the future losses of spaces. While this does spell potential risk, it also represents an opportunity to purchase a distressed asset and rectify city issues. There are 10 stick-built rental units that convey as well. Seller is motivated so please contact me for a package if interested.

Property:
This investment consists of 36 units; a mixture of mobile home spaces, mobile home rental homes, stick built rent homes and apartments. All but seven units are not park-owned units, most of which are single wide in size plus there is an on-site office. Lot rents are currently averaging $350 per month and the average home/apartment rental unit price is $470. Tenants currently pay directly to their provider for cable and electric. Water and Sewer are supplied by Haltom City and they are currently paid for by the seller. Trash, which is collected in dumpsters on the property, is also paid for by the seller. Each home site has off-street parking for both tenants and guests with an average of 2 parking spaces per unit. Historically the park has enjoyed strong occupancy with relatively little turnover in tenant owned home spaces. The property is located on about 4.4 acres. Residents are generally working class people and most of the mobile homes are 1980s model units.

Condition: The property is in fair condition although the park owned home units are older and likely need some substantial upgrades to keep the City pleased. The stick built homes/apartments all appeared to be in well-kept condition. The streets need some work and the balance of the infrastructure is in good condition according to seller. It is a typical older in-fill park in Texas.

Location

Location:
Layton Manor Mobile Home Park is located in Haltom City, Texas which is in Tarrant County and the Dallas/Fort Worth MSA. According to Wikipedia:

The 2011 official estimate U.S. Census has the Dallas-Fort Worth Metroplex at 6,526,548,[4] making it the largest metropolitan area in the South. During the 12-month period from July 2008 to July 2009, the Dallasâ€“Fort Worthâ€“Arlington metropolitan area gained 146,530 new residents, more than any other metropolitan area in the United States.[5][6] The area's population has grown by about one million since the last census was administered in 2000.[7] The Dallasâ€“Fort Worthâ€“Arlington MSA is, by population, the largest metropolitan area in Texas, the largest in the South, the fourth-largest in the United States, and the tenth-largest in the Americas. The metroplex encompasses 9,286 square miles (24,100 km2) of total area: 8,991 sq mi (23,290 km2) is land, while 295 sq mi (760 km2) is water, making it larger in area than the U.S. states of Rhode Island and Connecticut combined. It is also the sixth largest gross metropolitan product (GMP) in the United States,[8] and approximately tenth largest by GMP in the world.

More specifically, the park is located in an in-fill city setting in a largely residential area with abundant retail businesses as well. The investment location is comprised of many single family homes and small businesses. Layton Manor is located on Layton Drive, just south of 28th Street which is a very well-traveled thoroughfare. Grocery stores, schools, restaurants and many other businesses are relatively nearby for the convenience of the tenants as well.

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