Contact Information

Mobile Home Park Details

  • Price: $2,350,000
  • Purchase Method: Cash
  • Cap Rate: 7.0%
  • Listing ID: 6493056
  • Posted On: Jul 5, 2024
  • Updated On: Jul 5, 2024

Description

The project is comprised of two components: 1. Commercial Corner Pad Site (36,000 SF) & 2. A 10 lot mobile home park (55,000 SF). The project was remodeled in 2023. The capital investment included new electrical service and underground feeds to both the commercial and MHP. In addition, new boundary and cross-fencing, new limestone rock driveways and main common drive, all new gas, sewer and water stubs to each lot, new common area lighting, picnic areas, new reserved and guest parking area, cluster mail box and enclosure, cross fencing between mobile homes, etc. 2025 NOI for the commercial ground lease is $76,500. The lease expires in 2030 and includes 2% annual rental increases. NOI For mobile home park is $87,350. The composition is 1 park owned unit and 9 units owned by occupants. Leases have 2 years remaining.

Location

Airline Rush Park is located on Airline Drive in the Northline neighborhood or Houston, Texas. The 1.75 acre parcel is located on the SWC of Airline Drive & Witcher Lane.

Amenities

  • Club House
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Park Information

Community Type: All Age
Number of MH Lots: 10
Total Occupancy: 100.0 %
Year Built: 2023
Average MH Lot Rent: $830
Size: 2 acre(s)

Financial Information (Actual)

Gross Income: $185,040
Operating Expense: $19,750
Net Operating Income: $165,290
Expense Ratio: 10.7 %
Debt Info: Traditional - No Seller Financing

RV Information

Number of RV Lots: 0
Average RV Lot Rent: $0

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $1,500

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