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Robert Denninger

Marcus & Millichap

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Azle Avenue Manufactured Home Community

Multi Family Housing for Sale in Fort Worth, Texas

5201 Azle Avenue
Fort Worth, TX 76114

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Sale Price: $375,000
 

Contact Information

Robert Denninger
Marcus & Millichap
www.marcusmillichap.com

Mobile Home Park for Sale

Number of MH Lots: 15
Size: 1.3 acre(s)
Cap Rate: 12.0%
Purchase Method: New Loan
Status: Active
Property ID: 727132
Posted on: Dec 05, 2016
Updated on: Dec 06, 2017
Price: $375,000

Property Description

Azle Avenue Manufactured Home Community is situated right in the heart of the Sansom Park suburbs. Located at 5201 Azle Avenue in Fort Worth, Texas, the park lies ¾ of a mile to the east of Highway 820 and just 1 mile north of Jacksboro Highway. Azle Avenue consists of 13 single-wide park owned homes along with 2 rentable apartment buildings and a house that are also available for rent. With a lot size of 56,759 square feet, this quaint park offers all of the comforts of a tight-knit community with a location that provides convenient accessibility to the bustling Metroplex. Azle Avenue has excellent frontage. Located on a vital thoroughfare leading to the major 820 Highway, the park virtually advertises itself to the many commuters passing by each day. With numerous athletic fields nearby and the shores of picturesque Lake Worth located less than 2 miles away, tenants benefit from the natural amenities that are essentially right in their backyard. One of the greatest assets of the property is its relative location to numerous retail hubs and schools. The “T”, Fort Worth’s bus transit system, has stops 1.5 miles east and west of Azle Avenue, making commutes easy and hassle free. Located directly across the street from the property is Marilyn Miller Elementary School and Lucyle Collins Middle School, and only 1 mile up the road west from the asset is Lake Worth High School and 1 mile east is WJ Turner Elementary School. With a Supercenter Wal-Mart, Dollar Tree, Marshall’s, Albertsons, and an incredible assortment of restaurants located within 2 miles, Azle Avenue’s location relative to the retail rich areas nearby makes this asset incredibly appealing to prospective residents. Azle Avenue benefits from a lack of competition in the area from other parks, making this the ideal location for tenants looking to remain in the city but not pay big city living expenses. Located within a half hour drive from the Dallas-Fort Worth Airport, residents and prospective owners alike will appreciate the advantageous positioning of Azle Avenue to all of the various attractions, venues, and sights within Fort Worth. In addition to the numerous long-term residents of the park, the on-site management that has been in place and working the park for over a decade serve as a testament to the vitality of this unique asset. For just a $93,750 down payment, a potential buyer would be setting themselves up for an annual cash flow of $25,095, or a 26.8% return on their money. With the availability for rent increases and through maintaining the stability of the asset, owners have the ability to reach a pro forma 31.30% percent cash flow. The asset is priced over a 10 cap. In fact, the park boasts an incredibly healthy 41% expense to income ratio. Because the rents have not been increased in over 6 years, this translates to even greater room for growth and upside financial potential. Zoning restrictions continue to tighten around the country regarding mobile home parks, and Azle Avenue’s location within the city makes it a truly unique and fortunate investment opportunity.

Park Information

Number of MH Lots:15
Total Occupancy:93.0%
Average MH Lot Rent: $509
Size:1.3 acre(s)

Financial Information (Actual)

Gross Income$76,094
Operating Expense$31,269
Net Operating Income$44,825
Expense Ratio 41.1%
Debt Info5%, 25 Year Amortization

Lot Information

Singlewide Lots:12

Utility Information

Water:City
Water Paid By: Park
Sewer:City

Park-Owned Homes

Number of Park-owned Homes:15
Average Rent for Park-owned Homes: $509