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Robert Denninger

Marcus & Millichap

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Woodhaven Manufactured Home Community

Mobile Home Park for Sale in Mineral Wells, Texas

3015 Mh 379
Mineral Wells, TX 76067

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Sale Price: $2,200,000
 

Contact Information

Robert Denninger
Marcus & Millichap
www.marcusmillichap.com

Mobile Home Park for Sale

Number of MH Lots: 100
Size: 13.2 acre(s)
Cap Rate: 10.0%
Purchase Method: New Loan
Status: Active
Property ID: 783731
Posted on: Feb 08, 2017
Updated on: Sep 06, 2017
Price: $2,200,000

Property Description

Woodhaven Manufactured Home Community provides a local or out-of-state investor the opportunity to realize excellent day one returns with exceptional upside potential through adding additional homes to the property and/or beginning the process of converting the asset to a lot rent park. Currently the park operates as a “park-owned” rental property. There is one lot rent home at Woodhaven. It is not uncommon for the park to have a wait list. The park has 37 homes currently generating income and 7 recently purchased homes that are offline. There are 13 fully developed vacant spaces. All infrastructure for lots 1-57 was replaced in 2001 included water and sewer lines (both are city), electrical underground, asphalt road, and concrete parking at each space. Every lot has its own individual water meter and all homes have individual HVAC. The park was professionally engineered much like a subdivision and seller has all engineering plans and will make them available during due diligence.

The future possibilities with Woodhaven hold much promise. The Community has 100 total spaces with infrastructure for lots 58-100 partially developed (lots 1-57 are fully developed). This includes some of the main lines, fire hydrants, and roadways. The park serves as a perfect niche property for the potential residents within the Mineral Wells market as there is not a lot of competition in the market place as most other rental options are significantly less desirable than Woodhaven. The feasibility of transitioning a portion of or the entire park to a lot rent property is very possible. Many residents have inquired about a rent-to-own option and the current owner considered the idea when acquiring, but never found it necessary during his ownership.

Woodhaven has a very quiet, rural, and community-oriented feel to it, but it is only 2 miles from the nearest Walmart Supercenter, McDonalds, Whataburger, and Chili’s. The Dallas-Fort Worth International Airport is 79 miles away and the Mineral Wells Airport is 1 mile away making the investment a convenient possibility for day trips for out of state owners. The current manager has been working at the property for years and handles repairs and maintenance and leasing responsibilities. The current manager would like to stay at the property and can certainly help make this a viable opportunity for an out of state investor.

Mineral Wells is home to a number of large employers including Cantex (PVC manufacturer), PECO Facet Corporation, Forterra Brick, Southwire, Ventamatic, and a new ammunition manufacturing plant is being built by Precision Ammunition currently.

The Park sits on 13.19 acres and is being offered at a 10.02% day one cap rate. This investment boasts substantial immediate yields with quick potential for upside through adding homes to the park, increasing rental rates, and implementing a rent-to-own program with select residents. The park has a remarkably low expense ratio largely due to the screening of residents, excellent management in place, and average age of the homes being in the late 1990’s.

Park Information

Number of MH Lots:100
Total Occupancy:100.0%
Year Built:2001
Average MH Lot Rent: $755
Size:13.2 acre(s)

Financial Information (Actual)

Gross Income$312,944
Operating Expense$92,506
Net Operating Income$220,438
Expense Ratio 29.6%
Debt InfoNew

Lot Information

Singlewide Lots:100

Utility Information

Water:City
Water Paid By: Park
Sewer:City

Park-Owned Homes

Number of Park-owned Homes:44
Average Rent for Park-owned Homes: $755