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Gate City RV Park

Manufactured Home Community for Sale in Edinburg, Texas

1420 North Closner
Edinburg, TX 78541

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Sale Price: $480,000

Mobile Home Park for Sale

Number of MH Lots: 40
Size: 2 acre(s)
Status: Active
Property ID: 901108
Posted on: Feb 26, 2018
Updated on: Apr 05, 2018
Price: $480,000

Property Description

PLEASE DO NOT DISTURB TENANTS.

South Texas MH/RV/ Park with city water and sewer. All individually metered for electric (we read meters on last day of month and bill tenants). This is a rough around the edges C- Park with great cash flow. Needs TLC.

Aprox 2 acres with 2 bdrm/1full ba home with separate (attached) office(w/half bath) or retail area with patio and newer 3 car garage. Ample workshop/barn like area. Possible to convert both garage and barn to 3 studio apartments for additional income. Utilities close by. Carpenters etc reside in park and could trade labor for space rent.

Absent owner lives in Mexico. On main highway and next door to 2 landmark Mexican restaurants on either side just outside McAllen Texas, in Edinburg. Owner financing possible with 75-80% down. Google area as one of the fastest growing in America.

Excellent management may or may not stay on board.

Several years ago added new 6" drain lines and very recent electrical updates to new digital meters that solved a major concern. Also possibility of ADDING 8-10 MORE SPACES (TOTAL TO BE 50). Space rent can be raised as it has been a year or two since last raise. Perfect opportunity to pull in your own units and rent to own to new tenants for top value income.Plenty of parking. Currently have aprox 36 spaces rented. Small casitas owned by tenants and can be moved. In some cases 2 spaces could be created if casita was removed.They pay same space rent. All tenants month to month.

Monthly EXPENSES: Water/sewer/trash $1400 electric $100, Taxes $985 (but we are challenging as old system included units park did not own!) This should drastically reduce this expense. Management expense recently raised to $1400. Liability insurance in place aprox $1000 yearly.

Maintenance person lives in 2 bedroom house in trade for occasional tasks. This too can be a clear new income source ($750) or new owner occupied. Also have small upstairs apartment rented for $250 plus electric.

Occupied by local year round families. No winter Texans. Needs paint, some road work, landscaping, minor carpentry. Small area on south side of park drains slowly during severe rains. A diamond in the rough. Creative use could increase income by 25-30%+.

Park Information

Number of MH Lots:40
Total Occupancy:95.0%
Year Built:1962
Average MH Lot Rent: $230
Size:2.0 acre(s)

Financial Information (Actual)

Gross Income$9,000
Operating Expense$4,000
Net Operating Income$5,000
Expense Ratio 44.4%
Debt Info

Lot Information

Singlewide Lots:10
Doublewide Lots:0
Triplewide Lots:0
Park Model Lots:20

RV Information

Number of RV Lots:10
Average RV Lot Rent: $230

Utility Information

Water:City
Water Paid By: Park
Sewer:City

Park-Owned Homes

Number of Park-owned Homes:0
Average Rent for Park-owned Homes: $0