Contact Information

Mobile Home Park Details

  • Price: $6,900,000
  • Property ID: 922129
  • Posted on Apr 24, 2018

Property Description

**NOW PRICED- $6,900,000**

• Lucky Star RV West and East (together known as Lucky Star RV Park) are recently constructed, stabilized and highly occupied RV parks situated in Midland, West Texas within the Permian Basin (one of the ten largest shale plays in the U.S.). The parks are being offered together (although they could be purchased separately, that is not the Seller’s preference). Lucky Star RV East was formerly known as Hidden Ranch RV and Lucky Star RV West was formerly known as Midland RV Ranch.
• Offered at double digit cap rates, these consistently occupied parks should provide an investor with high cash-on-cash returns.
• There is the potential to purchase vacant expansion land to the east side of Lucky Star RV Park East, which could potentially add another 75+ lots.
• The parks maintain high occupancy and growing cash flows due to a diversified tenant mix with the majority considered longer term RV residents (monthly + tenancy). There is an opportunity to potentially grow income by implementing daily rates to attract more transient tenants. There is also an opportunity to potentially add 5-10 RV sites in the back part of West.
• Through their ownership period, the current owner has continuously upgraded the properties. One example is the recent addition of sites to Lucky Star RV Park West, taking the total site count to 135. The owner has also spent a total of $460,000 in capital improvements for the communities which include upgrading road conditions, fences/gates, utility hookups, drainage and more.
• Lucky Star RV Park West offers its residents plenty of amenities and services including a fitness center, laundry facility, clean showers and restrooms, dog park, lounge area, 24-hour vending machine, storage units for rent, and on-site RV maintenance. The community also has ten modular studio units and three modular onebedroom units for rent in addition to the 122 spacious RV sites.
• Lucky Star RV Park East provides a community building with a lounge area, storage room, clean showers and restrooms, and a laundry room.
• All sites are equipped with 30- and 50-amp service along with WiFi.

Amenities

  • Laundromat
  • Club House
  • Storage
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Lot Information

Singlewide Lots: 3
Doublewide Lots: 10

RV Information

Number of RV Lots: 208

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

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