Property details
Oklahoma City Suburb Mobile Home Park, Southwest Region
Property Description
Oklahoma City Suburb Mobile Home Park
46 Sites
8.3% CAP
2018 Net Operating Income $110,128
2019 Net Operating Income $122,722
In-Place Net Operating Income $149,779
PRICING INFORMATION
Park Owned NOI of $149,779 at 7.1% cap rate = $2,100,000
Park Owned Homes NOI of $81,825 at 11.7% cap rate = 700,000
Combined Park & Homes NOI of $231,604 at 8.3% cap rate = $2,800,000
Located in a fast-growing Oklahoma City suburb.
The 46-site park is an all-ages MH community that is 100% occupied.
The park has 39 park owned mobile homes (“POH”), with an average manufactured year of 2001, 32 of which are on lease-to-own (“LTO”) contracts, 7 are rentals.
The main access road in the community is a dedicated public street maintained by the City.
Income is strong and the owner has been successful in enhancing the community by constructing new asphalt streets, upgrading the housing stock
and adding a new storm shelter.
The City of Newcastle has a population of 11,000, a 40% increase from 2010 and is home to a nearby Casino.
In 2018, Amazon moved into a 640,000 square foot fulfillment center 10 miles from this park.
The University of Oklahoma, the largest institution of higher education in Oklahoma with 30,000 students, is 30 minutes away.
This park represents an opportunity to purchase one of the cleaner, superior mobile home communities in the Oklahoma City metro area, which is one of the better performing economies in the U.S.
No. of sites: 46 MH sites, no RV
Age: 1975
Lot rent: Average in place lot rents = $360/month
In February 2020 lot rents increased by an average of $15/month
Occupancy: 2019 = 95%, June 2020 = 100%
Land: 3.7 acres, a single rectangular-shaped parcel of land, relatively flat but slopes
Zoning: C-C-2 – Community Commercial District. According to FEMA map panel the site is located within unshaded Zone X, defined as areas of 0.2% annual chance flood or above the 500-yr. flood plain.
Streets/parking: Asphalt streets and gravel parking pads.
Storm shelter: Yes, constructed in March 2019
Utilities: Tenants pay: Municipal-City water/sewer (submetered); electricity (100 amp); and gas. Sanitary sewer piping is PVC. Park pays: Trash
Park owned homes: 39 POHs with an average vintage of 2001. (POH) 32 = LTOs. 7 = Rental Homes from $495-$565 (including lot rent)
MHP and RV Parks Development Sites
Images
Highlights
- Status:
- Available
- Price:
- $2,800,000
- Cap Rate:
- 8.30%
Property Information
- Property Type:
- Mobile Home Parks
- Industry Type:
- Mobile Home Park
- Units/Spaces:
- 46
- Year Built:
- 1975
- Purchase Tenure:
- Fee Simple
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.