Oklahoma City Suburb Mobile Home Park
2018 Net Operating Income $110,128
2019 Net Operating Income $122,722
In-Place Net Operating Income $149,779
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
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)
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