Small Mobile Home Park with HUGE cash flow!

Mobile Home Park with huge return on investment!

Cap rate over 10%!

Value add to increase your cap rate even more!

Purchase Price $505K for the whole park plus room to expand!

101 Hanson Circle Haughton, LA 71037

*17 Lots Total – 15 POH (PARK OWNED HOMES)

*(6) 2 bed/ 1 bath; (1) 2 bed/2 bath; (8) 3 bed/2 bath; 2 vacant lots

*1 acre adjacent to the Park ready to use for expansion.

* There is room for an additional 12 -13 lots and the City is behind the expansion. INCLUDED IN THE PRICE!
*Additional 2.5 acres located in Vivian, Caddo Parish, LA. INCLUDED IN THE PRICE!

*Proposed manufactured home park with 25 rental units – (10) 2 bed/2 baths and (15) 3 bed/2 bath.

*Appraised in 2018: Land $25,000; Completion $1.2M; Stabilized $1.25M; Completion $305K land and site improvements. This is included in the sale.

Purchase price - $505,000

Terms – Cash, Hard or Private Money

No owner financing offered

12 Units are currently occupied. 3 vacant POHs (park-owned homes) and 2 vacant lots.

*Current Rent Roll - $6,660/mo or $79,920/yr.

*Pro-forma rents can be significantly higher by raising some of the lower rents ($100 - $150 per unit average), filling the three vacant POH and renting the two vacant lots.

*All utilities are paid by the tenants. They are direct billed to each one. All tenants are on 6-month or month-to-month leases.

P&L 2021
Income:
Gross Rents $83,781

Expenses:

Payroll $13,706 (this includes landscaping)

Legal $870

Outside Services $4,248 (Plumbing, HVAC, Electrical)

City Taxes $50

Taxes (Property) $1,879 (all 3 properties)

Property Insurance $1,446

Repairs/Materials $2,118

Pest Control $100

Utilities $386

Total Expenses: $24,803

2021 NOI $58,978

Cap Rate – 10.6%

Management is handled by owner and one of the residents.

Tenant handles most of the maintenance and repairs and does so for a reduced rent and $15/hr. He also handles showing vacant units. Would not take much to make him the manager.

Pro-forma Gross rents will be over $10K per month by filling the vacant units,
increasing rents by $100 per unit and filling the two Lots.

Proforma NOI with new income total and an additional $25K (very conservative) in expenses is $77,200. This does not include the additional acre and park.

Value-based on 8% cap rate - $965,000

The property has been discounted for a quick close.

An earnest money deposit of $10,000 is required to reserve this property. Earnest money will be refundable for a short due diligence period and then become non-refundable at end of due diligence.

We can provide current rent rolls, leases and P&L’s for the last 3 years upon request.

PLEASE CALL REBECCA JENSEN FOR MORE INFORMATION OR EMAIL [email protected]

Location:

101 Hanson Circle, Haughton, LA 71037