MHC - 16 Units - Room for About 8 More 402 27th St

Those certain tracts of land consisting of a 16 Unit Mobile Home Park w/ Room for 8 additional, more or less (the "Land" & “Assets”) situated on approximately 3.25+/- acres, located at 400,402,404,406,408,410,412,414 27th St. and 401,403,405, 407, 409, 411 28th St., and an approximately ¾ acre clear lot, in the City of Snyder, Scurry County, Texas, 79549, Tax Map#'s 01-0208-0320-0012-0002 and 01-0208-0320-0005-0002, being more particularly described or depicted on Exhibits or Pictures, attached hereto and incorporated herein by reference.
Property Overview
With an estimated NOI of $153,780+, this property has generated over $14,000 monthly. Steady rental increases at lease renewals, potentially boosting gross income combined with proper site maintenance per month, should keep unexpected expenses down. Steady increases during tenancy fluctuations position the property for higher returns. All is subject to Buyer Due Diligence.
Key Details:
NOI: It previously reached $14,000+/—per month. Current estimates are conservative due to rental turnover, upfits, and phased-in rent increases.
Cap Rate: 7.69%+
Rental Comps: Supported by CoStar Analytics, indicating potential for higher rents.
Stabilization: Achieved with solid management and oversight in place, leading to a higher NOI.
Units Age: 2013 Newer Units = Fewer Maintenance Issues
Location Highlights:
Snyder, TX MSA / Scurry County
Units: 16 newer mobile home units with room for 8 more +/-.
Proximity: See two aspects: growsnyder.com and https://youtu.be/gQ5h1obBvfk
Market Insights:
Scurry County, of which Snyder is the County Seat, is known as Texas Oil Country for reasons such as this: by January 1, 1991, 1,825,517,000 barrels of petroleum had been taken from Scurry County lands since discovery in 1923. The need for housing for such an industry drives the value of this asset, as affordable housing is structured neatly in a central location. Industries include petroleum processing, cottonseed breeding, farming and ranching, and other diversified industries.
Snyder’s ability to provide clean energy has also ushered in Amazon's business. The conglomerate built the largest wind farm in Western Texas, Amazon Wind Farm Texas. Amazon's vast wind farm in Snyder adds more than 1 million megawatt hours of clean energy to the grid each year. This is a key employer.
Correspondingly, this combination of assets will maintain occupancy and vibrancy long-term based on pattern analysis of past performance and future projections. Implementation of rental increases with proper management as in place will continue to yield high NOI as time proceeds. This property represents a valuable investment opportunity with significant growth potential.
***Owner may consider owner financing 1) with proof of funds to do the complete deal 2) Half-Down or more and a Personal Guarantee on the balance 3) Acceleration if default no foreclosure, security guarantee 4) 15-year amortization with a three-year balloon at a to-be-determined interest rate 5) Owner is in his upper 70’s and wants to 1031 out sooner rather than later.
We will be able to present any and all offers.
Contact us at Kingship Collective to discuss his South Carolina MHP as well.
Kingship Collective, with the assistance of In Association With ParaSell, Inc., a licensed Texas Broker (license #9009637), BoR: Scott Reid—license #739436. We will cooperate with other brokerages. Reach out.
Kingship Collective Managing Partners & Brokers
Gilbert Bradham, Lorne Ottinger, Kyle Ferguson, Greg Myers