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KEITH WILSON CO. 10/21/2013
MOBILE HOME PARK REAL ESTATE BROKERAGE
________________________________________________________________________
2608 RISING STAR
EDMOND. OK 73034 CELLULAR: (405) 414-9803
E-MAIL: kwilsonco@
9/2011
FOR SALE-VALUE ADD
COUNTRY HILLS MOBILE HOME PARK
2800 Country Club Road
Ada, OK
150 pads
$1,000,000
$185 pad rent
2 star park (“C” class)
43% occupancy (65 tenants on 10/2013)
Tenant pays city water/sewer-submetered. Owner pays trash.
41 flat acres (fronts on Country Club Road)
20 abandoned homes are being removed from the park
2 park-owned homes, 80’s models, rent for $600 each, valued at $15k total.
Brick office is unoccupied
Income: pad-$145 k, home rental-$10k, total of $155k.
Asphalt streets in poor condition-deferred maintenance
Country Hills Mobile Home Park was purchased by the current owners 7 years ago and was 100% occupied. The park is located just outside the city limits of Ada, OK. to the north. It is close to the Chickasaw Casino, airport and a newer vibrant commercial corridor with retail, hotels, restaurants, etc. Ada is a healthy city in southern OK, with a population of 17,000 and is the county seat of Pontotoc county.
The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed
INCOME/EXPENSE (est.)
INCOME (est.)
Pad: $185 @65…………………….$144,300
Home rentals: 2 @ $415………… ….. 9,960 (1)
Total………………………………..$154,260
EXPENSES (est.)
Payroll………………………………$34,800 (2)
Trash…………………………………..9,000
Utilities………………………………. .5,000
Taxes…………………………………11,000
Insurance…………………………….. 8,000
Legal/acct…………………………… ..4,000
R/M…………………………………. .10,000
Office………………………………… .2,000
Total…………………………………$83,800 (54%)
NOI……………………………………..$70,460
(1) Home rental income is the total rental of $600/mo. minus the pad component of $185/mo.
(2) Payroll comprises 2 maintenance at $1,200/mo. each and mgr. at $500/mo.
SALES INFORMATION
Sales price……………………… $1,000,000
Existing debt…………………… …$750,000, Vision Bank,
Ada, OK
______________________________________________________
Price/pad…………………………….$6,666
Cap Rate………………………………7.04%
GRM…………………………………..6.48x
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