KEITH WILSON CO - LoopNet
KEITH WILSON CO. APRIL 2018
MOBILE HOME PARK BROKERAGE
________________________________________________________________________
2608 RISING STAR CELL: (405) 414-9803
EDMOND, OK 73034 E-MAIL: kwilsonco@
FOR SALE
COUNTRY EAST MOBILE HOME PARK
24466 S. Frontage Road
Hydro/Weatherford, OK 73048
$1,150,000
62 sites
Top 10% park in OK/all MH/all pad rent/newer homes/very clean
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The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed
GENERAL INFORMATION
Address: 24466 S. Frontage Road, Hydro/Weatherford, OK 73048
No. of sites: 62
Age: 1983 (previous owner built park and owned for 34 years before current owner
purchased on April 28, 2017)
Lot rent: $200 SW, $210 DW, rents increased $40 12/1/2017-still below market-best park in
market. Previous rent increase was $10 on 11/2015.
Occupancy: 97% (2 vacant, 54 revenue, 6 double wides on double lots that rent $220-290)
MH/RV: All MH. No RV
Age of homes: ½ of the homes are 1985-2000 & ½ are 2000-newer/no park owned homes
Land: 16 acres, flat with few trees.
Streets/parking: Asphalt streets, gravel parking pads in good condition
Storm shelter: Yes
Electricity: Park has backup electric generators
Park rules: Tenants mow and cannot rent their homes out, must be owner occupied.
Manager: Lives on site, receives free lot rent
Utilities: Tenants pay for electricity and gas. Owner pays for trash (City of Weatherford)
and water/sewer by 2 water wells and a 2 cell lagoon.
Water System…consists of 2 wells, approx. 220’ deep, with 2 5 hp pumps, one is
primary and one is backup. The pump in the S. well has been replaced only
once in 34 years, in 2013. The pump in the N. well has been replaced twice, the
last being 2007. The 2 wells feed into a 4” pipeline loop that encircles the park.
There are 3 pressure tanks (100 gal each) in each well house. When a pump comes
on, it fills the tanks in both well houses. 5 of the 6 pressure tanks were replaced
in March 2016. Also, in 2016, the owner installed a Generac system for the south
well so that residents have water even if (ever) power goes off. Most of the DEQ
expense is for license and testing of drinking water. The most water the park has
used is 16.73-acre feet in a very dry year. The allocation to the park by the OK
Water Resources Board is 32-acre feet. Typical year, the park will use 10-acre
feet of water.
Sewer System…provided by a 2 cell lagoon, usually only 1 cell is used.
occasionally, in the winter, when the days are short and the evaporation
loss is minimal, 2 cells are utilized. The sewer system and lagoons are gravity
flow with no lift pumps. Maintenance consists of just mowing and spraying the
lagoon rock walls to keep weeds down. No testing is required for the lagoon, but
there is a $500 annual fee.
This private utility system is in pristine condition. The park was built in
accordance with plans approved by the State of Oklahoma Health Dept.,
the predecessor to the DEQ. They also inspected and approved the construction
after it was built.
Location: The park is located 60 miles W. of Oklahoma City, OK (pop. 1.4M) fronting
on the S. side of the service road of Interstate 40. The address is Hydro, a small
farming community of 1,000, but the park is physically located closer to (3 min)
Weatherford, OK, pop. 12,000, home to southwestern University with 6,500
students. MHP rents in Weatherford are generally $200 WITH tenants paying
utilities, so compared to Country East, rents are $40-50 higher! The quality of
Country East is the best in the market, so rents are substantially below market.
New owner should be able to raise rents at least $50/mo. in the next 2 years,
increasing income $32,400.
INCOME/EXPENSE
April 28-Dec. 31, 2017 (8 mo.) Annualized
Income………………………………. $73,818……………………………………..$110,727
$40 rent increase @ 54 12/1/17……………………………………………………..136,647 (1)
Expenses
Auto……………………………... $79…………………………………………. $118
Bank charges…………………… $127………………………………………... $190
Contract labor …………………. $160………………………………………... $240
Consulting………………………. $250………………………………………... $375
Insurance……………………….. $5,970……………………………………… $5,970 (2)
Office……………………………. $227………………………………………... $340
Payroll taxes……………………. $894………………………………………... $1,341
Postage/delivery………………… $27…………………………………………. $40
Professional fees………………... $8,537……………………………………… $5,000 (3)
Property tax…………………….. $118………………………………………... $177
R/M……………………………… $3,849……………………………………… $5,773
Salaries and Wages…………….. $15,125…………………………………….. $22,687
Supplies…………………………. $648………………………………………... $972
Taxes and licenses……………… $2,635……………………………………… $3,952
Utilities………………………….. $4,456……………………………………… $6,684
Total……………………………………………………………………………...$53,859 (4)
NOI………………………………………………………………………………… $82,788
(1) Park is still at least $70 under market @ 54 = $45,360 /yr. Reason why park is full.
No one left park when rents raised $40 Dec. 1, 2017. 11.1% cap when rents to market
(2) $5,970 is a full year policy. GL - $3,772 & workmen’s comp - @ 2,198
(3) $12,805 includes legal for April 28 closing of park. Adjust to $5,000/yr. for legal/acct.
(4) 40%
SALES INFORMATION
Purchase price……………………………. $1,150,000
Price/pad………………………………….. $18,548
Cap rate…………………………………… 7.2 %
11.14% when rents brought up $70 to market
RENT ROLL (page 1 of 2)
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RENT ROLL (page 2 of 2)
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AERIAL MAP
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COUNTRY EAST PARK IN RELATION TO OKC & WEATHERFORD
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PHOTOGRAPHY
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