FOR SALE - LoopNet



FOR SALE UPDATED 04/27/2020

12% CAP AT $1.4 MILLION USING 2019 AS BASELINE – VERY NEGOTIABLE

2020 MUCH, MUCH BETTER ALMOST FULLY OCCUPIED AND ALL UNITS HAVE BEEN REMODELLED AND IN EXCELLENT CONDITION.

EXCELLENT OWNER FINANCING AVAILABLE

35% DOWN, 3.5 % INTEREST, N=30 YEARS

CONTRACT FOR DEED WITH ONLY 30% DOWN

HILLSIDE BAYOU MOBILE HOME PARK

8105 Old Tom Box Rd. Office

Jacksonville, AR 72076

813-376-5123 CELL

1. LOCATION: 10 miles North of Little Rock. 1 mile north of Sherwood & 2 miles west of Little Rock Air Force Base. The area immediately around the Park is primarily residential with an 18-hole golf course located 1/4 mile west of the Park.

2. FACT SYNOPSIS:

A. 48 ACRES OF LAND. Current lots comprise approximately 17 acres while the remaining can be partially developed. The land slopes from Northwest to the Southeast toward the Bayou Meto Creek.

B. ALL LOTS ARE DOUBLE THE NORMAL SIZE for this area. Minimum size is 50’ x 100’. Lots can accommodate any size mobile home with ease. The Park is one of the few in the area which is FHA/VA approved.

C. 81 FULLY DEVELOPED LOTS with concrete patios, and utility hookups by the patios. 23 Lots are vacant and do not have homes on them. Could increase income by moving more homes onto them with minor lot capital improvement required. Originally 116 lots were fully developed and have all utilities running to them. However those above the 23 lots not needing improvements need varying degrees of fill, new patio, and new driveways to make them useable (shown in the second column of the Rent Roll).

D. UTILITIES: Newer gas mains, service mains, electrical underground type pedestals, and all trailers are up to current codes.

E. Individual meters on each lot for gas and electric (tenant pays). Electric pedestals (200amp service) are installed on all lots, with electric lines going to Mobile Homes underground for improved esthetics.

F. Aerated 3-Pond all gravity fed sewage lagoon system requiring almost no maintenance located on SE corner of property treats sewage. EPA permits Approved. Currently excellent results showing that the number of mobile homes could be increased to 100+ units. No large sewage bills – essentially operates at a cost of less than $5,500. per year including testing. Sewage mains run down each street and across the back part of the property. A real plus since you do not have to pay large sewage/wastewater bills.

G. City water. Cost is high, but Tenants are charged with an upfee for repairs, administrative tasks, and bill.

H. OFFICE PLUS MANAGER’S LIVING QUARTERS is a 3 bedroom, 2 bath, 1500 sqft house with ½ basement. House and mobile homes are furnished to include stove, refrigerator, and air conditioning.

I. 54 PARK OWNED MOBILE HOMES, BUT ONLYY 51 RENTABLE. Units range in size from 28’ x 70’ Doublewide to 12’ x 50’. The average unit is a 14’ x 75’ three bedroom and a 14’ x 60’ two bedroom. 1 is used for storage leaving 51 available to rent. 3 each require extensive remodeling. It has been determined by the current Owner that they cannot be economically repaired. Currently we have two vacancies which will soon be rented.. Owner made a decision in December 2019 to evict problem or non-paying tenants. We are currently renting 2 homes per week and will once again be full soon.

J. STORAGE STRUCTURES: Two 24’ x 24’ storage buildings plus 3 storage Mobile Homes.

K. THREE 24’ WIDE STREETS, partially asphalt paved at the front of the Park.

L. Mobile homes located on both sides of the three streets with all SERVICE LINES TO THE MOBILE HOMES UNDERGROUND. This markedly improves the appearance of the Park and individual lots over others in the area. There is off-street parking in individual driveways.

M. MANAGEMENT/MAINTENANCE: Full time on-site. Present manager is highly skilled, has been invaluable in meeting management objectives, and has corrected many problems with the Park. Management and/or Maintenance must remain with the Park if sold with Owner financing. Profitability, vacancy rates, and efficiency could be vastly improved with closer, “hands on” management of the property. Obviously, if someone were to pay cash, then you would total control of everything.

N. Photographs available upon request.

William J. Laslo, Jr.

1528 Chepacket St.

Brandon, Fl 33511

(813) 661-9211 (corp. office)

(501) 835-3450 (Park home/office)

VALUE/FINANCIAL INFORMATION

INSIDES OF MOST HOMES ARE IN EXCELLENT TO BETTER THAN

NEW DUE TO USE OF PEX PLUMBING, UPGRADED ELECTRICAL PANELBOARD TO 200 AMP, RENOVATION OF ROOF, REWIRING. NEW ATTRACTIVE DOORS, NEW TUB SURROUNDS, CONCRETE UNDERPINNING, NEW LIGHT FIXTURES, AND REPLACEMENT OF PANELING WITH SHEETROCK. WALLS HAVE BEEN TEXTURED WITH ORANGE PEEL.

FUTURE EXPENSES WILL BE MUCH LOWER

JUST MATERIAL COST HAS BEEN EXCEEDING $10,000 PER MONTH, FOR THE PAST 3 MONTHS (DUE TO MASSIVE CONSTRUCTION/REPAIR EFFORT.)

5 PREVIOUSLY UNRENTABLE UNITS BROUGHT ONLINE DURING 2019.

ALL PROPERTY MANAGEMENT AND MAINTENANCE IS DONE BY INDIVIDUAL CONTRACTORS. I.E. NO EMPLOYEES, RESULTING IN FEW PERSONNEL PROBLEMS.

DUE TO EXPANSION OF THE INTERSTATE I-440, AND MAJOR ROADS SUCH AS HIGHWAY 107 IN THE AREA, THE ABOVE VALUES ARE PROBABLY CONSIDERABLY UNDER APPRAISED. SALE IS DUE TO HEALTH AND AGE REASONS.

OWNER FINANCING. FLEXIBLE TERMS.

ADDITIONAL INFORMATION ON MOBILE HOMES, PARK, AND FINANCING AVAILABLE ON REQUEST.

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download