Well located, well maintained all ages mobile home community 9 miles from downtown Little Rock AR. The city has a population of 197,780 with 720,000 residents in the MSA. The MSA has grown +7% since 2010 and the unemployment rate is lower than the national average at 3.3%.
Legion Hut MHC has a total of 63 MH lots and 1 single family home, including an office for the park. There is a total of 45 tenants with 30 lot rent only tenants paying an average of $280, 9 rented POHs paying an average of $380, 5 rent to own homes, and 1 vacant POH. There is also a single-family home that is rented for $850 per month. Current occupancy is at 70.31%. The POHs are in above average condition and includes four new 2019 homes and an average vintage on the remaining homes being 1995.
The park is connected to public water and sewer and is being billed back to the tenants. Each developed lot has a submeter. The park has gravel roads in average condition and presents and opportunity to pave the park as the upside is being achieved in order to later refinance with a non-recourse loan. The park is not in a flood zone.
This deal is being offered as a value-add investment opportunity with a 6.4% normalized cap rate on current lot rent. The gross revenue is $226,083. At full price, using the debt we have been quoted the total return is 9.5% on normalized numbers. We are asking our investors to submit offers at or above $1,640,000.
The information contained within this website is proprietary and strictly confidential. It is intended to be reviewed only by the approved party receiving it and should not be made available to any other person or entity without the written consent of the broker involved. This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. We have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained within has been obtained from sources we believe to be reliable; however, we have not verified, and will not verify, any of the information contained herein, nor have we conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE: Owners of this website and Marcus & Millichap REIS is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of the owners of this website & Marcus & Millichap REIS, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap REIS, and is solely included for the purpose of providing tenant lessee information.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTED AGENT FOR MORE DETAILS.