101 Hanson Circle, Haughton, LA 71037

Commercial / 0 Bedroom(s)

Property Status: Sold | For Sale Sold: $505,000.00


Property Photos


HUGE CASH FLOW! SMALL MOBILE HOME PARK! ACCEPTING ALL REASONABLE OFFERS


Property Status:
This Property is currently...
  • Status: Sold
  • For Sale Sold: $505,000.00
Property Details:
Commercial / 0 BR
Property Style:
Mobile Home
Basement:
No Basement
Owner / Agent:
Individual Owner
Property Features:
No Property Features Listed.
Contact Info
We Offer Options INC
(801) 865-4167

View on Individual's Website
Property Description:
Mobile Home Park with huge return on investment! 

Cap rate over 10%! 

Value add to increase your cap rate even more!

Purchase Price $505K for the whole park plus room to expand!

101 Hanson Circle Haughton, LA 71037

 

*17 Lots Total – 15 POH (PARK OWNED HOMES)


*(6) 2 bed/ 1 bath; (1) 2 bed/2 bath; (8) 3 bed/2 bath; 2 vacant lots

*1 acre adjacent to the Park ready to use for expansion. 
 
* There is room for an additional 12 -13 lots and the City is behind the expansion. INCLUDED IN THE PRICE!
*Additional 2.5 acres located in Vivian, Caddo Parish, LA. INCLUDED IN THE PRICE!
 
*Proposed manufactured home park with 25 rental units – (10) 2 bed/2 baths and (15) 3 bed/2 bath. 
 
*Appraised in 2018: Land $25,000; Completion $1.2M; Stabilized $1.25M; Completion $305K land and site improvements. This is included in the sale.

Purchase price - $505,000

Terms – Cash, Hard or Private Money

No owner financing offered

 

12 Units are currently occupied. 3 vacant POHs (park-owned homes) and 2 vacant lots.
 

*Current Rent Roll - $6,660/mo or $79,920/yr. 
 
*Pro-forma rents can be significantly higher by raising some of the lower rents ($100 - $150 per unit average), filling the three vacant POH and renting the two vacant lots.

*All utilities are paid by the tenants. They are direct billed to each one. All tenants are on 6-month or month-to-month leases.

P&L 2021
Income:
Gross Rents $83,781

Expenses:

Payroll $13,706 (this includes landscaping)

Legal $870

Outside Services $4,248 (Plumbing, HVAC, Electrical)

City Taxes $50

Taxes (Property) $1,879 (all 3 properties)

Property Insurance $1,446

Repairs/Materials $2,118

Pest Control $100

Utilities $386

Total Expenses: $24,803

2021 NOI $58,978

Cap Rate – 10.6%

Management is handled by owner and one of the residents.
 
Tenant handles most of the maintenance and repairs and does so for a reduced rent and $15/hr. He also handles showing vacant units. Would not take much to make him the manager.

Pro-forma Gross rents will be over $10K per month by filling the vacant units, 
increasing rents by $100 per unit and filling the two Lots.
 
Proforma NOI with new income total and an additional $25K (very conservative) in expenses is $77,200. This does not include the additional acre and park.
 
Value-based on 8% cap rate - $965,000

The property has been discounted for a quick close.

An earnest money deposit of $10,000 is required to reserve this property. Earnest money will be refundable for a short due diligence period and then become non-refundable at end of due diligence.
 
We can provide current rent rolls, leases and P&L’s for the last 3 years upon request.

Legal Disclaimer:
Utah Real Estate Investors Association is not responsible for the properties or the information listed here. Each Property is independently owned.  Click on the link above to contact the Property Owner about this property.

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