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    Mobile Home & RV Park Investment Title is generated by Realmo AI

    420 Martin Luther King Drive, Mexia, TX 76667

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    For Sale
    $339,900

    COMMERCIAL - Mexia, TX

    Lot size:
    3.04 Acres
    Added:
    Jan 29, 2026
    Days on Market:
    127
    Last Refresh:
    Jun 5 at 4:06 pm

    Property Features for 420 Martin Luther King Drive

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    R16349
    Lot size
    3.04 Acres

    Utilities

    Sewer type
    Septic Tank, Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Ceiling Fan(s), Central Air
    Water source
    Public

    Building Details

    Year built
    2007
    Floors in Building
    1
    Number of units
    4
    Flooring type
    Linoleum, Carpet
    Building materials
    BoardAndBattenSiding, VinylSiding
    Roof type
    Composition

    We can help!

    Listing Contact
    Mitzi Eves
    Mitzi Eves

    Listing agent Mitzi Eves License #0485908

    Listing office Coldwell Banker Realty Flower Mound, TX

    Listing date Jan 29, 2026

    MLS# 21165293

    Copyright © 2026 North Texas Real Estate Information Systems, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • On Hwy 14: 3.04 acres (per new survey) with 4 manufactured homes, a cabin, and space to add more rentals
    • Rental inventory includes: 1 MH 750 SF, 2 MH 750 SF, 2 MF units (1116 SF and 1824 SF), plus a 480 SF cabin
    • Metal building totals 1200 SF, along with a 400 SF, 3‑sided metal carport and a portable single metal carport
    • Utilities include public water, plus both septic tank and public sewer connections
    • Central air and electric heating; roof is composition
    • Year built: 2007

    Overview

    This investment property is set up as a small manufactured housing and rental community, currently featuring four manufactured homes plus a cabin. The manufactured homes have been purchased elsewhere, moved to the site, and remodeled over the years. Rental inventory includes two 750 sf manufactured homes, one 1,116 sf manufactured home, and one 1,824 sf manufactured home, along with a 480 sf cabin. Supporting improvements include a 1,200 sf metal building (3-sided) and a tall-roofed metal carport (400 sf), plus a portable single metal carport. The site includes additional space to add more manufactured homes to increase income potential.

    Located on Hwy 14 in Mexia, TX, the property sits on 3.04 acres per a new survey. The layout provides a practical footprint for continued additions, and the seller notes potential to add RV camper sites, subject to County approval and septic availability.

    With multiple income-producing structures already in place and expansion potential on the same parcel, this is well-suited for an owner-operator or investor looking to grow cash flow through additional manufactured home rentals. Financing may be available for moved manufactured homes through the listing agent’s lender relationships.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mobile home & RV ...

    Map

    City
    Mexia
    County
    Limestone
    State
    Texas
    Longitude
    -96.492579
    Latitude
    31.683899

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    FAQs

    What type of property is this?
    Mobile home & RV park - Income-producing manufactured home park with rental units, a cabin, and room to expand with additional sites.
    Where is this mobile home & rv park located?
    The property is located at 420 Martin Luther King Drive Mexia, TX.
    What is the asking price?
    The asking price for this property is $339,900.
    What are key features of this property?
    This property features: On Hwy 14: 3.04 acres (per new survey) with 4 manufactured homes, a cabin, and space to add more rentals; Rental inventory includes: 1 MH 750 SF, 2 MH 750 SF, 2 MF units (1116 SF and 1824 SF), plus a 480 SF cabin; Metal building totals 1200 SF, along with a 400 SF, 3‑sided metal carport and a portable single metal carport
    (972) 691-7580
    We can help!
    Listing Contact
    Mitzi Eves
    Mitzi Eves
    Real Estate License ID: 0485908
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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