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    Mobile Home Park with Expansion Lots Title is generated by Realmo AI

    350 Morgan Mill Road, Stephenville, TX 76401

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    Claim this Listing
    For Sale
    $1,995,000

    COMMERCIAL - Stephenville, TX

    Lot size:
    4.22 Acres
    Added:
    Mar 26, 2026
    Days on Market:
    70
    Last Refresh:
    Jun 3 at 2:06 pm

    Property Features for 350 Morgan Mill Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Open
    Standard status
    Active
    APN
    R000033349
    Lot size
    4.22 Acres

    Taxes and HOA fees

    Tax Description
    S5910 STARLITE MOBILE HOME PARK
    Tax Annual Amount
    397

    Utilities

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

    Building Details

    Year built
    1989
    Floors in Building
    1
    Number of units
    24
    Building materials
    BoardAndBattenSiding, Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    J J HAMPTON

    Listing agent J J HAMPTON

    Listing office J.J. HAMPTON REALTY Stephenville, TX

    Listing date Mar 26, 2026

    MLS# 21196003

    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

    • Star Lite Mobile Home Park on 4.2+ acres within city limits
    • 23 mobile homes plus 6 vacant lots for potential expansion and increased occupancy
    • 12 units currently occupied, offering an income‑producing setup
    • City water and public sewer service available for the park
    • Zoned for retail and commercial business, providing flexibility for future development
    • Built in 1989; features include composition roof and central heating/cooling

    Overview

    Star Lite Mobile Home Park is an established investment property located on the outskirts of Stephenville, Texas, within city limits, on approximately 4.2 acres. The park includes 23 mobile home spaces, as well as a brick home on-site. As of the listing, 12 units are currently occupied, providing an income base today.

    The property also includes six vacant lots, creating a straightforward opportunity to expand the park and work toward higher occupancy. Zoning is described as retail and commercial business, which may offer flexibility for future development. City water and sewer services are in place, supporting efficient day-to-day operations.

    For investors seeking a stable, community-oriented income property, this offering combines current occupancy with tangible growth options. The presence of multiple lots and room for expansion can align well with an operator or buyer interested in increasing revenue through additional utilization and potential renovations, with the goal of value appreciation in a growing market.
    Property Profile Location Intelligence

    Current Use by Public Records

    Star-Lite Mobile Home ... Campground & RV Park Jeremy's mobile Mechanic ... Auto Repair Shop

    Suggested Use

    Restaurant Real Estate Agency Law Firm Dental Office Spa & Massage Center Building Supply Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Stephenville
    County
    Erath
    State
    Texas
    Longitude
    -98.1941813
    Latitude
    32.2335632

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    FAQs

    What type of property is this?
    Mobile home & RV park - Established mobile home park with income-producing occupancy and six vacant lots for potential expansion or increased revenue.
    Where is this mobile home & rv park located?
    The property is located at 350 Morgan Mill Road Stephenville, TX.
    What is the asking price?
    The asking price for this property is $1,995,000.
    What are key features of this property?
    This property features: Star Lite Mobile Home Park on 4.2+ acres within city limits; 23 mobile homes plus 6 vacant lots for potential expansion and increased occupancy; 12 units currently occupied, offering an income‑producing setup
    (254) 965-4717
    We can help!
    Listing Contact
    J J HAMPTON
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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.

    More about this property
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