198 Oak Forrest RdSearcy, AR 72143

For Sale
$1,150,000

High-yield, 23-unit mobile home park in Arkansas.

Overview

Added:
Dec 11, 2024
Days on market:
92
This stabilized mobile home park in Searcy, Arkansas, presents a compelling investment opportunity. The property boasts 23 units situated on a spacious 15-acre lot, offering significant expansion potential. Currently operating at 98% occupancy, the park generates a strong NOI of $134,111, with a pro-forma NOI projected at $149,751. This translates to a current cap rate of 11.25% and a pro-forma cap rate of 13%. The asking price is $1,150,000, representing a price per pad of $47,916.67. Built in 1994 with renovations completed three years ago, the park features 24 pads, allowing for future unit additions. All homes are park-owned, with tenants responsible for their utilities, minimizing operational overhead. The property's location near shopping, entertainment, and commercial areas ensures high tenant demand. Two units require minor work to maximize rental income. The seller is open to seller financing. This value-add opportunity offers substantial potential for revenue growth through rent adjustments and operational efficiencies. The park's attractive landscaping enhances tenant satisfaction and retention. The property is zoned for mobile homes and offers ample parking (two spaces per unit). This is a prime investment for those seeking a high-return, stable income stream with significant upside potential.

Highlights

  • 15-acre lot allows for significant unit expansion, boosting income and value.
  • Market-rate rent adjustments offer immediate revenue growth.
  • Tenant-paid utilities minimize owner operating expenses.
  • Operational streamlining will increase profitability.
  • Prime location near shopping, entertainment, and commercial areas ensures high tenant demand.
  • Landscaped grounds attract and retain residents.

Property Details for 198 Oak Forrest Rd

Property type
Multifamily properties, Mobile home & RV parks
Year Built/Renovated
1994/3
Buildings
23
Stories
1
Lot Size (sq. ft)
653,400 SF
Units
23

Location Insight

City
Searcy
County
White
State
Arkansas
Latitude
35.2912273
Longitude
-91.7836543
198 Oak Forrest Rd, Searcy, Arkansas
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198 Oak Forrest Rd
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