7741 Old Pascagoula Rd Theodore, AL 36582

Property Details for 7741 Old Pascagoula Rd

Year built

1977

Lot size

13.96 lot acres

Property type

Mobile home & RV parks

Description

This exceptional investment opportunity presents a portfolio of two mobile home parks in Theodore, Alabama, totaling 78 spaces. Located in Mobile County, just 20 minutes from downtown Mobile and a short 10-minute drive from each other, these parks offer significant potential. One park boasts 50 lots, currently at 77% occupancy, with a monthly lot rent of $450. Twenty-four of the 37 tenants reside in park-owned homes under rent-to-own agreements, transferring maintenance responsibilities. This park utilizes city water and a private septic system, with city sewer connection pre-approved. Utilities are handled efficiently, with electric billed directly to tenants and water, sewer, and trash expenses billed back. The second park comprises 28 lots, exhibiting an 82% occupancy rate and a $450 monthly lot rent. Eighteen of the 23 tenants occupy park-owned homes under rent-to-own agreements, similarly shifting maintenance responsibilities. This park is connected to city water and sewer, with electric billed directly to tenants and other utilities billed back. The combined portfolio offers a strong NOI of $266,524, an 8.20% cap rate, and an asking price of $3,250,000, translating to a price per pad of $41,667. The combined lot size spans 13.96 acres. Built in 1977, this portfolio presents a compelling investment with strong cash flow and growth potential. The properties are conveniently located near amenities, including a Walmart less than a mile from one park. Please note that management is unaware of the property sale and prior approval is required for any site visits.

Location Insight

City

Theodore

County

Mobile

State

Alabama

Longitude

-88.2241

Latitude

30.5585