7741 Old Pascagoula Rd Theodore, AL 36582

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.