- Artesia, NM 88210

Property Details for 0 -

Property type

Mobile home & RV parks

Description

This exceptional investment opportunity presents a 35-unit Class B mobile home park in Artesia, New Mexico, boasting an 8.25% cap rate. Currently operating at 26.5% vacancy, this property offers significant upside potential for increased revenue through lease-up. Projected to increase effective gross income from $199,000 to $316,000 within five years, this park presents a compelling return on investment with a projected 27.1% IRR by year five. Located on 5+ acres, the park includes a single-family residence ideal for on-site management or rental. The property benefits from its location in a rapidly growing market, experiencing a 15.8% growth rate in 2023, driven by robust economic activity in oil and gas, potash mining, nuclear storage, and tourism. This translates to a strong demand for affordable housing, ensuring quick tenant acquisition and long-term rental income growth. The park is serviced by Excel Energy for electricity, a septic system, and municipal water. The property's expenses have been normalized to reflect standard park operations, excluding owner-related expenditures. The average home sales price in nearby Carlsbad, NM, is $310,000, up 20% year-over-year, further highlighting the area's economic strength and the property's investment potential. This is a rare opportunity to acquire a well-positioned asset in a thriving market with substantial room for growth. The asking price is $1,700,000.

Location Insight

City

Artesia

County

Eddy

State

New Mexico

Longitude

-104.41

Latitude

32.8383