Current Use by Public Records
- Mobile home & RV parks
Property Details for 4000 Business I H 27
- Property type
- Mobile home & RV parks
Description
This exceptional investment opportunity presents two well-maintained mobile home parks located in the Lubbock, TX MSA: one in Plainview (4000 S Business I H 27, 79072) and one in New Deal (100 W Krum St, 79350). The portfolio boasts a combined asking price of $1,650,000, offering a compelling 9.10% capitalization rate and a current NOI of $150,019. The parks have undergone significant renovations in the past two years, resulting in improved infrastructure and full hookups on all vacant pads. One park, located in New Deal, enjoys a high 93% occupancy rate with directly billed city water and sewer. The other park, situated in Plainview, currently operates at 70% occupancy and presents substantial upside potential for infill development and rental increases. Both properties offer strong in-place income and significant upside potential through rental increases and infill opportunities. The sale includes real property, plus notes valued at $70,000 and four personal-owned homes valued at $63,000, all offered at a 30% discount. This portfolio represents a rare chance to acquire two well-managed assets with proven performance and considerable growth prospects in a desirable Texas market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Plainview
- County
- Hale
- State
- Texas
- Longitude
- -101.724
- Latitude
- 34.1522
