198 Oak Forrest Rd Searcy, AR 72143
- Mobile home & RV parks
- 15.00 lot acres
Current Use by Public Records
- Mobile home & RV parks
Property Details for 198 Oak Forrest Rd
- Year built
- 1994
- Lot size
- 15.00 lot acres
- Property type
- Mobile home & RV parks
Description
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.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Searcy
- County
- White
- State
- Arkansas
- Longitude
- -91.7836543
- Latitude
- 35.2912273
