2601 Apollo St Odessa, TX 79764-1700

Property Details for 2601 Apollo St

Year built

1957

Lot size

1.07 lot acres

Zone code

EA2

Property type

Commercial real estate

APN

08000.00300.00000

APU

80000030000000

Description

This stabilized Class B mobile home park in Odessa, Texas, presents a compelling investment opportunity. Currently boasting 16 pads, including 16 units (10 mobile homes and 1 RV lot currently occupied), the park offers a strong existing cash flow with a current NOI of $47,556 and an 8.65% cap rate. The property features ample parking (two spaces per unit) and well-maintained infrastructure, including a functioning well water system and septic sewer. There are currently three vacant mobile home lots and one vacant RV lot, presenting significant upside potential for increased revenue through infill. The current occupancy rate is 73%, with an average lot rent of $615 per month for mobile homes and $675 per month for the occupied RV lot. Tenants are responsible for their own electricity, while other utilities are included in the rent. The property's pro-forma NOI is $76,031, projecting a 13.82% cap rate, demonstrating substantial growth potential. The asking price is $550,000, or $36,667 per pad. The property is located at 2601 Apollo St, Odessa, TX 79764, and consists of four APNs: 08000.00270.00000, 08000.00280.00000, 08000.00290.00000, and 08000.00300.00000. This 100% tenant-owned park benefits from a stable tenant base who take pride in their properties, contributing to a clean and well-maintained community. The opportunity to increase revenue through infill and modest rent increases makes this a highly attractive investment.