280 Fair St Centerton, AR 72719-8800

Property Details for 280 Fair St

Lot size

1.50 lot acres

Property type

Commercial real estate

APN

06-00133-000

APU

600133000

Description

Exceptional investment opportunity in a prime Centerton, Arkansas location. This 16-unit mobile home park boasts a 94% occupancy rate and sits on a 1.5-acre lot with 32 parking spaces. The property features 16 pads, with 8 park-owned homes (valued at $200,000) and 6 tenant-owned homes. Recent renovations (2022-2024) have modernized many of the park-owned homes. The park benefits from city water and sewer, and a new 200-amp electrical service with individual meters for 12 of the 16 sites. The property is zoned R3-MF and enjoys a strategic location near Bentonville, home to Walmart's headquarters, and is across from a new Walmart Supercenter. The park is surrounded by high-value single-family homes, indicating strong potential for future appreciation. The current NOI is $88,675, with a pro-forma NOI of $106,375, resulting in a 7.20% cap rate and a pro-forma cap rate of 8.70%. The asking price is $1,225,000, or $76,562.50 per pad. This presents a unique opportunity to capitalize on the strong demand in this rapidly growing area of Arkansas. The property's proximity to major employers like Walmart, J.B. Hunt, and Tyson Foods, along with the high median household income in Centerton ($105,000), further enhances its investment appeal. The park is all ages and offers significant upside potential through the sale of park-owned homes or implementation of a rent-to-own strategy. A city-approved site plan (January 2024) ensures compliance and future development possibilities. Additional information is available at a separate website.