417 Houston E St Kenedy, TX 78119-2804

Property Details for 417 Houston E St

Lot size

1.60 lot acres

Property size

12,362 SF

Property type

Commercial real estate

APN

64368

APU

64368

Description

This exceptional investment opportunity presents a stabilized, 7-unit RV park in Kenedy, Texas. Situated on a 1.59-acre lot at 417 E Houston St, 78119, this property boasts 69,260 square feet and offers a compelling 8.89% cap rate based on a Net Operating Income (NOI) of $71,085. The park comprises seven 3/2 mobile homes, each featuring a porch and concrete parking. Built in 2013 and 2014, with renovations completed in 2022, the units are in excellent condition. Currently operating at 100% occupancy, with a projected occupancy date of October 15, 2024, the park benefits from a long-term lease with the same client for seven years. The current monthly rent is $1750 per unit, with a planned increase to approximately $2100 per month upon lease renewal. All units are leased to a single entity, simplifying management and ensuring consistent income. The park's financial performance for 2023 shows a total income of $119,725, reflecting some periods of vacancy. City utilities are in place, and the property enjoys low maintenance, with lawn care handled by an external company. Renters are responsible for their own utilities. The asking price is $799,500, translating to $11.54 per square foot and $114,214.29 per unit. This represents a rare opportunity to acquire a high-performing, low-maintenance RV park with significant upside potential.