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Mobile Home Park

Palomino Plains Manufactured Housing Community

1918 E Conquistador Ln, Hobbs, NM 88240

Listing Price: $3,350,000

Cap Rate
8.40%
Number of Spaces
88
Lot Size
10.91 acres
Occupancy
100.0%
Price/Space
$38,068
Spaces/Acre
8.07
Year Built
1990

Investment Overview

Palomino Plains Manufactured Housing Community is an 88-site mobile home and RV community located in Hobbs, NM that boast 100% occupancy. The community includes 55 mobiles homes and 33 RV spaces. Utilities are paid by the community except for the electricity which is billed back to the tenants at a profit. The current management is also willing to stay on board for the new owners. There is sustainable upside in backfilling the 33 RV spaces to all mobile home lot rent or rentals. There is a $25 rent increase that will be effective September 1st, 2022 and will add $26,400 to the annual gross income. The city of Hobbs, New Mexico is located just inside New Mexico, on the Texas Panhandle Border. Hobbs serves as a supply, shipping and trading point for the oil-drilling industry, surrounding cattle ranches and artesian-irrigated farmlands according to Britannica.com. The city offers attractions such as the Western Heritage Museum with the Lea County Cowboy Hall of Fame, the Center for the Arts and the Zia Park Casino. The major employers in the area include Halliburton, Hobbs Municipal Schools, Lea Regional Medical Center and the Patterson-UTI Drilling Company. Recently in March 2022, the city of Hobbs approved an ordinance that would bring big box retail with the likes of Target and Costco to Hobbs, NM. Palomino Plains Manufactured Housing Community is located right off the major highway US Route 62. It is located less than 7 miles from the nearest Walmart Supercenter. It is also located about 2 miles from the nearest elementary school and less than one mile from the Hobbs High School. The Lea County Regional Airport is just less than 7 miles from the community. Hobbs, as a city, boast a population of around 40,000 people with a projected total population of close to 50,000 people by the end of 2030.

Investment Highlights

  • 100% Occupied Asset with Opportunity to Further Stabilize with Mobile Homes
  • Asset Operates on City Water and Sewer with Electricity Billed Back to Tenants
  • $25 per Lot Rent Increase Effective September 1st, 2022 | Will add $26,400 to the annual Gross Income at Current Occupancy
  • Located 7 miles from Hobbs Regional Airport and less than 100 miles from Midland International Airport

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (505) 445-6333

    License(s) NM: 20675

    New Mexico

Mobile Home Park

Palomino Plains Manufactured Housing Community

Listing Price: $3,350,000

Cap Rate
8.40%
Number of Spaces
88
Lot Size
10.91 acres
Occupancy
100.0%
Price/Space
$38,068
Spaces/Acre
8.07
Year Built
1990

Investment Highlights

  • 100% Occupied Asset with Opportunity to Further Stabilize with Mobile Homes
  • Asset Operates on City Water and Sewer with Electricity Billed Back to Tenants
  • $25 per Lot Rent Increase Effective September 1st, 2022 | Will add $26,400 to the annual Gross Income at Current Occupancy
  • Located 7 miles from Hobbs Regional Airport and less than 100 miles from Midland International Airport

Investment Overview

Palomino Plains Manufactured Housing Community is an 88-site mobile home and RV community located in Hobbs, NM that boast 100% occupancy. The community includes 55 mobiles homes and 33 RV spaces. Utilities are paid by the community except for the electricity which is billed back to the tenants at a profit. The current management is also willing to stay on board for the new owners. There is sustainable upside in backfilling the 33 RV spaces to all mobile home lot rent or rentals. There is a $25 rent increase that will be effective September 1st, 2022 and will add $26,400 to the annual gross income. The city of Hobbs, New Mexico is located just inside New Mexico, on the Texas Panhandle Border. Hobbs serves as a supply, shipping and trading point for the oil-drilling industry, surrounding cattle ranches and artesian-irrigated farmlands according to Britannica.com. The city offers attractions such as the Western Heritage Museum with the Lea County Cowboy Hall of Fame, the Center for the Arts and the Zia Park Casino. The major employers in the area include Halliburton, Hobbs Municipal Schools, Lea Regional Medical Center and the Patterson-UTI Drilling Company. Recently in March 2022, the city of Hobbs approved an ordinance that would bring big box retail with the likes of Target and Costco to Hobbs, NM. Palomino Plains Manufactured Housing Community is located right off the major highway US Route 62. It is located less than 7 miles from the nearest Walmart Supercenter. It is also located about 2 miles from the nearest elementary school and less than one mile from the Hobbs High School. The Lea County Regional Airport is just less than 7 miles from the community. Hobbs, as a city, boast a population of around 40,000 people with a projected total population of close to 50,000 people by the end of 2030.

Exclusively Listed By

Broker of Record

  • Ryan Sarbinoff

    First Vice President/Regional Manager

    (505) 445-6333

    License(s): NM: 20675

    New Mexico

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