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Mobile Home Park

Fair Park Estates

613 N Eye St, Harlingen, TX 78550

Listing Price: $1,950,000

Cap Rate
7.00%
Number of Spaces
68
Lot Size
3.19 acres
Occupancy
76.5%
Price/Space
$28,676
Spaces/Acre
21.32
Year Built
1980

Investment Overview

We are pleased to present Fair Park Estates, a value-add investment opportunity consisting of 68 total units with significant upside. Fair Park Estates is located next to Amalie Koppel Memorial Park in downtown Harlingen. It is only 13 minutes to Valley International Airport, 7 minutes from the nearest Walmart, and 50 minutes to the beaches of South Padre Island. With its proximity to the Port of Harlingen, Free Trade International Bridge, Valley international airport, and network of interstates and highways, Harlingen is a major transport and distribution hub for agriculture. There are over 400,000 people in the Brownsville-Harlingen MSA and a 6.8% population growth rate, making Harlingen a very attractive investment market. The community has 68 total units with 64 lots able to accommodate mobile homes or RV’s, 2 single family homes (SFH), and 2 apartments. Currently, there are 23 tenant owned mobile homes (TOH), 28 tenant owned RV’s, 13 vacant MH/RV lots, 1 rented apartment, 1 vacant apartment, and 2 vacant SFH. The average MH lot rental rate is $342, the average RV lot rental rate is $338, and the apartment is rented for $350 per month. Fair Park Estates is a year-round, all-ages community that is serviced by public water, sewer, and electricity. Water and sewer are billed back to tenants at a flat rate. Electricity is billed directly to tenants. Trash is serviced by dumpsters and included in rent. North/south oriented roads in the park are public and maintained by the city. The east/west oriented roads are newly paved and maintained by the park. The park is not in a flood zone or opportunity zone. We are asking investors to submit offers at or above $1,950,000. At list price and upon entry, an investor can cash flow at roughly a 7% CAP rate and can achieve a 10.8% pro forma CAP rate by reaching $375 lot rents, infilling 13 vacant lots, and improving the water/sewer expense recapture rate. This will allow for an exit of roughly $3,000,000 modeled on a 7% CAP rate.

Investment Highlights

  • Public water/sewer
  • Opportunity to infill 13 vacant lots
  • All roads maintained by park are newly paved

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s) TX: 9002994

    Texas

Mobile Home Park

Fair Park Estates

Listing Price: $1,950,000

Cap Rate
7.00%
Number of Spaces
68
Lot Size
3.19 acres
Occupancy
76.5%
Price/Space
$28,676
Spaces/Acre
21.32
Year Built
1980

Investment Highlights

  • Public water/sewer
  • Opportunity to infill 13 vacant lots
  • All roads maintained by park are newly paved

Investment Overview

We are pleased to present Fair Park Estates, a value-add investment opportunity consisting of 68 total units with significant upside. Fair Park Estates is located next to Amalie Koppel Memorial Park in downtown Harlingen. It is only 13 minutes to Valley International Airport, 7 minutes from the nearest Walmart, and 50 minutes to the beaches of South Padre Island. With its proximity to the Port of Harlingen, Free Trade International Bridge, Valley international airport, and network of interstates and highways, Harlingen is a major transport and distribution hub for agriculture. There are over 400,000 people in the Brownsville-Harlingen MSA and a 6.8% population growth rate, making Harlingen a very attractive investment market. The community has 68 total units with 64 lots able to accommodate mobile homes or RV’s, 2 single family homes (SFH), and 2 apartments. Currently, there are 23 tenant owned mobile homes (TOH), 28 tenant owned RV’s, 13 vacant MH/RV lots, 1 rented apartment, 1 vacant apartment, and 2 vacant SFH. The average MH lot rental rate is $342, the average RV lot rental rate is $338, and the apartment is rented for $350 per month. Fair Park Estates is a year-round, all-ages community that is serviced by public water, sewer, and electricity. Water and sewer are billed back to tenants at a flat rate. Electricity is billed directly to tenants. Trash is serviced by dumpsters and included in rent. North/south oriented roads in the park are public and maintained by the city. The east/west oriented roads are newly paved and maintained by the park. The park is not in a flood zone or opportunity zone. We are asking investors to submit offers at or above $1,950,000. At list price and upon entry, an investor can cash flow at roughly a 7% CAP rate and can achieve a 10.8% pro forma CAP rate by reaching $375 lot rents, infilling 13 vacant lots, and improving the water/sewer expense recapture rate. This will allow for an exit of roughly $3,000,000 modeled on a 7% CAP rate.

Exclusively Listed By

Broker of Record

  • Tim Speck

    Senior Vice President / Division Manager

    (972) 755-5200

    License(s): TX: 9002994

    Texas

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