Investment Overview

Marcus & Millichap is pleased to present Stormlight, Timbuktu and Trell Mobile Home Parks, a 60 space mobile home and RV park portfolio in Lubbock, Texas. The three parks are all located in a 4 mile radius of each other, and are all within 10 minutes of downtown Lubbock. The new owner has the opportunity to fill the vacant units and raise rents to the market rate of $325 for parks of this quality. Stormlight Mobile Home Park is being offered at a day one cap rate of 7.66% with an estimated net operating income of $70,688. The park contains 7 park-owned homes, 13 tenant owned homes, 5 permanent single family homes, 8 long term tenant owned RVs, and 3 vacant lots that could accommodate more mobile homes or RVs. Timbuktu and Trell Mobile Home Parks are each being offered at $7,000 per space. Timbuktu Mobile Home Park contains 3 park-owned mobile home duplexes (two separate units in each), one permanent single family home, 7 regular park owned homes, and one tenant owned RV. Trell Mobile Home Park consists of 1 park-owned mobile home, 2 tenant owned RVs and 6 vacant lots. Timbuktu historically stays mostly occupied, but recently had to evict a large portion of the tenant base. For all three parks, the electricity costs are directly billed to all tenants. All of the parks water is provided by an on-site well and is included in rent. All three of the parks' sewer system uses septic tanks. For every two spaces on each park there is at least one septic tank.