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Mobile Home Park

Airport Mobile Home Park

1421 Airport Rd, Jennings, LA 70546

Listing Price: $675,000

Cap Rate
11.20%
Number of Spaces
24
Lot Size
3.26 acres
Occupancy
80.0%
Price/Space
$28,125
Spaces/Acre
7.36
Year Built
1970

Investment Overview

Airport Mobile Home Park is located in Jennings, LA approximately 1.5 miles from Interstate 10 and halfway between two major cities in Louisiana, Lafayette and Lake Charles. The property has 24 total sites comprised of 11 lot rent, six rent-to-own, four vacant lots, two park-owned homes, and one bunker with four units. All roads throughout the property are asphalt. The water and sewer operate on city services, and each site is individually metered for water and electricity. The tenants pay electricity direct to provider, and the park bills tenants back for water according to their monthly usage. The park receives an invoice from the water company each month, thus there is no need for the property owner to read each meter individually. The park pays for tenants’ trash service.
In July 2022, Louisiana Economic Development acknowledged Jefferson Davis Parish as the state’s newest Louisiana Development Ready Community at the Gator Chateau presentation. This recognition marks the parish as the 51st participant in the 14-year-old community development program. The initiative aids selected communities in crafting and executing strategic economic development plans, enhancing competitiveness for new investments and employment opportunities. Louisiana Economic Development, the sole state agency accredited by the International Economic Development Council, plays a pivotal role in fortifying the state’s business landscape. Their acclaimed programs have attracted 64 new economic development projects in 2021, resulting in over 18,100 new direct and indirect jobs, retention of 9,700 jobs, and a staggering $20.5 billion in new capital investments.

June 2023: Plans begin for an 11-acre site near La. Hwy 97 and I-10. The conceptual design includes a hotel, coffee shop, Whataburger, a sit-down restaurant, equipment rentals and Medicis Pharmacy. The idea is to have construction finished in 12 to 18 months.

June 2023: the city accepted a request of annexation from Old River, which plans to build a large 18-wheeler dealership.

June 2023: new $21 million South Louisiana Rice Mill facility now operational.

September 2023: Greenberry Industrial opens manufacturing plant that will create 100 new direct jobs with an average annual salary of $62,000 plus benefits and 144 indirect jobs, for a total of 244 new jobs.

Already in the works are a Starbucks, Hebert Boudin and Cracklins, a John Deere dealership and the Ruth Zigler Memorial road extension project that will open up several acres of land.
The asset is priced at 11.20% Day-One Cap rate, and a Pro-Forma 12.62% Cap Rate. The Park is on schedule to increase lot rents 25 dollars/month effective January 2024, unlocking additional upside for the property.

Investment Highlights

  • Offered at a 11.20% Day One Cap Rate
  • Operates on City Water and Sewer
  • Located 1.5 Miles South of Interstate 10 - the Fourth Longest Interstate in the United States
  • Centrally Located Between Lafayette and Lake Charles - the Fifth and Sixth Most Populous Cities in Louisiana

Exclusively Listed By

Mobile Home Park

Airport Mobile Home Park

Listing Price: $675,000

Cap Rate
11.20%
Number of Spaces
24
Lot Size
3.26 acres
Occupancy
80.0%
Price/Space
$28,125
Spaces/Acre
7.36
Year Built
1970

Investment Highlights

  • Offered at a 11.20% Day One Cap Rate
  • Operates on City Water and Sewer
  • Located 1.5 Miles South of Interstate 10 - the Fourth Longest Interstate in the United States
  • Centrally Located Between Lafayette and Lake Charles - the Fifth and Sixth Most Populous Cities in Louisiana

Investment Overview

Airport Mobile Home Park is located in Jennings, LA approximately 1.5 miles from Interstate 10 and halfway between two major cities in Louisiana, Lafayette and Lake Charles. The property has 24 total sites comprised of 11 lot rent, six rent-to-own, four vacant lots, two park-owned homes, and one bunker with four units. All roads throughout the property are asphalt. The water and sewer operate on city services, and each site is individually metered for water and electricity. The tenants pay electricity direct to provider, and the park bills tenants back for water according to their monthly usage. The park receives an invoice from the water company each month, thus there is no need for the property owner to read each meter individually. The park pays for tenants’ trash service. In July 2022, Louisiana Economic Development acknowledged Jefferson Davis Parish as the state’s newest Louisiana Development Ready Community at the Gator Chateau presentation. This recognition marks the parish as the 51st participant in the 14-year-old community development program. The initiative aids selected communities in crafting and executing strategic economic development plans, enhancing competitiveness for new investments and employment opportunities. Louisiana Economic Development, the sole state agency accredited by the International Economic Development Council, plays a pivotal role in fortifying the state’s business landscape. Their acclaimed programs have attracted 64 new economic development projects in 2021, resulting in over 18,100 new direct and indirect jobs, retention of 9,700 jobs, and a staggering $20.5 billion in new capital investments. • June 2023: Plans begin for an 11-acre site near La. Hwy 97 and I-10. The conceptual design includes a hotel, coffee shop, Whataburger, a sit-down restaurant, equipment rentals and Medicis Pharmacy. The idea is to have construction finished in 12 to 18 months. • June 2023: the city accepted a request of annexation from Old River, which plans to build a large 18-wheeler dealership. • June 2023: new $21 million South Louisiana Rice Mill facility now operational. • September 2023: Greenberry Industrial opens manufacturing plant that will create 100 new direct jobs with an average annual salary of $62,000 plus benefits and 144 indirect jobs, for a total of 244 new jobs. • Already in the works are a Starbucks, Hebert Boudin and Cracklins, a John Deere dealership and the Ruth Zigler Memorial road extension project that will open up several acres of land. The asset is priced at 11.20% Day-One Cap rate, and a Pro-Forma 12.62% Cap Rate. The Park is on schedule to increase lot rents 25 dollars/month effective January 2024, unlocking additional upside for the property.

Exclusively Listed By

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