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Mobile Home Park

Landmark Estates

11151 TX-248 Spur, Tyler, TX 75707

Listing Price: $1,750,000

Cap Rate
8.39%
Number of Spaces
31
Lot Size
3.80 acres
Occupancy
81.0%
Price/Space
$56,452
Spaces/Acre
8.16
Year Built
1980

Investment Overview

Marcus & Millichap is pleased to present Landmark Estates, a 31-unit community located in Tyler, Texas. Situated on a 3.8-acre parcel just outside the city limits of Tyler and a mere five-minute drive from The University of Texas at Tyler, Landmark Estates features a diverse community consisting of 16 site-built homes, 9 mobile homes, two duplexes with two units in each duplex, and two tiny homes. The homes are rented for $495-$925, and are currently 81 percent occupied. This property is offered at an 8.39 percent capitalization rate, with an estimated net operating income of $146,832. All homes are park-owned, and the majority of tenants are on year-long leases. Approximately 90 percent of the homes have undergone significant renovations in the past three years.
Tenants are responsible for setting up and paying their own electricity. The park is connected to city water, included in the rent, presenting an opportunity for the new owner to recapture water expenses. Each unit is equipped with its own septic system, which are all in good working order. The asphalt roads have recently been repaired and are equipped with street lights. The owner recently hired Real Property Management, a third-party management company who are actively filling vacancies and overseeing all day-to-day operations at the park. Please do not visit park without prior approval. Please arrange property tours with Marcus & Millichap listing agents.

Investment Highlights

  • Majority of Tenants on Yearly Leases
  • Recently Renovated Homes
  • Direct-Billed Electricity
  • High Occupancy

Exclusively Listed By

Financing By

Mobile Home Park

Landmark Estates

Listing Price: $1,750,000

Cap Rate
8.39%
Number of Spaces
31
Lot Size
3.80 acres
Occupancy
81.0%
Price/Space
$56,452
Spaces/Acre
8.16
Year Built
1980

Investment Highlights

  • Majority of Tenants on Yearly Leases
  • Recently Renovated Homes
  • Direct-Billed Electricity
  • High Occupancy

Investment Overview

Marcus & Millichap is pleased to present Landmark Estates, a 31-unit community located in Tyler, Texas. Situated on a 3.8-acre parcel just outside the city limits of Tyler and a mere five-minute drive from The University of Texas at Tyler, Landmark Estates features a diverse community consisting of 16 site-built homes, 9 mobile homes, two duplexes with two units in each duplex, and two tiny homes. The homes are rented for $495-$925, and are currently 81 percent occupied. This property is offered at an 8.39 percent capitalization rate, with an estimated net operating income of $146,832. All homes are park-owned, and the majority of tenants are on year-long leases. Approximately 90 percent of the homes have undergone significant renovations in the past three years. Tenants are responsible for setting up and paying their own electricity. The park is connected to city water, included in the rent, presenting an opportunity for the new owner to recapture water expenses. Each unit is equipped with its own septic system, which are all in good working order. The asphalt roads have recently been repaired and are equipped with street lights. The owner recently hired Real Property Management, a third-party management company who are actively filling vacancies and overseeing all day-to-day operations at the park. Please do not visit park without prior approval. Please arrange property tours with Marcus & Millichap listing agents.

Exclusively Listed By

Financing By

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