Investment Overview

Marcus & Millichap is pleased to present 19 Wells Mobile Home Park. A 19 Space mobile home park in Sinton, TX. This Park is located off US -181 and is only a thirty-minute drive from Corpus Christi and is a 5-minute drive from the largest steel mill in Texas. The plant has 1,500 workers on site each day. 19 Wells Mobile Home Park is being offered at an 9.71% capitalization rate with an estimated net operating income of $77,649. This number does not take into consideration any of the income that goes towards the rent to own credits for the homes and is based solely on the income gained from the lot rents. The owner has well north of $500,000 of receivables in the form of rent to own credits. All 19 spaces are occupied with either a tenant owned home, or a park owned home that is on a rent to own schedule. This park sits on a total of 3.43 acres. A new owner could develop approximately one acre of land behind the existing homes. The park is on city water and a septic system. The park recaptures the water expense through Metro Electric Meters, the electricity is directly billed to the tenant through their provider. The only bill that the park is responsible for is the trash bill. There is an on-site manager that gets paid $400 a month that would be willing to stay on.