Investment Overview

Marcus & Millichap is pleased to present a 75-space Mobile Home Park portfolio located in Theodore, AL. Azalea Grove Mobile Home Park is less than one mile from the nearest Walmart, and both communities are only a 20-minute drive from Downtown Mobile. The two parks are situated just ten minutes apart, offering convenient management and operation efficiencies. This portfolio is being offered at a 7.88 percent capitalization rate, with an estimated net operating income of $235,495 based on let rent alone and not including Rent to Own income. Azalea Grove Mobile Home Park consists of 49 spaces, with 40 currently occupied, 14 of those occupants are on Rent to Own agreements. The monthly lot rent is $450. Bellingrath Oaks Mobile Home Park includes 26 spaces, with 24 currently occupied and 12 on Rent to Own agreements. The park also charges $450 a month in lot rent. In addition, there are two stick-built homes on site that are not currently rented. With an estimated $20,000 in rehab cost, these units could generate an additional $800-$1200 each per month for a new owner. Azalea Grove Mobile Home Park is served by city water and a private septic system. Tenants are directly billed for electricity, while water and garbage expenses are billed back to them. Bellingrath Oaks Mobile Home Park is served by City Water and Sewer, with the same utility structure, electricity is billed directly, and water & garbage expenses are reimbursed. Please do not visit the properties without prior approval. Property tours can be arranged directly through Marcus & Millichap listing agents.