Investment Overview

Marcus & Millichap is pleased to present Evergreen Mobile Home & RV Community, an 88-space property located in the heart of Gilmer, TX. Known for its safe, quiet, and neighborly atmosphere, Evergreen is the only mobile home park within the city limits. The property is being offered at a 9.45% capitalization rate, with an estimated operating income of $311,708. Seller financing is available with a minimum 35% down payment. The remaining balance will be financed at 6% interest-only, with a balloon payment due within 10 years. The community includes 51 mobile home spaces and 37 RV spaces. All mobile home spaces are occupied, with 18 tenant-owned homes and 33 park-owned homes. Of the RV spaces, 23 are currently occupied. Mobile home tenants pay $225 in lot rent, which is well below market (see page 12 for comps). Park owned homes rent for $600 to $850 per month. RV tenants pay $350 to $400, depending on use of a park owned awning. The park operates on city water and sewer. Mobile home tenants are direct billed for electricity and billed back for water, sewer, and trash via sub-metering. RV tenants have all utilities included in rent. An onsite tenant-manager handles mowing, biannual unit inspections, and daily operations. She receives a free home with utilities included, along with $300–$400 in monthly compensation. Please do not visit the park without prior approval. All visits must be scheduled through a Marcus & Millichap agent.