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Mobile Home Park

Southern Breeze Mobile Home Park

4205 Wilson Rd, Harlingen, TX 78552

Listing Price: $12,300,000

Cap Rate
6.25%
Number of Spaces
232
Lot Size
39.91 acres
Occupancy
90.0%
Price/Space
$53,017
Spaces/Acre
5.81
Year Built
2000

Investment Overview

Southern Breeze Mobile Home Park is a 232-site mobile home park located in Harlingen, Texas. The asset consists of 200 park owned homes and 32 lot rentals and is situated on over 39 acres. There are asphalt roads throughout, and every spot has parking for two cars. The residents currently pay for their own utilities and the park operates on city water and sewer. Phase three of the property includes 38 rentals that are rent to own homes. A portion of these are still in the process of being rented. Over the past six months management has seen an influx of out of state residents looking to move to Southern Breeze. The property also has room for expansion up to around 300 sites. There are also five separate homes that are 2018 and newer which need to be purchased for $180,000. The lot rent income for these homes is accounted for in the financials but the rental income is not. Harlingen is in the heart of the Rio Grande Valley and offers many attractions including the Hugh Ramsey Nature Park, World Birding Center, museums, and the Gulf of Mexico for fishing, boating, and water sports. According to rubiogroupcapital.com, “By 2040, the population of the U.S. part of the Rio Grande Valley is projected to grow from 1.5 million to 2.5 million residents. When the growth of Mexican border cities is included, the bi-national population of the Rio Grande Valley is forecast to grow to nearly 7 million people by 2040.” The major employers in the area include Harlingen CISD, Valley Baptist Medical Center, Dish Network Service Center, Texas State Technical Center and more. These companies employ thousands of workers and create a need for both long term and short-term housing for residents. Southern Breeze Mobile Home Park is located less than 10 minutes from the major highways of Interstate 69 East and US 77 Business and the Valley International Airport. The property is also within walking distance to Gutierrez Middle School and there is a Walmart located less than 5 miles away. Southern Breeze Mobile Home Park is being offered at a day one capitalization rate of 6.25 percent on the lot rent ($8,300,000) and 11.45 percent on the park owned homes ($4,000,000) for a total price of $12,300,000.

Investment Highlights

  • Located in the Heart of the Rio Grande Valley
  • Day One Capitalization Rate of 6.25% for Lot Rent and 11.45% for Park-Owned Homes
  • Approved Expansion Opportunity Would Bring Total Park Sites to Approximately 300
  • Property Operates on City Water and City Sewer
  • Residents Pay for All Utilities

Exclusively Listed By

Mobile Home Park

Southern Breeze Mobile Home Park

Listing Price: $12,300,000

Cap Rate
6.25%
Number of Spaces
232
Lot Size
39.91 acres
Occupancy
90.0%
Price/Space
$53,017
Spaces/Acre
5.81
Year Built
2000

Investment Highlights

  • Located in the Heart of the Rio Grande Valley
  • Day One Capitalization Rate of 6.25% for Lot Rent and 11.45% for Park-Owned Homes
  • Approved Expansion Opportunity Would Bring Total Park Sites to Approximately 300
  • Property Operates on City Water and City Sewer
  • Residents Pay for All Utilities

Investment Overview

Southern Breeze Mobile Home Park is a 232-site mobile home park located in Harlingen, Texas. The asset consists of 200 park owned homes and 32 lot rentals and is situated on over 39 acres. There are asphalt roads throughout, and every spot has parking for two cars. The residents currently pay for their own utilities and the park operates on city water and sewer. Phase three of the property includes 38 rentals that are rent to own homes. A portion of these are still in the process of being rented. Over the past six months management has seen an influx of out of state residents looking to move to Southern Breeze. The property also has room for expansion up to around 300 sites. There are also five separate homes that are 2018 and newer which need to be purchased for $180,000. The lot rent income for these homes is accounted for in the financials but the rental income is not. Harlingen is in the heart of the Rio Grande Valley and offers many attractions including the Hugh Ramsey Nature Park, World Birding Center, museums, and the Gulf of Mexico for fishing, boating, and water sports. According to rubiogroupcapital.com, “By 2040, the population of the U.S. part of the Rio Grande Valley is projected to grow from 1.5 million to 2.5 million residents. When the growth of Mexican border cities is included, the bi-national population of the Rio Grande Valley is forecast to grow to nearly 7 million people by 2040.” The major employers in the area include Harlingen CISD, Valley Baptist Medical Center, Dish Network Service Center, Texas State Technical Center and more. These companies employ thousands of workers and create a need for both long term and short-term housing for residents. Southern Breeze Mobile Home Park is located less than 10 minutes from the major highways of Interstate 69 East and US 77 Business and the Valley International Airport. The property is also within walking distance to Gutierrez Middle School and there is a Walmart located less than 5 miles away. Southern Breeze Mobile Home Park is being offered at a day one capitalization rate of 6.25 percent on the lot rent ($8,300,000) and 11.45 percent on the park owned homes ($4,000,000) for a total price of $12,300,000.

Exclusively Listed By

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