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Mobile Home Park

Palomino Plains Manufactured Housing Community

1918 E Conquistador Ln, Hobbs, NM 88240

Listing Price: $3,700,000

Cap Rate
8.26%
Number of Spaces
88
Lot Size
10.91 acres
Occupancy
100.0%
Price/Space
$42,045
Spaces/Acre
8.07
Year Built
1990

Investment Overview

Palomino Plains Manufactured Housing Community is an 88-site mobile home and RV community located in Hobbs, NM that boast 100% occupancy. The community includes 55 mobiles homes and 33 RV spaces with large fenced in lots and gravel roads. The utilities are paid by the community except for the electricity which is billed back at a fixed amount to the tenants and the community currently runs on city water and sewer. The current management is also willing and wanting to staying on board for the new owners. The city of Hobbs, New Mexico is located just outside the border of Texas and New Mexico. Hobbs serves as a supply, shipping and trading point for the oil-drilling industry, surrounding cattle ranches and artesian-irrigated farmlands according to Britannica.com. The city offers attractions such as the Western Heritage Museum with the Lea County Cowboy Hall of Fame, the Center for the Arts and the Zia Park Casino. The major employers in the area include Halliburton, Hobbs Municipal Schools, Lea Regional Medical Center and the Patterson-UTI Drilling Company. Palomino Plains Manufactured Housing Community is located right off the major highway US Route 62. It is located less than 15 minutes from the Walmart Supercenter and schools in the area. The Lea County Regional Airport is just over 10 minutes from the community. There is a possibility to convert the 33 RV spaces in all mobile home lots or rentals. The community is being offered at a day one capitalization rate of 8.26 percent and a pro forma capitalization rate of 8.8 percent.

Investment Highlights

  • Operates on City Water and Sewer
  • Day One Cap Rate of 8.26%
  • 100% Occupied Asset
  • Opportunity to Further Stabilize by Converting RV Spaces to Mobile Homes
  • Located Just Outside Texas/New Mexico Border

Exclusively Listed By

Broker of Record

  • Matt Reeves

    Senior Associate

    (505) 445-6333

    License(s) NM: 19583

    New Mexico

Mobile Home Park

Palomino Plains Manufactured Housing Community

Listing Price: $3,700,000

Cap Rate
8.26%
Number of Spaces
88
Lot Size
10.91 acres
Occupancy
100.0%
Price/Space
$42,045
Spaces/Acre
8.07
Year Built
1990

Investment Highlights

  • Operates on City Water and Sewer
  • Day One Cap Rate of 8.26%
  • 100% Occupied Asset
  • Opportunity to Further Stabilize by Converting RV Spaces to Mobile Homes
  • Located Just Outside Texas/New Mexico Border

Investment Overview

Palomino Plains Manufactured Housing Community is an 88-site mobile home and RV community located in Hobbs, NM that boast 100% occupancy. The community includes 55 mobiles homes and 33 RV spaces with large fenced in lots and gravel roads. The utilities are paid by the community except for the electricity which is billed back at a fixed amount to the tenants and the community currently runs on city water and sewer. The current management is also willing and wanting to staying on board for the new owners. The city of Hobbs, New Mexico is located just outside the border of Texas and New Mexico. Hobbs serves as a supply, shipping and trading point for the oil-drilling industry, surrounding cattle ranches and artesian-irrigated farmlands according to Britannica.com. The city offers attractions such as the Western Heritage Museum with the Lea County Cowboy Hall of Fame, the Center for the Arts and the Zia Park Casino. The major employers in the area include Halliburton, Hobbs Municipal Schools, Lea Regional Medical Center and the Patterson-UTI Drilling Company. Palomino Plains Manufactured Housing Community is located right off the major highway US Route 62. It is located less than 15 minutes from the Walmart Supercenter and schools in the area. The Lea County Regional Airport is just over 10 minutes from the community. There is a possibility to convert the 33 RV spaces in all mobile home lots or rentals. The community is being offered at a day one capitalization rate of 8.26 percent and a pro forma capitalization rate of 8.8 percent.

Exclusively Listed By

Broker of Record

  • Matt Reeves

    Senior Associate

    (505) 445-6333

    License(s): NM: 19583

    New Mexico

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