Magic Valley RV/MHP Park

  • $7M
2300 East Business Highway 83, Weslaco, TX 78596, USA

Magic Valley RV/MHP Park

2300 East Business Highway 83, Weslaco, TX 78596, USA
  • $7M

Sub listings

Title Property Type Price Beds Baths Property Size Availability Date
sqft

Description

Marketing Description
OFFERED AT $6.95M – At an offering price of $6.95M, the park offers a 7.0% cap rate on owner’s Fiscal 2018 Income (FYE March-2018). Projected 7.6% cap rate on projected FY-2019 Income. Returns assume expense adjustments to reflect standard operating expenses only.
389-SITE RV & MOBILE HOME PARK – Magic Valley Park is a 389- site “Over 55” RV and Mobile home park. The park is a gated community, and managers live on site. Numerous community & recreational facilities. Residents can choose from over twenty planned events including sports, music, card and board games, church and others.
SEASONAL RENTALS – Much of the park is rented on a seasonal basis with up to six months of rent paid upfront.
MIX OF SITES AND RENT STRUCTURES – The park offers sites for Tenant-Owned Homes, Park-Owned Homes, Park-Owned RV’s, Transient RV’s and Big Rigs. A prospective buyer could leverage the park mix to suit their desired income profile.
CAPITAL IMPROVEMENTS – Recent capital improvements include $50,000 upgrades to lobby restrooms and $20,000 for a new heating and pump equipment for the pool. Asphalt roads were improved at an expense of $5,300. Additional items included pothole repair and road seal coat as well as repairs to gates and chain link fencing.

Investment Highlights
Offered at $6.95M / 7.0% Cap Rate on FY-2018 Income
389-Site RV & Mobile Home Park
Winter Getaway for Canadian Travelers
Only 7 Miles from Mexico Border Crossing
Recent Capital Improvements

Broker of Record
Keller Williams Realty Dallas Premier
License: 9005114

Details

Updated on October 24, 2019 at 9:51 pm
  • Property ID: 22867
  • Price: $7M
  • Property Type: Mobile Home Park
  • Property Status: For Sale
  • Cap Rate: 6.97%
  • Net Operating Income: 484,388
  • Investment Type: Stabilized

Additional details

  • Sub Type: RV Park | 55+
  • Pro-Forma Cap Rate: 7.63%
  • Pro-Forma NOI: $530,244
  • Pads: 389
  • Price/Pad: $17,866.32
  • Address 2300 East Business Highway 83, Weslaco, TX 78596, USA
  • City Weslaco
  • State/county Texas
  • Zip/Postal Code 78596

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Contact Information

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Pete Peterson
  • Pete Peterson
  • 855.596.7976520.318.5321

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Pete Peterson
  • Pete Peterson