TX Park Assignment - 50 pads (resident-owned), city water/sewer, Corpus Christi

I have an off-market deal in Corpus Christi, TX available for assignment. I have started due diligence and have found the park is financeable. We are leaning toward purchasing but figured we would advertise assignment.

Purchase Price: $1,350,000

  • 50 MH Pads (all occupied)
  • City Water, City Sewer
  • Park pays all utilities (value add play)
  • MH rent $325 (more or less market)
  • 10 RV pads at little vacancy
  • $275 RV rent (under market)
  • New lift station (2016)
  • Other new Capex over last few years (new roads, tractor)
  • Good on site manager
    *10-15 min from downtown Corpus Christi
    *15-20 min from Walmart Super Center
  • Above average schools
  • NOI 2019 - 126K

We are 5 days into DD. 30 allotted. 45 day financing contingency. Closing around Oct 15.

60-space park with 50 mobile home spaces and 10 RV spaces, which 3 of the RV spaces can hold mobile homes. The park has City water and sewer, and sits on 7.76 acres . There are 2 acres (vacant land) in the back of park that will go with the sale. Monthly lot rent for a mobile home is $325.00 and an RV lot is $275.00. The park pays for water, sewer, and trash. The park is full and stays that way most of the time.

There is a 2 bedroom, 2 bath apartment that rents for $850.00 a month.The park owns no mobile homes.

The manger has been there 16 years and would like to stay ( Very hard worker). They get $650.00 a month and free lot rent.

Seller has done many capital improvements over the years

I am interested in knowing more about this property.