$1,100,000 MultiFamily Texarkana, TX 75501 FOR SALE 5601 S. Lake Drive PROPERTY HIGHLIGHTS Approximately 80% leased park in vibrant, growing area. Located near intersection of Hwy 59 & I 369 in Texarkana, TX. Combination tenant-owned homes (10) and rent-toown (27), 14 vacancies Separate electric(owned by electric company) and water meters (owned by park) at each home. Offered at $1,100,000 Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com
Table of Contents Property Description... 3 Property Photos... 4 Additional photos... 5 Rent Roll... 6 Financials... 7 Maps... 8 Maps and Aerials... 9 Regional Map... 10 Demographics... 11 Demographics... 12
PROPERTY DESCRIPTION Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX 75501 Cavalier Mobile Home Park Texarkana, TX This park, located in the busy city of Texarkana, is approximately 80% occupied, with 5 park-owned units available, 7 vacant mobile home lots and 2 vacant RV spaces. 27 units are in the process of becoming tenant-owned through Rentto-Own (RTO) process, with tenants paying all maintenance and utility costs. Lot rent is currently $260/pad. Each unit is separately metered for water and electric and tenants receive their own electric bills (owners bill back water portion of the usage). Owners of the park pay no expenses for the homes in the RTO process. Park owners pay taxes and sewer and limited utilities. The park is located off of Hwy 59, just a couple of miles off of I 369. The city of Texarkana is located just west of the Texas/Arkansas border and Bowie County, where the park is located, boasts a population of over 90,000. The county is 89,306 square miles. The park is a quiet, family type community, with play equipment and families abounding. The tenants are a mix of selfemployed and traditionally employed and the current tenants recommend new tenants to the manager when space becomes available. This park is very well run with management completing background checks on all applicants before approving applications. There is a real pride of ownership in this park, evident by the neatly manicured lawns, lawn decorations, flowers and play equipment in front of some of the units. The park is just down the road from the local elementary school and management states that there are lots of children on site. There is a very safe and friendly feel to this park. The owners are ready to sell this park to the right investor and are accepting offers. Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 3
PROPERTY PHOTOS Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX 75501 View of homes Speed limit sign near entry Entry with sign from Highway 59 Mailbox station near front Play area next to home View of more homes Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 4
Cavalier Mobile Home Park Rent Roll Number Lot # Tenant/Park- Owned or RV 1 1a Vacant Lot Lot Rent Home Rent Total Rent 2 2 POH $260.00 $90.00 $350.00 3 3 TOH $260.00 $0.00 $260.00 4 5 POH $260.00 $200.00 $460.00 5 6 POH $260.00 $250.00 $510.00 6 7 POH $260.00 $150.00 $410.00 7 8 TOH $260.00 $260.00 8 9 Vacant POH $260.00 $225.00 $485.00 9 10 TOH $260.00 $260.00 10 11 POH $260.00 $150.00 $410.00 11 12 POH $260.00 $175.00 $435.00 12 13 POH $260.00 $140.00 $400.00 13 14 POH $260.00 $90.00 $350.00 14 15 POH $260.00 $235.00 $495.00 15 16 Vacant POH $260.00 $115.00 $375.00 16 17 Vacant POH $260.00 $50.00 $310.00 17 18 POH $260.00 $150.00 $410.00 18 19 POH $260.00 $165.00 $425.00 19 20 Vacant POH $260.00 $125.00 $385.00 20 21 POH $260.00 $195.00 $455.00 21 22 Vacant Lot $0.00 22 23 Vacant Lot $0.00 23 24 POH $260.00 $175.00 $435.00 24 26 TOH $260.00 $260.00 25 27 TOH $260.00 $260.00 26 28 Vacant Lot $0.00 27 29 TOH $260.00 $260.00 28 30 POH $260.00 $165.00 $425.00 29 32 POH $260.00 $175.00 $435.00 30 33 POH $260.00 $125.00 $385.00 31 34 TOH $260.00 $260.00 32 35 RV Lot $0.00 33 36 POH $260.00 $200.00 $460.00 34 37 POH $260.00 $190.00 $450.00 35 38 POH $260.00 $140.00 $400.00 36 39 POH $260.00 $125.00 $385.00 37 40 POH $260.00 $190.00 $450.00 37 41 Vacant Lot $0.00 39 42 Vacant Lot $0.00 40 43 POH $260.00 $165.00 $425.00 41 43a RV $0.00 42 44 TOH $260.00 $260.00 43 45 Vacant Lot $0.00 44 46 Vacant POH $260.00 $115.00 $375.00 45 47 POH $260.00 $233.00 $493.00 46 48 TOH $260.00 $260.00 47 50 TOH $260.00 $260.00 48 52 POH $260.00 $50.00 $310.00 49 54 POH $260.00 $260.00 50 56 POH $260.00 $205.00 $465.00 51 58 POH $260.00 $200.00 $460.00 Total $15,878.00 1
Cavalier Mobile Home Park Financials Gross rents: $167,902.00 Expenses: Taxes: $8,169.18 Insuance: $10,461.74 Trash: $7,014.27 Water: $21,606.79 Gas & Electric: $101.66 Utilities: $1,370.34 Maintenance: $3,155.82 Home Repair: $7,553.38 Equipment Purchases: $193.77 License/Permits: $50.00 Telephone: $1,809.46 Management Fee: $10,128.79 Advertising: $48.00 Office Supplies: $467.19 Professional Fees: $3,551.27 Postage & Delivery: $13.30 Total Expenses: $75,694.96 NOI: $92,207.04 Asking price: $1,100,000 Cap rate:.084
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MAPS AND AERIALS Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX 75501 5601 S.Lake Drive, Texarkana, TX 75501 Cavalier Mobile Home Park Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 9
REGIONAL MAP Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX 75501 Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 10
S E C T I O N I I D e m o g r a p h i c s
DEMOGRAPHICS Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX 75501 Population Characteristic 1 Mile 3 Mile 5 Mile Ages 0-4 120 444 1,715 Ages 5-9 167 604 2,334 Ages 10-14 153 582 2,232 Ages 15-19 143 561 2,186 Ages 20-24 140 554 2,111 Ages 25-29 134 559 1,984 Ages 30-34 131 585 1,880 Ages 35-39 122 629 1,845 Ages 40-44 123 706 1,909 Ages 45-49 134 743 2,042 Ages 50-54 157 750 2,026 Ages 55-59 161 709 1,916 Ages 60-64 150 579 1,665 Ages 65-69 133 471 1,343 Ages 70-74 112 379 1,016 Ages 75-79 80 260 713 Ages 80-84 54 159 439 Race Characteristic 1 Mile 3 Mile 5 Mile Non Hispanic White 1,859 6,290 18,388 Population Black 301 2,603 9,821 Population Am In/AK Nat 3 44 61 Household Income 1 Mile 3 Mile 5 Mile Median Household Income $45,934 $35,556 $37,382 < $10000 55 398 1,600 $10000-$14999 124 258 800 $15000-$19999 21 286 846 $20000-$24999 45 126 711 $25000-$29999 N/A 98 634 $30000-$34999 103 352 652 $35000-$39999 47 223 711 $40000-$44999 64 192 598 $45000-$49999 18 166 508 $50000-$60000 69 130 1,018 $60000-$74000 169 293 1,088 $75000-$99999 68 263 893 $100000-$124999 48 138 611 $125000-$149999 N/A 34 194 $150000-$199999 33 48 214 > $200000 32 32 113 Characteristic Housing 1 Mile 3 Mile Housing Units 1,089 3,449 Occupied Housing Units 996 3,138 Owner Occupied Housing Units 724 2,114 Renter Occupied Housing Units 272 1,024 Vacant Housing Units 93 311 Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Page 12