INCOME PROPERTY
Oak Shadows Mobile Home Park
1295 Hwy 190 East
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Huntsville, TX |
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| LOCATION: | From I-45 north in Huntsville, TX take Hwy 190 east. Oak Shadows Mobile Home Park is on the left just past FM 2296. |
| LEGAL: | 10.12 Acres, H. McGehee Survey, A-407, Walker County, TX |
| ACCESS/ FRONTAGE: |
424 feet on Hwy 190 |
| IMPROVEMENTS: | New aerobic septic system installed 2007. See attached list of 14 homes that go with the park. |
| PRICE: | $475,000.00 REDUCED *CAP RATE = 11.7% |
| COMMENTS: | Excellent income property opportunity. Stable rental base with Texas Department of Criminal Justice and "SHSU - Fastest Growing University in Texas" . (Click to view article.) HomeLand Properties has managed this property since 2005. As it had been determined that the previous existing sewer systems were not functioning properly, several spaces were not re-leased and thus remain vacant. Other spaces were vacated to allow for the implementation of a new aerobic system. The new aerobic system was designed, permitted, and installed, costing approximately $100,000. The installation/transition took over a year to complete; thus, the vacant spaces (lots) illustrated below are now available for occupancy/rent. Many additional improvements/repairs were made during the last 2 years; therefore, the "labor" expense appears high. |
| CONTACT: | Andy Flack, Broker/Principal Karen Stout, Broker Associate HomeLand Properties, Inc. 1600 Normal Park Huntsville, TX 77340 936-295-2500 Office 936-295-9575 Fax www.homelandproperties.com E-mail: andy@homelandprop.com or karen@homelandprop.com |
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*Capitalization Rate - a present value of income property by taking the annual net income and discounting by using a rate of return commonly acceptable to buyers of similar properties. **The information contained herein is from sources deemed reliable but is not guaranteed by HomeLand Properties, Inc. The offerings are subject to change in price, errors, omissions, prior sales or withdrawal without notice. Acreage size and dimensions are approximate. Licensed co-brokers are welcome to show this property by advance appointment and will receive a co-broker fee if the co-broker accompanies their buyer from the first showing to the closing of a sale. |
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Pictures
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Income & Expenses Proforma
| Gross Income | |||
| Unit | Property Description | Monthly Income | Annual Income |
| 1 | Lot | $160.00 | $1,920.00 |
| 2 | 1986, Fleetwood, 14x66 | $450.00 | $5,400.00 |
| 3 | Lot | $160.00 | $1,920.00 |
| 4 | Lot | $160.00 | $1,920.00 |
| 5 | Lot | $160.00 | $1,920.00 |
| 6 | 1982, Fleetwood Crownpointe, 14x66 | $500.00 | $6,000.00 |
| 9 | Lot | $150.00 | $1,800.00 |
| 10 | Lot | $160.00 | $1,920.00 |
| 11 | 1982, All American Ashburn Inc., 14x70 | $440.00 | $5,280.00 |
| 12 | 1986, Oak Creek Home Inc. Cedar Ridge, 16x76 | $475.00 | $5,700.00 |
| 13 | 1985, Oak Creek Homes Inc., 16x62 | $450.00 | $5,400.00 |
| 14 | 1985, Cameron Homes Deerfield, 14x76 | $475.00 | $5,700.00 |
| 15 | 1983, Fleetwood Homes Sandpointe, 14x66 | $440.00 | $5,280.00 |
| 16 | 1983, Fleetwood Homes Oak Knoll, 14x66 | $450.00 | $5,400.00 |
| 17 | 1983, Redman Homes, Inc. Flamingo, 14x66 | $440.00 | $5,280.00 |
| 18 | 1980, Melody Home Manufacturing Co. Timco, 14x76 | $550.00 | $6,600.00 |
| 19 | Lot | $160.00 | $1,920.00 |
| 20 | 1985, Zimmer Homes of Kansas Windsor, 14x71 | $440.00 | $5,280.00 |
| 21 | 1985, Champion Home Builders Woodlake, 14x76 | $400.00 | $4,800.00 |
| 22 | Lot | $160.00 | $1,920.00 |
| 23 | Lot | $160.00 | $1,920.00 |
| 24 | 1982, Austin America, 14x66 | $440.00 | $5,280.00 |
| 25 | Lot | $160.00 | $1,920.00 |
| 26 | 1981, Fleetwood Homes Westfield, 14x80 | $475.00 | $5,700.00 |
| Gross Income | $8,015.00 | $96,180.00 | |
| Less 5% vacancy | ($400.75) | ($4,809.00) | |
| Plus Forfeited Security Deposits (2007) | $0.00 | $740.00 | |
| Effective Gross Income | $92,111.00 | ||
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Annual Expenses (2007 Actual) |
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| Propane Tank Rental | $ 162.44 |
| Electricity | $ 2,688.03 |
| Water | $ 5,437.15 |
| Repairs | $ 7,539.91 |
| Maintenance | $ 4,155.00 |
| Labor | $ 9,984.60 |
| Insurance | $ 2,035.00 |
| Taxes | $ 4,372.90 |
| Total Expenses | ($ 36,375.03) |
| Net Operating Income (NOI) 11.7% CAP RATE |
$ 55,735.97 |
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