RIVER OAK MOBILE HOME PARK
Osceola, AR

PURCHASE DATE: January 2015

River Oak Mobile Home Park was purchased out of bankruptcy for $355,000 at a 10% Cap using $150,000 of debt as part of the Capital Stack for the acquisition of nine mobile homes. All nine homes have been renovated and are currently rented at $550. All residents pay for their own utilities.

Additional capital of $115,000 was allocated for other park improvements:

  • Replacement/improvement of the six roads serving the park
  • Extensive tree trimming
  • Office remodel
  • New meter box installation
  • Other miscellaneous common area improvements

Annualized gross rent at Escrow Closing was $60,000. Current annualized gross rent has now been increased 7x to $420,000. The current exit strategy is to maintain the current income level and begin the marketing effort in June 2017.

PURCHASE DATE: January 2015

River Oak Mobile Home Park was purchased out of bankruptcy for $355,000 at a 10% Cap using $150,000 of debt as part of the Capital Stack for the acquisition of nine mobile homes. All nine homes have been renovated and are currently rented at $550. All residents pay for their own utilities.

Additional capital of $115,000 was allocated for other park improvements:

  • Replacement/improvement of the six roads serving the park
  • Extensive tree trimming
  • Office remodel
  • New meter box installation
  • Other miscellaneous common area improvements

Annualized gross rent at Escrow Closing was $60,000. Current annualized gross rent has now been increased 7x to $420,000. The current exit strategy is to maintain the current income level and begin the marketing effort in June 2017.