For Sale
$1,150,000

198 Oak Forrest Rd Searcy, AR 72143

High-yield, 23-unit mobile home park in Arkansas.

Property Records

Overview

Added:
Dec 11, 2024
Days on market:
139
This stabilized mobile home park in Searcy, Arkansas, presents a compelling investment opportunity. The property boasts 23 units situated on a spacious 15-acre lot, offering significant expansion potential. Currently operating at 98% occupancy, the park generates a strong NOI of $134,111, with a pro-forma NOI projected at $149,751. This translates to a current cap rate of 11.25% and a pro-forma cap rate of 13%. The asking price is $1,150,000, representing a price per pad of $47,916.67. Built in 1994 with renovations completed three years ago, the park features 24 pads, allowing for future unit additions. All homes are park-owned, with tenants responsible for their utilities, minimizing operational overhead. The property's location near shopping, entertainment, and commercial areas ensures high tenant demand. Two units require minor work to maximize rental income. The seller is open to seller financing. This value-add opportunity offers substantial potential for revenue growth through rent adjustments and operational efficiencies. The park's attractive landscaping enhances tenant satisfaction and retention. The property is zoned for mobile homes and offers ample parking (two spaces per unit). This is a prime investment for those seeking a high-return, stable income stream with significant upside potential.

Highlights

  • 15-acre lot allows for significant unit expansion, boosting income and value.
  • Market-rate rent adjustments offer immediate revenue growth.
  • Tenant-paid utilities minimize owner operating expenses.
  • Operational streamlining will increase profitability.
  • Prime location near shopping, entertainment, and commercial areas ensures high tenant demand.
  • Landscaped grounds attract and retain residents.

Property Details for 198 Oak Forrest Rd

Property type
Mobile home & RV parks, Investment properties
Year Built/Renovated
1994/3
Buildings
23
Stories
1
Lot Size (sq. ft)
653,400 SF
Units
23

Location Insight

City
Searcy
County
White
State
Arkansas
Latitude
35.2912273
Longitude
-91.7836543

FAQs

What type of property is this?
Mobile home & RV park - High-yield, 23-unit mobile home park in Arkansas.
Where is the mobile home & rv park located?
The property is located at 198 Oak Forrest Rd Searcy, AR.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 15-acre lot allows for significant unit expansion, boosting income and value.; Market-rate rent adjustments offer immediate revenue growth.; Tenant-paid utilities minimize owner operating expenses.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
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198 Oak Forrest Rd
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