For Sale
$550,000

2601 Apollo StOdessa, TX 79764

High-yield, 16-unit mobile home park in Odessa, TX.

Overview

Added:
Dec 11, 2024
Days on market:
117
This stabilized Class B mobile home park in Odessa, Texas, presents a compelling investment opportunity. Currently boasting 16 pads, including 16 units (10 mobile homes and 1 RV lot currently occupied), the park offers a strong existing cash flow with a current NOI of $47,556 and an 8.65% cap rate. The property features ample parking (two spaces per unit) and well-maintained infrastructure, including a functioning well water system and septic sewer. There are currently three vacant mobile home lots and one vacant RV lot, presenting significant upside potential for increased revenue through infill. The current occupancy rate is 73%, with an average lot rent of $615 per month for mobile homes and $675 per month for the occupied RV lot. Tenants are responsible for their own electricity, while other utilities are included in the rent. The property's pro-forma NOI is $76,031, projecting a 13.82% cap rate, demonstrating substantial growth potential. The asking price is $550,000, or $36,667 per pad. The property is located at 2601 Apollo St, Odessa, TX 79764, and consists of four APNs: 08000.00270.00000, 08000.00280.00000, 08000.00290.00000, and 08000.00300.00000. This 100% tenant-owned park benefits from a stable tenant base who take pride in their properties, contributing to a clean and well-maintained community. The opportunity to increase revenue through infill and modest rent increases makes this a highly attractive investment.

Highlights

  • $550,000 asking price for a stabilized Class B mobile home park in Odessa, TX.
  • 8.65% current cap rate, 13.82% pro-forma cap rate.
  • 16 units on 16 pads, 73% occupancy, providing $47,556 NOI and a pro-forma NOI of $76,031.
  • $36,667 price per pad.
  • Two parking spaces per unit; well water and septic systems in good condition.
  • Broker co-op available.

Property Details for 2601 Apollo St

Property type
Mobile home & RV parks
Class
B
Units
16

Location Insight

City
Odessa
County
Ector
State
Texas
Latitude
31.926521033336
Longitude
-102.43198118094
2601 Apollo St, Odessa, Texas

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
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.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
2601 Apollo St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message