For Sale
$3,250,000

7741 Old Pascagoula RdTheodore, AL 36582

78 Spaces, 8.2% Cap Rate, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
115
This exceptional investment opportunity presents a portfolio of two mobile home parks in Theodore, Alabama, totaling 78 spaces. Located in Mobile County, just 20 minutes from downtown Mobile and a short 10-minute drive from each other, these parks offer significant potential. One park boasts 50 lots, currently at 77% occupancy, with a monthly lot rent of $450. Twenty-four of the 37 tenants reside in park-owned homes under rent-to-own agreements, transferring maintenance responsibilities. This park utilizes city water and a private septic system, with city sewer connection pre-approved. Utilities are handled efficiently, with electric billed directly to tenants and water, sewer, and trash expenses billed back. The second park comprises 28 lots, exhibiting an 82% occupancy rate and a $450 monthly lot rent. Eighteen of the 23 tenants occupy park-owned homes under rent-to-own agreements, similarly shifting maintenance responsibilities. This park is connected to city water and sewer, with electric billed directly to tenants and other utilities billed back. The combined portfolio offers a strong NOI of $266,524, an 8.20% cap rate, and an asking price of $3,250,000, translating to a price per pad of $41,667. The combined lot size spans 13.96 acres. Built in 1977, this portfolio presents a compelling investment with strong cash flow and growth potential. The properties are conveniently located near amenities, including a Walmart less than a mile from one park. Please note that management is unaware of the property sale and prior approval is required for any site visits.

Highlights

  • 78 total mobile home spaces in two parks.
  • 77% average occupancy across both parks.
  • City water and sewer connections (one park has private septic, city sewer pre-approved).
  • Located in the Mobile, AL MSA, approximately 20 minutes from downtown Mobile.

Property Details for 7741 Old Pascagoula Rd

Property type
Mobile home & RV parks
Year Built
1977
Lot Size (sq. ft)
608,098 SF
Units
78

Location Insight

City
Theodore
County
Mobile
State
Alabama
Latitude
30.5584968
Longitude
-88.2240812
7741 Old Pascagoula Rd, Theodore, Alabama

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7741 Old Pascagoula Rd
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