198 Oak Forrest RdSearcy, AR 72143

Property Details for 198 Oak Forrest Rd

Year built

1994

Lot size

15.00 AC

Property type

Investment properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Searcy

County

White

State

Arkansas

Latitude

35.2912

Longitude

-91.7837

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