9685 Us-90Del Rio, TX 78840

Property Details for 9685 Us-90

Year built

1970

Lot size

13.15 AC

Property size (Sq ft)

572,683 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional value-add opportunity presents a 13.147-acre mobile home and RV park in Del Rio, Texas, boasting 73 total pads (23 mobile home, 50 RV). Currently operating at 38% occupancy (as of March 21, 2024), this property offers significant upside potential. The park features a 2,100 sq ft single-family residence and a commercial building, both currently generating rental income. The property includes a private well and septic system, with PVC piping. Recent improvements totaling $30,000 include water tank replacement, water line repairs, septic upgrades, community room renovations, new signage, and debris removal. The park is zoned commercial and situated on a single tax parcel (APN 17332) in Val Verde County, outside of a flood zone. Current annual net operating income (NOI) is $58,079, with a pro-forma NOI of $66,151, yielding a 7.74% cap rate and a pro-forma cap rate of 8.82%. Mobile home pad rents average $333-$350/month, while RV pads rent for $250-$300/month. The single-family residence rents for $350/month, and the commercial building rents for $500/month. The property utilizes annual leases and is professionally managed. The asking price is $750,000, representing a price per unit of $10,274. Future development potential includes adding more rental RVs and storage units. The park's location near Lake Amistad offers additional appeal. The total square footage is 572,683 sq ft. The property was built in 1970 and is undergoing ongoing renovations.

Location Insight

City

Del Rio

County

Val Verde

State

Texas

Latitude

29.4609

Longitude

-100.976

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