2596 Highway 3059Lake Charles, LA 70615

Property Details for 2596 Highway 3059

Property type

Residential income properties

Property subtype

Mobile home & RV parks

APN

97527

APU

97527

Description

This exceptional investment opportunity presents a 64-unit mobile home park situated on 5.72 acres in Lake Charles, Louisiana. Currently operating at 61% occupancy, the park boasts 39 tenant-owned homes and 25 vacant lots, offering significant upside potential. The existing net operating income (NOI) is $122,275, yielding a current cap rate of 7.19%. However, with below-market lot rents, a pro-forma analysis projects a substantial increase in profitability. At full occupancy and market rates, the projected cap rate jumps to 14.12%. The park features paved roads and county water, although not sub-metered. Its convenient location, less than a mile from Highway 171 and a Walmart Supercenter, adds to its appeal. Lake Charles itself demonstrates strong population growth, exceeding 80,000 residents and experiencing a 7% increase since 2020. The city's strategic location, equidistant from Houston, Texas, and Baton Rouge, Louisiana, further enhances its long-term prospects. This value-add investment is priced at $1,700,000 and presents a compelling opportunity for significant returns. The property's strong fundamentals, coupled with the potential for rent increases and increased occupancy, make this a highly attractive investment in a growing market.

Location Insight

City

Lake Charles

County

Calcasieu

State

Louisiana

Latitude

30.2788

Longitude

-93.1797

CBSA code

29340

CBSA name

LAKE CHARLES, LA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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