2434 Firnat StHouston, TX 77093

This exceptional investment opportunity presents a 22-unit mobile home park situated in Houston, Texas, within a high-growth area boasting a metro population exceeding 7 million. The property, currently operating as a stabilized investment, offers a compelling 7.60% cap rate with a pro-forma cap rate of 9.11%. The current Net Operating Income (NOI) stands at $114,010, projected to increase to $136,672. The asking price is $1,500,000, translating to $68,181.82 per pad. The park comprises 22 pads and one building, with nineteen tenant-owned homes, two park-owned homes, and one single-family home currently rented. Average lot rent for tenant-owned homes is $600 per month, while park-owned homes average $975 per month, and the single-family home rents for $1,325 per month. There's potential for expansion with three additional buildable lots or the addition of storage units. Attractive assumable financing is available: approximately $991,000 remaining balance at a 6% interest rate, amortized over 30 years, with roughly four years remaining on the term. The current monthly principal and interest payment is $5,995.51. Significant upside potential exists by increasing below-market rents to market standards and subsequently selling off the remaining park-owned homes. The property is located at 2434 Firnat St, Houston, TX 77093, in Harris County.