2434 Firnat StHouston, TX 77093

For Sale
$1,500,000

22-unit stabilized park, high growth area.

Overview

Added:
Dec 11, 2024
Days on market:
94
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.

Highlights

  • $1,500,000 asking price for a stabilized Class C mobile home park in Houston, TX.
  • 7.60% cap rate, 9.11% pro-forma cap rate, with a current NOI of $114,010 and a pro-forma NOI of $136,672.
  • 22 units/pads on 1 building, priced at $68,181.82 per pad.
  • Assumable financing available: ~$991,000 balance, 6% interest, 30-year amortization, ~4 years remaining.
  • Significant upside potential due to below-market rents and potential for park-owned home sales.

Property Details for 2434 Firnat St

Property type
Multifamily properties, Mobile home & RV parks
Class
C
Buildings
1
Units
22

Location Insight

City
Houston
County
Harris
State
Texas
Latitude
29.8416826
Longitude
-95.3468147
2434 Firnat St, Houston, Texas

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2434 Firnat St
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