Contact Information

Jon Fisher
License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

MR LANDMAN LLC

CONTACT BROKER

Price: $750,000
Purchase Method: Cash, New Loan, Assumable Loan
Listing ID: 4939688
Posted On: Mar 22, 2024
Updated On: Mar 29, 2024

Description

Three Rivers MHP & RV Park is a diversified commercial income property that is comprised of 23 mobile home pads, 50 RV pads, 10 storage units, & a 2,100 SQ FT single family residence located on 13.147 acres in Del Rio, TX (metro of 52,000). The park is believed to have been developed in the early 1970's and has served the community by offering an affordable housing option since that time. The property is zoned commercial. The park is not located in a flood zone. The park is presently managed by a 3rd party professional management firm. The park also has a maintenance man.

The park is comprised of one tax parcel. There are currently not any trailers that need to be removed from the premises. Of the 20 occupied mobile home pads in the park, all 20 of the trailers are TOH's currently averaging between $333 & $350/month. The 6 occupied RV pads are currently paying $250 to $300/month. The house is currently rented for $350/month. The "burger barn" is rented for $500/month. The current owner is bringing the pad rental rates up to market levels. The park utilizes annual leases.

Three River MHP is on private well & septic. The underground pipe material is believed to be PVC. Residents are direct billed for electricity by the utility provider. Garbage is paid for by the park. The road through the park is gravel and is considered to be in "good" condition by the owner. The tenants mow their own pads and the park mows the common areas in the MHP section, and the park maintains all of the grounds for the RV portion of the property.

Since the owner purchased the park he has tackled some deferred maintenance and capex needs to the tune of $30,000 including replacing water tanks, repairing water lines, upgraded septic, repaired & repainted the community room, installed a new sign, and cleared debris.

If the owner was going to continue to operate the park going forward he would concentrate on adding RV's to rent, overall park promotion, and putting in storage units.

MR. LANDMAN, LLC is a licensed real estate entity in the State of Texas under Lic#9014545. Jonathan Fisher is a licensed broker in the State of Texas under license #819440.

Location

Del Rio is a city and the county seat of Val Verde County in southwestern Texas. The city is 152 miles west of San Antonio. As of 2020, Del Rio had a population of 34,673. The Del Rio Metro is approximately 52,000.

Del Rio is located:

152 miles west of San Antonio, TX
156 miles South of San Angelo, TX
379 miles NW of Brownsville, TX
423 miles SE of El Paso, TX

In 1942, the Army Air Corps opened Laughlin Field 9 miles east of Del Rio, as a training base for the Martin B-26, but the base was deactivated in 1945. As the Cold War pressures built, along with new border-control issues, Laughlin Field was rebuilt and renamed Laughlin Air Force Base and was again used as a home for flight training. Laughlin plays a large part in the Del Rio community as the area's largest employer.

Del Rio/Ciudad Acuña is now home to over 50 Maquiladora plants, including such well-known companies as Oster, Arconic, General Electric, San Antonio Shoe Co., AlliedSignal Automotive, and Bridgestone/Firestone Del Rio Test Center, all of whom came here to avail themselves of low-priced labor, while enjoying the technology and lifestyle of the United States.