The Landing at Hickory Ridge
The Landing at Hickory Ridge
Palestine, Texas
Kickstart Capital Partners, LLC is pleased to present Hickory Ridge Mobile Home Park, a unique opportunity to improve a 55 site tenant owned MBH community in the city of Palestine, Texas. The community sits on over 14 acres in an opportunity zone and is at the intersection of 5 major highways 287, 79, 155, 84, and 19. The opportunity exists to create substantial value through park cleanup, attentive management, and the addition of park owned tiny homes/cabins or new mobile homes. We plan to rebrand the property to “The landing at Hickory Ridge” a more upscale locale with additional amenities and potentially allow RV stays as well to take full advantage of the property size and the many Texas shade trees.
PROPERTY FACTS
Price $345,000
Price / Site $6,272
Type Value Add
Cap Ex Budget $250k
ARV $1,423,000
Projected Investor Return 7% Pref / 5% Equity / 18.7% Average CoC
Number of Acres 14.2
Number of Units 55
Total Occupied 22
Purchase Date 02/23
TAXES & OPERATING EXPENSES (PRO FORMA – Yr 3) ANNUAL
Gross Rental Income $228,000
Other Income $34,300
Vacancy Loss $68,400
Effective Gross Income $203,900
Taxes $4,931
Operating Expenses $85,334
Total Expenses $90,265
Net Operating Income $113,635