This Multifamily Property is Off-Market.

8559 Gulf Hwy
Lake Charles, LA 70607 ·

250 Spaces · Multifamily For Sale

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Multifamily Property For Sale

Price N/A Property Use Type Investment
No. Spaces 250 Commission Split 1.5%
Property Type Multifamily Occupancy 50%
Property Sub-type Mobile Home/RV Community Lot Size 40 AC
Listing ID: 17049638 Date Created: 03/02/2011 Last Updated: 02/11/2012

Description

Property offered for sale by Kim Smith / Smith Investment Realty, a Louisiana Licensed Broker. Attactive owner financing to qualified buyers with 20% down.
The park consists of 250 spaces. There are 27 lots that have been sold to individuals. Most of these lots are on the south end of the property. The property consists of:
40 acres (40 additional undeveloped acres not included in this listing could possibly be purchased)
250 lots (27 lots have been sold to individuals)
25 park owned homes (newer models)
Currently 106 lots are rented @ $17,557.50 ($175 or less per lot) per month
Currently there are 24 homes rented @ $12,135.00 per month
Current gross monthly income = $29,692.50 (September Rent Roll = $30,437.00)
The 50 % vacancy rate stems clear back to Hurricane RITA & KATRINA. Lake Charles was affected severely by RITA. The park took in approx. 80 FEMA at one time. There is a HUGE upside with 115 vacancies.

The community offers the finest lifestyle amenities with value and quality in one of Lake Charles' premier manufactured housing communities.
Location is accessible to all South Lake Charles attractions & close to McNeese State University 2.5 miles south of Lake Charles Regional Airport.

Research

8559 Gulf Hwy, Lake Charles, LA 70607 (Calcasieu County)

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