Eagle Mountain Mobile Home Community consists of 42 sites and is located in Fort Worth, Texas on Eagle Mountain Lake. The property has waterfront view for numerous sites along with a 27 covered slip marina and a fishing dock. There are only 5 marinas on the entire lake of almost 9,000 surface areas.
28 of the 42 sites are located on Bud Cross Road, and 14 of the 42 sites are located on Singleton Road. There are 15 lease-to-own homes not included in the pricing of the park that can be sold with the park or remain with the current owner. The offering has one foundation-built cottage that is 2 bedroom and 2 bath room directly on the water front. The asset is very community oriented with a large retiree tenant base.
Eagle Mountain Mobile Home Community has both a well based water supply system and a waste water treatment plant for sewer. The waste water treatment plant handles the Bud Cross Road portion of the property, a neighbor’s house (for $25 per month), and Lakeview Marina (restaurant, public rest rooms, offices, and marina). In exchange for providing waste water treatment services to Lakeview Marina, Lakeview Marina currently provides water supply to the Singleton Street portion of the property. Lakeview Marina has a water supply well and distribution system, but does not have a waste water treatment plant, septic system, nor any other public waste connection. However, the Singleton Street portion of the property is not dependent upon water from Lakeview Marina in that the Eagle Mountain Mobile Home Community water system is connected to the Singleton Street property pump house to service those 14 homes if needed. Also, an independent well could be constructed for the Singleton Road portion of the asset for approximately $38,000.
The owner of the property has sent out notices and anticipates a $50 per month increase for 21 of the 28 sites on the Bud Cross Road portion of the property and 11 of the 14 sites on the Singleton Street portion of the property effective June 1, 2019. This increase is NOT reflected in the current column of the financial model within this Offering Memorandum.
Eagle Mountain Mobile Home Community is a great opportunity for an investor to acquire a Tarrant County (which rarely has community transactions) asset with water front views, and marina income on Eagle Mountain Lake. This is a pride of ownership asset with long-term value-add potential.
