Parkway RV Park is a brand new 50-site RV Park located in Odessa, Texas, that started leasing in early 2019. The property is a 20-minute drive from the Midland International Airport and one mile south of Interstate 20, a major east/west highway. The park boasts an impressive amenity package including fiber optic Wi-Fi, mailboxes, a laundry facility, grilling area with covered seating, and a dog park. There are also numerous security cameras throughout the property. The park operates on city water and a new septic sewer system. The roads throughout the park are paved asphalt. The residents are billed back for electricity.
Parkway RV Park is located in the heart of the Permian Basin, which is the world’s second largest natural gas and oil shale. “Both ExxonMobil and Chevron beat analyst expectations with their 4th quarter earnings announcements, driven mostly by their upstream and midstream developments in the Permian. Exxon beat forecasts by almost one-third, with its full-year 2018 earnings coming in at the highest level since 2014. Driven by its Permian drilling, Chevron's oil and natural gas production rose to an all-time high as the company produced a record 3 million barrels of oil per day (bopd) during the 4th quarter” (https://www.forbes.com/sites/davidblackmon/2019/02/04/the-permian-basin-continues-to-drive-record-u-senergy-growth/#397b69735869).
Parkway RV Park is being offered at a day one cap rate of 13.10 percent allowing an investor the opportunity to enter the Permian Basin market – which currently has arguably the highest national demand for additional housing. Please contact listing agent for possible debt sources to maximize cash-on-cash returns.
Note from Seller on Friday, October 18: “We would like to include 3.39 acres directly to the west of the RV Park in the sale. It can ONLY be used as “future parking” currently it is raw land and would have to be cleared etc. with some surface preparation it could be used for a great additional parking lot for tenants.
** It is currently deemed a drill site. It can ONLY be parked on. Chevron has stated they will be lifting the drill site, but we do not know currently if RV spaces can be added to it. Engineering and approval from the county and city would have to be completed by the future buyer of parkway RV. We greatly feel that the additional parking (for now) would greatly improve the success of parkway RV.”
