1824 Dobi Ln
Stillwater, OK 74075
Parkwest Mobile Home Park · Multifamily Property For Sale · 151,000 SF

NEW ON MARKET!!!! The Parkwest MHP is a 151 padcentric family all MH (no RV) park for sale for $3,350,000, 9.22% cap rate, $22,185/pad, The park is 85-90% occupied. Pad rent is $330/mo. Built in 1978, on 26.5 acres, fenced in swimming pool, $50k updated office, storm shelter. Asphalt streets but $45K spent 2008 for concrete intersections. Sale includes 7 park owned homes. 65% college student tenants because only 1 1/2 miles from Oklahoma State University. Owner is in the process of a city sewer tap to be completed in May 2018. Water currently paying water but will pass sewer and water (now city) costs to tenants by submetering. once the sewer tap completed. Tenants pay electricity, gas and trash. Sewer is currently provided by a lagoon shared with a 51 pad adjacent park-lagoon is on the other parks property out of site. Stillwater will not allow new park construction, but will allow expansion of existiing parks. 24 acres adjoining the park, which is for sale at a modest price, was a a part of the 50 acre tract but was carved out. Possibility of buying this land and adding 150 additional sites which are already platted. When utilities passed through, Parkwest will have comparable rents with the competition in Stillwater, 3 parks, 595 sites, in the less desireable east side, that currently are at $309-319 with tenants paying all utilities. Parkwest is located in Stillwater, OK, a north-central OK city with a pop. of 50,000, the 9th largest city in OK and one of the fastest growing. The city is home to Oklahoma State University, the largest institution of higher education in the state of Oklahoma. OSU is the benefactor of the largest private donations to any public university in the US, by T. Boone Pickens, $700,000,000. The park is located in the NW part of Stillwater, just south of the airport and 1 1/2 miles NW of the campus. Boomer Lake lies 2 miles to the east.