Hicks MHC
Hicks MHP | 59 Sites (54 MH Lots + 5 Apt) | Value-Add | Clovis, NM
Marketing description
– A new $16.4 million elementary school was constructed next
door to the park in 2015, Marshall Middle School is ¼ mile from
the community, and the only high school in Clovis is just a ½ mile
away.
– Clovis serves as the county seat of Curry County and has a
population of approximately 38,000–40,000 residents. The city is
strategically located near the Texas border, roughly 2 hours from
Amarillo and Lubbock, and about 3.5 hours from Albuquerque and
Sante Fe.
– Cannon Air Force Base, located approximately 7 miles southwest
of Clovis, is home to the 27th Special Operations Wing and
supports an estimated 5,600–7,800 military and civilian personnel,
providing a stable economic driver for the region.
– Pattern Energy has developed multiple large-scale wind projects
in eastern New Mexico, including a ~220-megawatt facility near
Clovis with long-term power purchase agreements. The company
continues to expand its regional footprint, reinforcing the area’s
role in renewable energy production.
– BNSF Railway maintains a significant rail yard operation in Clovis,
employing several hundred workers. The company has also
designated a ~240-acre rail-served industrial park south of the
city, actively marketing the site for industrial and logistics users.
– Agriculture, particularly dairy production, remains a cornerstone of
the local economy. Southwest Cheese operates one of the largest
cheese and whey production facilities in the United States in
nearby Clovis, following major capital investments and expansions
that continue to support regional employment.
– Clovis Community College and Eastern New Mexico University
(located in nearby Portales) collectively serve approximately
10,000+ students, contributing to workforce development and
regional stability.
– Clovis Regional Airport offers daily commercial air service to
Dallas through Boutique Air, providing convenient regional
connectivity.
Investment highlights
On public utilities, Hicks is the rare,
manufactured home community where
all the residents own the homes. Only
39% occupied, this 59-site park offers
a great value-add opportunity for an
investor to bring in homes (something
this current ownership group has not
done) and fill them to grow occupancy
and revenue.
– Additionally, there appears to be a strong rent upside
story. Current average lot rents of ~$415/month sit
well below estimated market levels of $485–$525/
month, providing an immediate path to revenue growth
through rent increases. Nearby comparable product also
supports this strong rent growth story, with surrounding
apartments and single-family homes renting for
$1,200+, thus further demonstrating the below market
rents at the subject community.
– Site sizes are sufficient to accommodate newer, more
modern singlewide homes. Additionally, there could be
flexibility to utilize vacant sites for RVs as an additional
revenue stream.
– Conveniently located in the heart of Clovis, NM, Hicks
sits just one block from a grocery store and multiple
restaurants and a short drive from a variety of retail and
entertainment options on Prince Street, making this an
attractive home base for tenants. Located approximately
7 miles from Cannon Air Force Base, the community
benefits from a consistent influx of military personnel
and support staff, underpinning long-term housing
demand.
– Buyer may obtain a new loan; however, Seller financing
might be available for a qualified buyer.
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