1201 Arkansas 161, Jacksonville, AR 72076

Lamplighter Village is a 74-unit mixed-use manufactured housing and RV community located in the Little Rock MSA, situated on approximately 6.5 acres. The property has a diversified unit mix that includes lot renters, rent-to-own homes, park-owned homes, and apartments. Giving a buyer multiple ways to increase income through rehab, lease-up, and infill. The sellers are also offering seller financing in 2nd position.

Current occupancy consists of 5 lot renters paying an average of $470/month, 25 rent-to-own homes at $425/month lot rent plus $303/month home payments, 2 park-owned homes at $425/month lot rent plus $350/month home payments, 2 occupied apartments at $650/month, an on-site manager is already in place.

The property has significant vacancy and upside. There are 12 vacant park-owned homes (6 need to be demolished and 6 require moderate to heavy rehab), 3 vacant apartments needing rehab, with 25 vacant lots with infrastructure already in place. Keep in mind 14 lots are smaller lots than can only accommodate smaller park model homes.

Utilities are city water and sewer, sub-metered and billed back to the tenants. The value-add plan is straightforward: demolish unusable units, rehab the remaining homes and apartments, lease up existing vacancies, and infill vacant MH to grow cash flow.

Seller financing is available. Ownership is willing to carry up to $950,000 in second-position financing at 6% interest, interest-only, for a 3-year term, with a personal guarantee. Assuming a buyer obtains $1,300,000 in bank financing on the land and uses the seller’s second-position note, the property can be acquired with approximately $390,000 cash out of pocket.

Lamplighter Village offers a clear value-add opportunity in a major metro with built-in management, flexible financing, and multiple paths to increase NOI.