The mobile home park known as Old Southern Residential Park at 8261 Airline Hwy in Baton Rouge sold late last month for $800,000. The seller was Old Southern Land and Trust, represented by Clyde Harris; purchaser was Samco Properties, represented by Samuel Richardson and Anthony Pacaccio.
The 4.53-acre park adjoins the Home Depot on Airline Hwy just north of Florida Blvd.
The sale included 44 pad sites, three small duplex units and a vacant lot that fronts on Harry Drive.
At $800,000, the sale price works out to around $18,200per pad site, excluding the duplexes and vacant lot.
The transaction was brokered by Joey Canella with Sperry Van Ness | Graham, Langlois and Legendre.
“We actually had a couple of interested purchasers on this property,” Canella says. “The first contract was signed within 30 days but fell through, but we had another buyer within a very short period of time after the first sale fell though the income will generate an above 11% return.”
He says the new owners acquired the property as a long-term investment.