Listings Rundown 09/26/2023
Listings Rundown - Summary Updates
Colliers - no listings.
Wisely Commercial Realty - no changes.
Marcus & Millichap - added 1 | removed 1 listing.
Yale - no changes.
CBRE - no listings.
NAI Iowa - no listings.
Sunstone - no changes.
Capstone - removed 1 listing.
ARA Newmark - no changes.
Cooper Cardinal - no changes.
Other Street - no changes.
Northmarq - no changes.
Colliers
Wisely Commercial Realty
Central in MHC Portfolio, Central Indiana - Broker: Adam McNeil
Price: TBD | # Sites: 775
Great opportunity to continue filling up the vacant sites.
Quality Park Owned Housing Inventory, 145 of the homes are less than Two years old.
Over $14,000,000 invested in homes and $4,500,000 spent on Community Cap-X since 2021
All Five Communities are located within one hour of each other.
Rockport MHC, Rockport IN - Broker: Adam McNeil
Price: $299,000 | Price per Site: $8,543 | # Sites: 35 | 4.9 Acres
Value-Add Opportunity
City Water & City Sewer, Directly Billed to Residents
Lot Rent is below surrounding communities.
Converse MHC, Converse IN - Broker: Adam McNeil
Price: $699,000 | Price Per Site: $15,533 | Cap Rate: 6.1% | # Sites: 45 | 4.5 Acres
Half of the community water lines were replaced five years ago.
Six, 2021 mobile homes included.
Opportunity to fill vacant sites.
City Water & City Sewer
Meadows Ohio MHC, Canton, Ohio - Broker: Adam McNeil
Price: $1,995,000 | Price per Site: $13,212 | Cap Rate: 9.57% | # Sites: 151 | 4.6 Acres
Stable Community with Upside Potential
Well Water & City Sewer
Great mix of mobile home sites and storage units
Marcus & Millichap
New!
Stanton Hills, New Stanton, PA - Broker of Record: Sean Beuche
Price: $1,500,000 | Price per Site: $26,786 | Cap Rate: 3.30% | # Sites: 56 | 34.91 Acres
High-Quality Value-Add MHC
Strong Upside In Lot Rents
35 Vacant Lots
McCord Mobile Village, Bakersfield CA - Broker: Aaron Moayed, Benjamin Cohn
Price: $490,000 | Price per Site: $35,000 | Cap Rate: 8.56% | # Sites: 14 | 0.70 Acres
Attractive Going-In Cap Rate of 8.56 Percent
Half of the Spaces Have Trailers/Mobile Homes Owned by Seller
Unique, Entry-Level Investment for Investors Looking for Great Cash Flow
Pink Hill MHP, Pink Hill, NC - Broker: Ryan Lipomi, William D Graves Jr., Nate McDaniel
Price: $520,000 | Price per Site: $26,000 | Cap Rate: 8.67% | # Sites: 20 | 3.29 Acres
Minimal Management Requirements
Ability to Increase Rents by +11%
30 Miles from Jacksonville, NC
Blytheville MHP, Blytheville, AR - Broker: Ryan Lipomi, William D Graves Jr., Nate McDaniel
Price: $300,000 | Price per Site: $8,824 | Cap Rate: 1.09% | # Sites: 34 | 4.53 Acres
Opportunity to Renovate 23 Park Owned Homes
Ability to Infill 6 Vacant Lots
Price Per Pad
Growth of Steel Industry
21444 Vista Caballero, Perris, CA - Broker: Jon Emrani
Price: $444,000 | Price per Site: $222,000 | Cap Rate: 10.01% | # Sites: 2 | 0.41 Acres
10% Cap Rate and 7.40 GRM
Front Mobile Home Measures Approximately 24' x 60' = 1,440 s. f.
Back Mobile Home Measures Approximately 12' x 48' = 576 s. f.
2 Park Portfolio - Hardin MT, Hardin, MT - Broker: Glenn D. Esterson
Price: $1,500,000 | Price per Site: $35,714 | Cap Rate: 8.70% | # Sites: 42 | 5.08 Acres
Public water/sewer
12% CAP Rate DAY 1
17%+ cash on cash DAY 1
Waterside MHP, Ironton OH - Broker: Glenn D. Esterson
Price: $695,000 | Price per Site: $9,653 | Cap Rate: 5.20% | # Sites: 72 | 5.08 Acres
Public, direct billed utilities
Seller Financing Available
All tenants are tenant owned homes.
Sunrise Mobile Home Park, Hemet CA - Broker: Douglas McCauley, David Covarrubias
Price: $3,495,000 | Price per Site: $77,667 | Cap Rate: 6.25% | # Sites: 45 | 3.31 Acres
6.25% Current Capitalization Rate
Excellent Location | One Mile East of Downtown Hemet
Lot Size 3.31 Acres
Upgraded Gas & Electricity and Directly Billed to Residents
Sub-Metered for Water, Sewer & Trash
On-site Laundry | Swimming Pool | Clubhouse
Population Over 167,000 Within a Five-Mile Radius
Average Household Income in Excess of $70,000 Within a Five-Mile Radius
4 Park Portfolio - SC, St. Moore SC - Broker: Dylan Hellberg, Glenn D. Esterson
3.31 Acres
All parks on public water billed directly to tenants.
88% occupancy
Below market rents
3 Park Portfolio - NC, Ellenboro NC - Broker: Dylan Hellberg, Glenn D. Esterson
77.16 Acres
All parks on public water billed directly to tenants.
88% occupancy
Below market rents
$1 Auction - Memphis Mobile Home Park | 31 Units, Memphis TN - Broker: Phillip Kates, Adam Sklaver
ABSOLUTE $1 AUCTION | Haven Hill Mobile Home Park | AUCTION SEPTEMBER 26-28, 2023
31-Site Mobile Home Community Positioned Minutes from Memphis International Airport
Upside and Value-Add Potential Through Lease Up or Strategic Redevelopment
Zoned RU-3, Residential Urban with Permitted Uses including Single Family, Multifamily, Manufactured Home, and others.
Immediate Access to Major Transportation Arteries (I-55, I-69, I-240) and Employment Drivers (Fed-Ex, Airport)
±190,427 Individuals with an Average Household Income of ±$53,543 in 2023 (5-Mile Radius)
Highly accessible location just ten minutes from downtown, five minutes from Fedex Ground, and eight minutes from Memphis Airport and FedEx World Hub
Rocky Crest Mobile Home Park, Susanville, CA - Broker: Dustin B. Wilmer, Douglas A. Danny
Price: $900,000 | Price per Site: $42,857 | Cap Rate: 8.60% | # Sites: 21 | 5.70 Acres
20 MH Sites & 1 Cabin in a Picturesque Setting
3 Park Owned MH's & 1 Custom Built Tiny Home Included in Sale
City Water & Septic Served
Direct Billed Electric
Potential to Purchase as a Two-Park 50+ Site Portfolio
Lynchburg Estates, Lynchburg, VA - Broker: Glenn D. Esterson
Price: $5,400,000 | Price per Site: $59,341 | Cap Rate: 4.70% | # Sites: 91 | 47.40 Acres
Cash Flowing Upon Entry
25%+ Local Population Growth
74% Occupancy
Morgantown Hills, Smithfield, PA - Broker of Record: Sean Beuche
Price: $2,400,000 | Price per Site: $38,095 | Cap Rate: 4.70% | # Sites: 63 | 13.90 Acres
Value-Add MHC
Upside In Occupancy & Rents
Stabile Existing Tenant Base
Hideaway Hills, Gibsonton, FL - Broker: Jonathon McClellan, Kyle Baskin, Connor Outcalt, Michael DiCillo Jr.
Price: $5,030,000 | Price per Site: $88,246 | Cap Rate: 5.45% | # Sites: 57 | 14.51 Acres
Opportunity to Acquire 57 Sites
40 RV, 14 MH, Three Cottages
98 Percent Occupied (One Vacant RV)
Serviced by Public Water and Sewer That is Not Sub-metered.
Population Greater Than 900,000 Within a 15 Mile Radius
20 Minutes South of Tampa and 45 Minutes East of St. Petersburg
Sunset at the Lake Mobile Village, Frostproof, FL - Broker: Sebastian Harris, Ned Roberts CCIM, Jason Hague
Price: $885,000 | Price per Site: $73,750 | Cap Rate: 6.97% | # Sites: 12 | 1.84 Acres
15-space manufactured housing community in Frostproof, FL (Lakeland MSA)
Located in Polk County, the fastest growing county in FL, and the 7th fastest growing county in the USA.
Nine park-owned homes with seven lot-rent spaces
Significantly under market lot rents based on JLT report.
Well water and septic system in-place.
Majority month-to-month leases allowing for rapid value-add.
Beautiful lakefront location
Less than five miles to Sunrise at the Lake MH/RV Park
Sunrise at the Lake Mobile Home RV Park, Frostproof, FL - Broker: Sebastian Harris
Price: $900,000 | Price per Site: $40,909 | Cap Rate: 6.21% | # Sites: 22| 1.57 Acres
22-space manufactured housing community in Frostproof, FL (Lakeland MSA)
Located in Polk County, the fastest growing county in FL, and the 7th fastest growing county in the USA.
55+ community, with 20 lot-rent spaces and two park-owned homes.
Significantly under market lot rents based on JLT report.
Municipal water and sewer, with sub-metering in-place
Majority month-to-month leases allowing for rapid value-add.
Approximate 10% in-place loss-to-lease
Beautiful lakefront location
Tumbleweed Estate, Midland, TX - Broker: Matt Wagner, Hudson Silverman
Price: $545,000 | Price per Site: $38,929 | Cap Rate: 8.94% | # Sites: 14 | 2.00 Acres
Stabilized Asset
Well & Septic
Under Market Rents
Tenant Owned Homes
Modern Trailer Park, Rosenberg, TX - Broker: Matt Wagner
Price: $1,150,000 | Price per Site: $76,667 | Cap Rate: 10.03% | # Sites: 15 | 1.89 Acres
Stabilized Asset |100% Occupancy
City Utilities
1,200-Square-Foot House
Retail Pad
Silver Crown Mobile Home Park, Sun Valley, NV - Broker: Dustin B. Wilmer, Douglas Danny
Price: $2,400,000 | Price per Site: $80,000 | Cap Rate: 5.33% | # Sites: 30 | 3.84 Acres
30 MH Sites
City Water & City Sewer
Direct-Billed Gas & Electric
American Campground MH & RV Park, Del Rio TX - Broker: Dustin B. Wilmer, Douglas Danny
Price: $2,950,000 | Price per Site: $22,348 | Cap Rate: 7.81% | # Sites: 132 | 82.25 Acres
Largest MH & RV Park on Highway 90
78 RV Site | 45 MH Sites | 9 Basic Cabins | 4 Deluxe Cabins
~90 Acres of Land
Seller has made significant upgrades.
Sub-Metered & Direct-Billed Electric
Shade Tree Village MHP, Reno, NV - Broker: Douglas Danny, Dustin B. Wilmer
Price: $7,400,000 | Price per Site: $119,355 | Cap Rate: 5.16% | # Sites: 62 | 5.04 Acres
61 MH/RV Sites | 1 SFR
City Water & Sewer
High Demand Reno Location with 100% Historical Occupancy
Willow Tree Village, Bay City, MI - Broker: Chase Gilewski, Chris Futo, Jordan Migdal
# Sites: 83 | 16.16 Acres
Below Market Rent
City Water and Sewer
On Site Office and Maintenance
Infill and Expansion Opportunity
Many Newer Homes
Low Turnover
Wayside MHP, Buffalo, NY - Broker: Glenn D. Esterson
# Sites: 64 | 3.70 Acres
This stable asset also has easily achievable upside.
The parks lot rent and home rents are below market compared to the current market rent set at $450-$500 according to the JLT rent survey.
The park should qualify for agency financing should an investor look to go that route with it.
Lakeside Mobile Court, Flint MI - Broker: Chase Gilewski, Chris Futo
Price: $2,300,000 | Price per Site: $31,944 | Cap Rate: 7.67% | # Sites: 72 | 7 Acres
Stabilized
Public Utilities
Waterfront
Majority Tenant Owned Homes
On-Site Management
Lake Stevens MHP, Lake Stevens, WA - Broker: RJ Vara, Jonathan Bench, Price: $4,500,000 | Price per Site: $236,842 | Cap Rate: 5.04% | # Sites: 19 | 1.81 Acres
All Ages Community
Public Utilities
Paved Roads
Prime Location Next to Davies Beach
Close To All Local Amenities
Boswoods Estates MHC, Boswell, PA - Broker: Sean Beuche
Price: $1,175,000 | Price per Site: $51,087 | # Sites: 23 | 66.62 Acres
High Quality Value-Add MHC
Directly Billed Utilities (W/S/T/E/C)
Mostly Newer POH
Aj Wesley St Mobile Home Park, Gastonia, NC - Broker: Tim Gregg, Kevin R. Smith, Sr.
Price: $1,500,000 | Price per Site: $107,143 | Cap Rate: 9.38% | # Sites: 14 | 2.64 Acres
Located in Gastonia, NC, one of Charlotte's fastest growing submarkets.
Close proximity and commuting time to the Airport, new Amazon distribution center, Uptown Charlotte, Lake Wylie, Crowder's Mountain, schools, and interstates.
Opportunity with rent growth to raise rental rates.
Strong existing cash flow
Turn-key community that has been well maintained.
Low maintenance and repair structure
Aj Wesley St Mobile Home Park, Gastonia, NC - Broker: Tim Gregg, Kevin R. Smith, Sr.
Price: $1,500,000 | Price per Site: $107,143 | Cap Rate: 9.38% | # Sites: 14 | 2.64 Acres
Located in Gastonia, NC, one of Charlotte's fastest growing submarkets.
Close proximity and commuting time to the Airport, new Amazon distribution center, Uptown Charlotte, Lake Wylie, Crowder's Mountain, schools, and interstates.
Opportunity with rent growth to raise rental rates.
Strong existing cash flow
Turn-key community that has been well maintained.
Low maintenance and repair structure
Cypress Point MHP, Toledo OH - Broker: Glenn D. Esterson
Price: $4,750,000 | Price per Site: $17,857 | Cap Rate: 9.00% | # Sites: 266 | 26.60 Acres
Huge Upside Potential Through Infill
Includes 28 Brand New POH – 2022, 16x70 models.
20 Vacant Park Owned Homes (inc. 8 New VPOH)
Brandon Farm MHP,Taylorsville, GA - Broker: Dylan Hellberg, Glenn D. Esterson
Price: $695,000 | Price per Site: $40,882 | Cap Rate: 7.60% | # Sites: 17 | 5.86 Acres
94% Occupancy
Rents significantly below market
Average 2-bedroom apartment rent in Bartow County $1,550
Yale
Trophy MHC Portfolio, Portland, ME - Broker: Harrison Bell
# Sites: 350-400 | 75-100 Acres
Rare Institutional Sized Deal
Severe Lack of Affordable Housing in the Market
Excellent Location and No Deferred Maintenance
100% Occupied and Tenant Owned Homes
City Utilities and Very Low OpEx Ratio
Greater Indianapolis MHC, Greater Indianapolis IN MSA - Broker: James McCaughan
Price: $3,500,000 | Price per Site: $35,000 - $46,650 | Cap Rate: 6.73% | # Sites: 75-100 | 10+ Acres
98% occupancy with room to increase rents by as much as 50% to reach market levels.
Municipal water and sewer are sub-metered and billed back to tenants for 90%+ recapture rate.
Recently installed PVC water lines are in excellent condition.
Community is located in the dynamic and growing Indianapolis MSA, capital and largest city of business-friendly Indiana.
Employment in the immediate vicinity includes auto parts/bodies manufacturers, a GM transmission plant, plastic molding, and food service.
Tampa Bay MHC, Tampa Bay FL MSA - Broker: James Cook
Price: $3,500,000 | Price per Site: $57,100 - $85,650 | Cap Rate: 6.77% | # Sites: 50+/- | 7.5+ Acres
POH income on 62% of the units and LTO on 20%
8% cap as a POH rental or 6.4% as a lot rent model selling off the POH
Minutes to two major interstate on/off ramps and major grocers
Owned and operated by a national owner, with in place management.
Well water and completely redone septic system.
Madison Two MHC Portfolio, Madison WI MSA - Broker: James McCaughan
Price: $5,250,000 | Price per Site: $46,150 - $69,200 | Cap Rate: 6.84% | # Sites: 50 - 75 | 7.5+ Acres
Portfolio centered on rapid-growth Madison, WI, state capital and second largest city in the state, with a median SFH price of $365k and 3/2 rents in approximately the $2,000- $3,000 range.
Primary asset is 98% occupied for 92% overall occupancy.
Significant upside in rent, infill, and converting home renters to ownership.
Portfolio’s location in Wisconsin capital anchored by permanent public employers (government services, higher education, healthcare) and diverse array of private employers (software, insurance, biotech, manufacturing) ensure demographic and rent growth for years to come.
MHC PORTFOLIO, Central U.S. Region - Broker: Ken Schefler
Price: $9,960,000 | Price per Site: $21,700 - $24,750 | Cap Rate: 8.28% | # Sites: 350 - 400 | 100+ Acres
Institutional Scale - Over 350 sites offered at above an 8 cap rate.
Value Add Opportunity - Occupancy across portfolio is 80%, allowing for upside but without heavy value add headaches.
Ideal Unit Mix - RV resort has historical 99% occupancy with seasonal sites. Of the occupied units in the MH communities, 70% are tenant owned homes.
Strong Infrastructure - Most of the properties have city utilities and bill back already in place.
Easy Bolt On - Several properties are adjacent to Rapid City, SD and Lincoln, NE allowing for management efficiencies for owners already in these markets.
MHC PORTFOLIO, Colombus-Lima OH Region - Broker: James McCaughan
# Sites: 100+ | 25+ Acres
Unique waterfront manufactured housing community provides direct access to Indian Lake, one of Ohio’s largest lakes and a premier regional recreation destination.
100% occupied, 100% tenant-owned homes, 100% collections on market rents.
Residents’ equity in homes is substantial, with resale value of homes starting in the six figures and reaching as high as $230,000 for a recent sale, translating to a truly invested tenant base.
Assumable agency debt placed on the property in early 2022 at ultra-low interest rate of 3.3% with 3.5 years of interest-only payments and 8.5 years of 10-year term remaining can be augmented with supplemental agency debt.
Current owners have invested ~$750K in improving the community, adding water meters, repaving roads, installing a pickleball court, and adding a picnic and barbeque area.
Upper Midwest MHC Portfolio - Broker: Ken Schefler
Price: $29,000,000 | Price per Site: $52,750 - $58,300 | Cap Rate: 5.43% | # Sites: 475-525 | 100+ Acres
Institutional Scale - Over 500 Sites for immediate scale into business friendly a business-friendly state in the Upper Midwest
Fully Stabilized - There is 95% occupancy across the portfolio with almost no capital investment required.
Ideal Tenant Mix – 90% of the homes are tenant owned.
High-Quality on-Site Management - Portfolio already has high-quality on-site managers for all properties with several years of experience.
Strong Infrastructure - All properties are on municipal utilities with services already billed back to tenants.
MHC, St. Louis MSA - Broker: Ken Schefler
Price: $2,200,000 | Price per Site: $11,150 - $16,750 | Cap Rate: 5.90% | # Sites: 125+ | 15+ Acres
Competitively Priced – The community is being offered for around $15k/site and $25k/occupied site,
after removing discounted LTO balances from the purchase price.
Value Add Opportunity – Occupancy is at 60%, allowing incredible upside to an operator capable of sourcing inventory.
Centrally Located – The property is in the heart of the Saint Louis MSA, with the Gateway Arch even visible from the community entrance.
Ideal Unit Mix – All occupied homes are either tenant owned or on a lease-to-own contract. There are no rentals.
Strong Infrastructure – The community is on city water and sewer, with submetering and bill back already in place, allowing for minimal management headaches.
MHC, Buffalo-Niagara Falls, NY MSA - Broker: Harrison Bell
Price: $6,100,000 | Price per Site: $35,800 - $53,700 | Cap Rate: 6.46% | # Sites: 125+ | 20+ Acres
Direct Billed City Utilities
High Quality Community Ready for Long-Term Agency Debt
Roughly 90% Occupied
New POH Inventory Worth $80k+ Per Home
MHC Portfolio, Bay Area California - Broker: Chad Ledy
Price: $45,000,000 | Price per Site: $224,500 - $299,350 | Cap Rate: 6.80% | # Sites: 150-200 | 10-15 Acres
Rare opportunity to purchase a Bay Area portfolio.
Great location, ~30-mile drive to downtown San Francisco
Insatiable local affordable housing demand
All properties within 5-mile radius
Expansion opportunity and flexible operational up-side
MH Community, Greenville - Anderson - Mauldin, SC MSA - Broker: Charles Castellano
Price: $2,500,000 | Price per Site: $31,600 - $47,400 | Cap Rate: 6.16% | # Sites: 50-75 | 20+ Acres
Located Near Major Employers
Below Market Rents and Infill Opportunity
Municipal Water and Sewer
Double Digit Cash on Cash
$250,000+ Single Family Median Homes Sales Price
MH Community, Omaha-Council Bluffs MSA - Broker: Ken Schefler
Price: 3,000,000 | Price per Site: $38,000 - $57,000 | Cap Rate: 5.87% | # Sites: 50-75 | 30+ Acres
VALUE ADD OPPORTUNITY – Rents are $200-$300 below market levels. Additional meters can be installed to fully meter for water.
CENTRALLY LOCATED – Only 30 min from downtown Omaha, an MSA with almost 1M residents.
IDEAL UNIT MIX – 93% of the sites are occupied and there is no park owned homes.
STRONG INFRASTRUCTURE – Municipal water and sewer.
MH Community, Eastern PA - Broker: Harrison Bell
Price: $8,000,000 | Price per Site: $51,650 - $77,500 | Cap Rate: 4.75% | # Sites: 125+ | 150+ Acres
Agency Quality Community
20% Below Market Rents
90% Tenant Owned Homes
15% Vacancy in Market with Less than 5% Vacancy
MHC, Miami FL - Broker: James Cook
Price: $20,000,000 | Price per Site: $133,350 - $200,000 | Cap Rate: 4.8% | # Sites: 100-150 | 8+ Acres
Rare opportunity to acquire an urban-infill MHC in Miami
Massive Upside via up to 1,200 MF unit underlying zoning
15 Minutes to Nearly All of Miami
Dually zoned and can be converted to an RV park, rates ranging from $100-200 per night and Year-round demand driving 70-80% occupancy.
Brand new water system, $1.25m to replace septic lines and connect to public sewer.
MHC, St. George UT MSA - Broker: Brian McDonald
Price: $8,900,000 | Price per Site: $37,000 - $49,350 | # Sites: 125+ | 20+ Acres
125 +/- sites with 34 more approved in a market with $500,000+ home prices
Third largest park in St. George/Southern UT with 21 new POH included in sale.
Bedroom community to one of the fastest growing MSA’s in the U.S
Flexible seller willing to finance chattel or structure creative partnership.
Five miles south of Red Rock/Zions National Park type recreation
Value-add opportunity through effective management and rule enforcement.
MHC PORTFOLIO, Tampa - Crystal River, FL Region - Broker: James Cook
Price: $9,400,000 | Price per Site: $75,000 - $93,750 | Cap Rate: 5.04% | # Sites: 100-125 | 14+ Acres
2 Senior MHC’s Within 25 Minutes Of Each Other
Majority of Sites Feature Double Wides
All Sites Are Connected to Municipal Water & 2/3rds Connected to Muni. Sewer
15-20% Below Market Rents
Located In the Greater Tampa Bay MSA, 7th Hottest Metro Nationwide
MHC, St. George UT MSA - Broker: Brian McDonald
Price: $8,300,000 | Cap Rate: | # Sites: 100+
Utilities: Municipal
MH Community, Ogden/Clearfield MSA - Broker: Brian McDonald
Price: $5,200,000 | # Sites: 40-50
MHC Portfolio, St Louis IL/MO MSA - Broker: Ken Schefler
Price: $12,300,000 | Price per Site: $160,000 - $213,350 | Cap Rate: 6% | # Sites: 425+
Two MHC Portfolio, East St Louis, IL MSA - Broker: Ken Schefler
Price: $30,000,000 | Cap Rate: 3.00% | # Sites: 300+
High Quality, Fully Stabilized
Two MHC Portfolio, East St Louis, IL MSA - Broker: Ken Schefler
Price: $6,500,000 | Cap Rate: 6.28% | # Sites: 225+
Value Add, Lease Up Opportunity
MH Community, Philadelphia, PA MSA - Broker: Harrison Bell
Price: $3,800,000 | Price per Site: $61,650 - $92,500 | Cap Rate: 5.93% | # Sites: 50+ | 5+ Acres
Predominantly Tenant Owned Homes
Strong Site Rents in the $600/month Range
Agency Quality Community
MH Community, Southern New Mexico - Broker: Max Hernandez
Price: $20,000,000 | Price per Site: $64,450 - $77,350 | Cap Rate: 4.70% | # Sites: 250-300 | 50+ Acres
Community currently has rents $100 below market.
Connected to public utilities and should be passed through to tenants.
Nice amenities, including clubhouse, pool, and playground.
Roughly one third of the homes have seller financed notes.
Agency quality community
MH Community, Washington - Broker: Chad Ledy
Price: $19,000,000 | Cap Rate: 4.50% | # Sites: 105-125
MH Community, NM Region Broker: Max Hernandez
Price: $1,800,000 | Cap Rate: 4.50% | # Sites: 40-60
Two MHC Portfolio, Chicago MSA, IL - Broker: James Cook
Price: $12,500,000 | Price per Site: $31,250 - $35,700 | # Sites: 350 - 400 | 35+ Acres
MHC Portfolio, St. Louis & Chicago MSA - Broker: Ken Schefler
Price: $5,800,000 | Price per Site: $21,400 - $26,800 | Cap Rate: 4.69% | # Sites: 200-250 | 25+ Acres
Centrally Located – Portfolio located in the St Louis MSA (pop 2.8m) and Chicago MSA (pop 9.5m)
Institutional Scale – Over 200 sites with management efficiencies across portfolio
Value Add Opportunity – Below market rents and vacant lots allow for an operator to substantially increase value. One Park is in an Opportunity Zone.
Strong Infrastructure – All properties have municipal water. 3 out of 4 have submetering and municipal sewer.
MH Community, Gainesville Metro, FL - Broker: James Cook
Price: $9,500,000 | Price per Site: $45,150 - $67,750 | Cap Rate: 5.52% | # Sites: 125-175 | 25-30 Acres
30-minute commute to two mid-size metros and the Gainesville FL metro
Nice amenities, including a Clubhouse, pool, and large spaces that can fit DW’s.
Ownership turned around and leased up the property in the last 4 years, 60% still park owned.
Hybrid Community, Greater Seattle MSA - Broker: Chad Ledy
Price: $2,600,000 | Cap Rate: 6.90% | # Sites: 50
MH COMMUNITY, St Louis, MO MSA - Broker: Ken Schefler
Price: $5,250,000 | Cap Rate: 4.10% | # Sites: 100+
MHC PORTFOLIO, St Louis, MO MSA - Broker: Ken Schefler
Price: $7,500,000 | Cap Rate: 4.1% | # Sites: 125+
Six MHC Portfolio, Greater Houston MSA - Broker: Dana Smith
Price: $30,500,000 | Cap Rate: 5.31% | Price per Site: $88,900 - $106,700 | # Sites: 250 - 300
5 communities all within a ~70-mile radius all in the Houston MSA providing ease for economies of scale and bolt on properties.
Below market rents in a very high demand market.
Low R&M costs, and a manager in place to manage all 5 properties.
Major value in privately owned utility system with rate order allowing rights to distribute water to be bought wholesale sold retail. Municipal utilities throughout portfolio
Low percentage of POH
MH Community, Kern County - Broker: Dan Cook
Price: $28,000,000 | Cap Rate: 5% | # Sites: 300
MH Community, Spokane County, Washington - Broker: Chad Levy
Price: $2,850,000 | Cap Rate: 4.50% | # Sites: 50-80
MH Community, Los Angeles County - Broker: Dan Cook
Price: $8,400,000 | # Sites: 50-75 | Cap Rate: 4.50%
CBRE
NAI Iowa
Sunstone
Maple Leaf and Leaning Oaks, Houston TX - Broker: Casey Thom, Hudson Bird
Price: $5,510,000 | # Sites: 73
North Dakota & Minnesota MHC, (2 Park Portfolio) Ada MN - Broker: Tony Houchin
Price: $890,000 | Price per Site: $11,410 | # Sites: 78
Value creation by filling sites
Below market lot rents
Hub City MHP, Alice TX - Broker: Tony Houchin
Price: $1,500,000 | # Sites: 34
City Utilities
92% Economic Occupancy
45 Miles West of Corpus Christi
Cahaba Park West, Selma AL - Broker: Daniel Simmons, CCIM, Matthew Galofaro, CCIM
Price: $950,000 | # Sites: 200 | 59 Acres
Currently occupied by a mix of +/- 30 TOH or abandoned mobile homes in need of extensive renovation or demolition.
In addition to infill, the park is in need of capital improvements including, but not limited to, City water conversion, water line repairs, oxidation pond sewer system upgrades, tree removal and trimming, landscaping, and debris removal.
Glenwood MHC, Portage, IN - Broker: Bradley Gordon, Kolman Bubis
# Sites: 211
City water & sewer
150+ units open for community infill - Park is permitted for 211 sites, and can service both MH and RV residents
Asphalt roads
14 Acres of raw land with Highway 94 visibility included in sale.
45 Pad Houston MHP, Houston TX - Broker: Tony Houchin
Price: $2,050,000 | # Sites: 45
Located 20 minutes of downtown Houston.
93% occupied and stabilized.
Ability to add value by converting POHs to TOHs.
Lazy Lane MHC, Spring, TX - Broker: Casey Thom, Robert McBroom
# Sites: 10
96% Resident Owned Homes
Low density at 4.45 units per acre
Close Proximity to the Woodlands, I-45 and the Grand Parkway
Concrete curbs with manicured caliche roads.
15 Pad MHP - East Houston, Houston, TX - Broker: Tony Houchin
Price: $830,000 | Cap Rate: 8.22% | Price per Site: $68,256 | # Sites: 15
Opportunity to own in the Houston MSA
City water/sewer, electric, gas is all direct billed to residents.
Easy Highway Access – Sam Houston Tollway & Interstate 10
Most populated county in Texas; 3rd most populated county in US
10 Pad MHP - Cloverleaf Houston, Houston TX - Broker: Tony Houchin
Price: $560,000 | # Sites: 10 | CAP Rate: 8.3%
Opportunity to own in the Houston MSA
City water/sewer, electric, gas are all direct billed to residents.
Easy Highway Access – Sam Houston Tollway & Interstate 10
Most populated county in Texas; 3rd most populated county in US
Capstone
Grand Valley Village, Springfield, IL - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 459
Springfield Housing Authority Opportunity
Newer Home Inventory
Significant Upside in Filling Vacant Homes
Public Utilities with Opportunity to Improve Recapture
Jacksonville, IL Portfolio, Jacksonville, IL - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 395
Springfield Housing Authority Opportunity
Newer Home Inventory
Significant Upside in Filling Vacant Homes
Public Utilities
Entry Into Jacksonville Market
Close Proximity Allows for Shared Staffing
Springfield Portfolio - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 149
Springfield Housing Authority Opportunity
Newer Home Inventory
Upside In Filling Vacant Homes
Public Utilities with Opportunity to Improve Recapture
7Or Implement Trash Bill-Back
Scaled Entry into Springfield Market
Close Proximity Allows for Shared Staffing
Minnesota 3-Park Portfolio - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Price: $4,400,000 | # Sites: 124
Below-Market Rents
Upside in Filling Vacancy
Proximity to Minneapolis and Sioux Falls Markets
Opportunity to Improve Utility Recapture
Public Utilities at 2 of the Parks
Confidential Columbus, OH MHP - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 139
Direct-Billed Public Utilities
Turn-Key Asset with Operational Efficiencies
Self-Storage Facility
El Paso Portfolio, El Paso TX - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Price: $6,650,000 | # Sites: 128
Below-Market Rents
Upside in Filling Vacant Sites & Park-Owned Homes
Entry Into El Paso MSA
Close Proximity Allows for Shared Staffing
Public Water & Sewer That Are Sub metered.
Appalachia Portfolio, Kentucky, Virginia, West Virginia - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 213
Utilities Paid by Residents
Stabilized 83% Occupancy
Majority Lot Rent Only
Well Maintained Communities
Confidential Farmington Hills, MI MHP - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 231
Scaled Entry into Detroit MSA by Acquiring 231 Sites
Below-Market Lot Rents Allowing for Immediate Rental Upside
Recent Capital Improvements Including Road Repaving & Home Renovations
Substantial Upside Through Leasing Up Vacant
Park-Owned Homes
Public Water & Sewer Utilities with Opportunity to Bill-Back to Residents
Well-Maintained Community
Helena, Montana MHC - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 80
Strength and Growth of Helena Market
Pride of Ownership & Quality of Homes
Public Utilities with Opportunity to Pass Through to Residents
Below-Market Lot Rents
Stable, Long-Term Tenant Base
Illinois-Davenport Portfolio Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 346
Below-Market Rents
Upside in Filling Vacancy
Scaled Entry Into Three Metro Areas in Illinois & Iowa
Utilities Paid by Residents
Close Proximity Between Properties
Waynesville Plantation, Lumberton NC - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 242
Public, Direct-Billed Utilities
87% Occupancy
Fayetteville MHC, Fayetteville NC - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 183
Public, Direct-Billed Utilities
183% Occupancy
Sussex Manor, Seaford DE - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Price: $4,950,000 | # Sites: 96
Demand for Affordable Housing in the Immediate Area
Below-Market Rents
Upside in Filling Vacancy
Frontage Along US-13
Proximity to Salisbury MSA
Majority Resident-Owned Homes
Well-Kept Community
Michigan Portfolio, Michigan - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 222
Water, Sewer, and Trash Paid by Residents
Upside in Filling 42 Vacant Lots
Communities Located Within 2 Hours of One Another
Below-Market Rents
Albany, GA Portfolio, Albany GA - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Price: $2,350,000 | # Sites: 91
Recent Capital Improvements Totaling Over $850,000
Frontage to Us-82 With Immediate Access to the Albany, GA MSA
Immediate Upside in Filling Vacant Park-Owned Homes at Worthmoore
Below-Market Lot Rents
Shared Staffing Capabilities
Public & Direct-Billed Utilities at Worthmoore
Potential To Add 24 Additional Lots at Worthmoore
Virginia Portfolio, Blacksburg and Roanoke VA - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 338
Strong, 93% Portfolio Occupancy
25 Vacant Sites Left to Fill
Opportunity To Develop ~80 Additional Sites
Ideally Located in Two Growing Markets
Charming Curb Appeal
PA & MD Portfolio - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Scaled Entry into Region by Acquiring 986 Sites Across 14 Communities
Upside in Filling Vacancy
Below Market Rents
Shared Staffing Capabilities
More Than Half of the Communities
Feature Public Water & Sewer
Majority Resident-Owned Homes
Farmington, NM MHC, Farmington NM - Broker: Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Price: $3,000,000 | # Sites: 73
Below-Market Lot Rents
Located In the Heart of Farmington MSA
Public Water, Sewer, Trash, & Gas Utilities That Are Billed Back to Residents
Upside In Filling Vacancy
Recent Capital Improvements
North Dakota MHC Portfolio, Various Cities North Dakota - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Price: $12,500,000 | # Sites: 338
Upside In Filling Vacancy
Low Percentage of Park-Owned Homes
Public Utilities
Opportunity to Improve Utility Recapture
Oasis Mobile Home Park, Indian Springs NV - Broker: Hunter LaRocca, Kevan Enger, Ian Hilpl, Brian Hummell
Price: $2,950,000 | # Sites: 39 | 4.21+ Acres
Strong In-Place Resident Base & Tenant Waiting List
Located 30 Minutes Outside Las Vegas
Massive Demand for Affordable Housing Due to Growth In The Indian Springs Market
Below-Market Rents
Public Water & Sewer with Recapture Upside
Recent Capital Improvements Including Home Repairs, Landscaping, & Road Repaving
Sharps Mobile Home Park, Eustis FL - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 105 | 7.55+ Acres
Below Market Rents with Scheduled Rent Increases
High Growth Market
ARA Newmark
Live Oaks & Blue Oaks MHC, St. Topeka KS - Broker: Todd Fletcher, Andrew Shih, Braden Weaver & Alon Steiner
# Sites: 181
Both communities are on public utilities featuring attractive layouts with asphalt roads and shaded trees throughout.
Value-add opportunity to increase occupancy as the properties are only 56% economically occupied. Increasing occupancy by 10% would add over $84,000 in annual site rental revenue for a new owner.
Another source of upside would be to raise lot rents up to market. According to the rent comps on page 4, the average adjusted site rent for comparable properties is $445 versus $376 at the subject community. Moving all tenants up to market rent at current occupancy levels would add over $80,000 in additional site rental revenue.
The offering includes 95 park-owned homes, of which 76 are currently occupied averaging $354 for the home rent portion. The inventory consists of mainly newer homes with an average year built of 2017. Approximately 88% of the homes are 2020 or newer models.
The communities cater to a blue-collar workforce, which is thriving in the immediate area. There are several large distribution centers located within minutes of the community, along with a preschool, preliminary and intermediate school all located within a short drive. Several of Topeka’s largest employers are nearby, including a Wal-Mart distribution center, Mar’s Candy Factory with several other large industrial parks in the vicinity.
There is a tremendous amount of demand for affordable housing in this market. Within a 5-mile radius of the community, the average household income is $77,632 with average home values of $161,928. Based on the strong demographics in the area, there should be an opportunity to convert park-owned homes to tenant-owned homes.
Ponderosa MHC, Mount Vernon IN - Broker: Todd Fletcher, Andrew Shih, Braden Weaver, Alon Steiner
Price: $1,125,000 | # Sites: 29 | 23.90 Acres
We believe there is an opportunity to add sites to the existing community, but buyers will have to confirm that with the city. The community is currently licensed for 29 lots.
The community is serviced by public utilities and features an attractive layout with off-street parking and shaded trees throughout.
Most tenants are well below the $350 per month site rents. Moving all tenants to market would create $600 in additional monthly income (or $7,200 per year).
There is a strong demand for affordable housing in this market. Economic occupancy has grown 11 sites or 38% from 2022 taking overall occupancy up to 100%.
The current owner has done the heavy lifting since purchasing the community, spending $30K to resurrect approximately 6 lots and replace electronics for one of the sewage lift stations.
Strong demographics with average household incomes and home values of $94,161 and $230,464 within a 10-mile radius of the community.
Cooper Cardinal
Northview MH & RV Park, Washburn ND - Broker: Jack A. Cardinal
Price: $1,295,000 | # Sites: 56 | 10.904 Acres
Lamplighter MHP, Apache Junction, AZ - Broker: Jack A. Cardinal
Price: $4,000,000 | # Sites: 57 | 4.77 Acres
The Park is on City Water and has a Septic System with (8) Tanks and (8) Leach Fields.
Water and Gas are sub-metered and Billed Back to Tenants. Sewer and Trash are Billed Back through Flat Monthly Fees ($18.50 Sewer and $21.73 Trash)
The Gated Community has Onsite Laundry with 4 Washers/4 Dryers and the equipment is leased.
Recent Capital Improvements include new Asphalt and Road Repairs, and the purchase of a New Golf Cart (approximately $53K). Park amenities include an Onsite Office, Clubhouse, and Pool. Lamplighter has Onsite Management and is just minutes from shopping and entertainment.
Oasis at Zolfo Springs, Zolfo Springs FL - Broker: Jack A. Cardinal
Price: $2,850,000 | # Sites: 83 | 4.77 Acres
The Park is comprised of (17) Mobile Home Sites, (65) RV Sites, (1) Residential House and (28) Mini-Storage Units.
The Community is on All City Services.
Electric is Direct Billed to the Mobile Home residents.
There are (2) Park Owned Homes and there is currently no Homes under Contract for Sale.
Oasis has a Laundry Facility with 4 Washers/4 Dryers and the equipment is owned. Recent Capital Improvements include new Bridges to and around the Fishing Pond (approximately $10K), and the purchase of 12 Boxwell Storage Containers (8’ X 20’) that will be utilized as 28 separate Storage Units for residents (approximately $80K).
Park amenities include a Clubhouse with Full Kitchen, (approximately 1,500 sq ft), Restrooms/Showers, private Fishing Pond, a fully equipped Propane Station, Community Area with Fire Pits, Horseshoes, and Shuffleboard.
Oasis offers a convenient location with close proximity to schools and amenities.
Circle Oaks MHP, Fort Myers FL - Broker: Jack A. Cardinal
Price: $1,495,000 | # Sites: 16 | 0.96 Acres
Circle Oaks offers frontage along State Hwy 78 and is just steps away from US Hwy 41
Naples MHP, Naples FL - Broker: Jack A. Cardinal
Price: $1,100,000 | # Sites: 15 | 2.5 Acres
Electric is sub-metered and Billed Back to all tenants.
Sites 1 – 5 offer 60 AMP electrical service to Pedestal Units, Sites 6 – 12 offer 200 AMP electrical service to Pedestal Units, and Sites 13 – 15 offer 30 AMP electrical service to Pedestal Units.
The Community is on a Well Water and Septic System with (7) Tanks. Trash is a Flat Monthly Fee ($40)
Wildwood MHP, Wildwood FL - Broker: Jack A. Cardinal
Price: $1,600,000 | # Sites: 25 | 4.32 Acres
The Community has frontage along U.S. Highway 301 with a dedicated left-turn lane onto the Park’s private road
Tamarisk MHP, Palo Verde CA - Broker: Jack A. Cardinal
Price: $675,000 | 2.58 Acres
Hide-Away-Harbor MH & RV Park, Astatula FL - Broker: Jack A. Cardinal
Price: $4,100,000 | # Sites: 60 | 7.3 Acres
Shangri-La MHP, Saint James City FL - Broker: Jack A. Cardinal
Price: $2,195,000 | # Sites: 31 | 2.05 Acres
Other Street
Dayton Estates, Dayton OH - Broker: Enon Winkler
Price: $2,600,000 | # Sites: 95
Immediate infill upside opportunity with 32 vacant lots
Immediate rental upside, lot rents in the community are currently below-market by ~$83/m
Community serviced by city utilities
Neighboring communities are at ~88% occupancy highlighting the demand for affordable housing in the Dayton area
Owner recently implemented a utility reimbursement program in February which has helped offset water, sewer, and electric expenses.
Stevens Mill Village, Goldsboro NC - Broker: Armand Violi
Price: $675,000 | # Sites: 31
Ability to increase income by bringing RVs onto the 11 vacant sites upon electric pedestal installation.
Immediate upside with vacant POH - can be filled or converted to TOH,
Rents currently below-market by ~$50/m
Clean Park with home inventory consisting of 90s and 00s homes with 3rd party management currently in place (Eagle Properties, Inc)
Strong MSA with close proximity to Seymour Johnson Air Force Base (~11,000+ service members on site)
Wahpeton MHC, Wahpeton ND - Broker: Armand Violi
Price: $6,000,000 | # Sites: 130
Community serviced by city utilities which are billed back to tenants through Metron
Immediate infill upside with 23 vacant lots, demand has been strong in the area as evidenced by the 18 RTO homes in place.
Community in good condition with minimal repairs and maintenance needed, there is strong curb appeal and yards are well maintained.
Park-Owned Home inventory primarily consisting of homes from 2013- 2017.
Bradford Heights, Woodland, PA - Broker: Enon Winkler
# Sites: 134
Opportunity to infill a mobile home community in a rapidly growing area with a large demand for affordable housing.
Potential to develop additional sites alongside community currently in place.
Community located close in proximity to Walmart Distribution Center
Community located adjacent to I-80
Blue Hills MHP, Independence MO - Broker: Enon Winkler
Price: $1,300,000 | # Sites: 50
Seller financing is available for an experienced operator in the area
Immediate infill upside of the 15 vacant lots
Opportunity to increase rents to the market rate, home rents are currently ~$137/m below-market while home rents are ~$248/m below-market.
Strategically located within the Kansas City MSA and close to many major retailers, manufacturers, and more
Strong demand for affordable housing with neighboring communities already at 90-100% occupancy
Viking MHP, Hartford, MI - Broker: Enon Winkler
Price: $650,000 | # Sites: 22
Opportunity to acquire a stabilized community at a price below replacement cost
New owner has opportunity to increase value by selling off the park-owned home and filling the remaining vacant lots.
Community in good condition with strong curb appeal despite older homes
Community located in Van Buren County with 75,000+ residents and a strong blue-collar labor force.
Northmarq
Lakeside Estates, Umatilla, FL - Broker: Don Vedeen, Chris Mich, Jared Bosch, Paul Smith
# Sites: 118 | 18.97 Acres
Western Skies, Gallup NM - Broker: Chris Michl, Don Vedeen, Jared Bosch, Paul Smith
# Sites: 145
Red Maple Acres and Mayo’s Mobile Home Park - Broker: Ari Azarbarzin, Anthony Pino
# Sites: 255
Proven value-add story: Current lot rents are $150-$245 per month below nearby comparable.
Immediate ability to add $550,000+ additional NOI.
Infill opportunity for additional 29 sites previously approved by the Township at Red Maple Acres
Opportunity to add desirable community amenities such as BBQ/grilling stations, picnic area, dog park, and community fitness center.
Rare offering of scale in dynamic Lehigh Valley market
Market value for an entitled single family building lot in Lehigh Valley has now eclipsed $220,000, while average single-family homes prices have reached $335,000 (Lehigh Valley Association of Realtors)
Two immaculately maintained communities less than 2 miles from each other in Allentown and Trexlertown
Tenant owned homes, allowing for financing flexibility.
Public utilities (City sewer and water)
Ability to immediately capture a 26% rent premium in a supply-constrained Lehigh Valley housing market.
Management and operational efficiencies due to proximity and pad count
Surrounded by economic development and robust industrial growth.
Riverside Meadows, Vernonia, OR - Broker: Paul Smith, Don Vedeen, Chris Michl, Jared Bosch
# Sites: 37
Escondido Village, Burleson TX - Broker: Don Vedeen, Chris Michl, Jared Bosch, Paul Smith
# Sites: 74 | 15.34 Acres
River Park Trailer Court, Greeley, CO - Broker: Jeff Benson, Sam Neumark, Palmer Lloyd
Price: $1,995,000 | Price per Site: $51,154 | Cap Rate: 7.34% | # Sites: 39
City Water & City Sewer
All tenant owned homes
Cost per space is under $100K
Located under 60 miles from downtown Denver and in a prime Colorado market.
Median home values in Greeley are around $419,168.
Trousdale Estates, Ridgecrest CA - Broker: Jeff Benson, Sam Neumark, Palmer Lloyd
Price: $3,950,000 | Price per Site: $58,955 | Cap Rate: 5.35% | # Sites: 67
City Water & City Sewer
67 mobile home spaces & 58 storage units
Local economic drivers include the growth of the oil and renewable energy in the area, as well as the Naval Air Weapons Stations (NAWS)
Dimond Estates, Anchorage, AK - Broker: Don Vedeen, Jared Bosch, Chris Mich
# Sites: 522
Shadow Valley, Bixby, OK - Broker: Don Vedeen, Jared Bosch, Chris Michl, Paul Smith
# Sites: 171 | 21.13 Acres
Verde Ranch Estates, Camp Verde, AZ - Broker: Don Vedeen, Jared Bosch, Chris Michl, Paul Smith
# Sites: 253 | 107.26 Acres
2022 MHI Community of the Year - West
Institutional quality asset with the opportunity to expand community to 400+ home lots.
253 completed home lots, with 127 current residents, including 15 leased homes.
30 inventory homes ready for sale/lease, plus 4 model homes
Next phase of 105 lots already graded, needs extension of roads and utilities.
Construction began 2019, first homes sold in late 2020.
Located in an Opportunity Zone
Beautiful and spacious two- and three-bedroom floorplans ranging from 920-1,423 sf.
58 homes sold in 2022, 39 in 2021.
All resort style amenities already complete
Verde Ranch is well located in Camp Verde which is less than an hour drive to Phoenix, Sedona, Flagstaff, Prescott, and Payson
Very low new housing supply in the Verde Valley
Brookside Mobile Home Park, Bishop, CA - Broker: Jeff Benson, Sam Neumark, Palmer Lloyd
Price: $3,450,000 | Price per Site: $76,667 | Cap Rate: 5.02% | # Sites: 45
A buyer will be able to bring rents to market by issuing a rent increase upon ownership.
The year 1 cap rate is 5.76%.
The price per pad is $76,667
The park location is at the foot of Mammoth Mountain, a world class skiing and recreation area that attracts over 4 million visitors annually. Many residents of Bishop commute to the surrounding ski areas.
California has consistently ranked as one of the nation's hottest housing markets and continues to demonstrate year-over-year growth.
Del Ray II, Longview, WA - Broker: Jennifer Stein Real Estate, Inc (Jennifer Stein), Out of State Cooperating Brokers | National Manufactured Housing Group, Jeff Benson, Jeff Benson, Palmer Lloyd
Price: $18,250,000 | Price per Site: $160,088 | Cap Rate: 5.64% | # Sites: 114
Potential amenity adds include a community BBQ area and a dog park.
The current cap rate is 5.64%
The price per pad is $160,088
Park is adjacent to a 60-acre park featuring baseball, softball, and soccer fields.
Park is serviced by city services.
Washington has consistently ranked as one of the nation's hottest housing markets and continues to demonstrate year-over-year growth
Alvin MHP Development, Alvin, TX - Broker: Don Vedeen, Jared Bosch, Chris Michl
# Sites: 365 | 74.04 Acres
Northgate Mobile Home Park, Odessa, Texas - Broker: Jeff Benson, Sam Neumark, Palmer Lloyd
Price: $2,150,000 | Price per Site: $47,778 | Cap Rate: 5.27% | # Sites: 45
Year 1 projected cap rate of 5.84%.
All tenant-owned homes.
Park is serviced by a blend of city water & well, and a septic system.
Local economic drivers include the growth of the oil & gas industry in the area, as the city is located in the Permian Basin which is one of the largest oil-producing regions in the country.
Big Spring Terrace Mobile Home Park, Newville, PA - Broker: Ari Azarbarzin, Anthony Pino
# Sites: 159 | 94.09 Acres
Current lot rents fall between $150-$250 per month below nearby comparable.
Utilities are currently not being billed back to residents, offering the opportunity to capture untapped revenue streams.
Immediate ability to add $300,000 + additional NOI.
Additional 35 acres of developable land zoned for MHP.
Low density Community with just over 2.5 homes per acre
Opportunity to add desirable community amenities such as BBQ/grilling stations, picnic area, dog park, and community fitness center.
Rare offering of scale in Southern Pennsylvania and 40 minutes from the state capital of Harrisburg
First sale of the asset in 23 years
Immaculately maintained community in serene Newville
Almost exclusively comprised of tenant-owned homes (TOH) allowing for a wide array of available financing solutions
The community features city sewer, well water, streetlights, a basketball court, on-site management office, and an enclosed parking lot for recreational and other vehicles
Current ownership recently invested in capital improvements such as repaving roadways so that the next investor can focus on generating returns.
Limited competition in the immediate vicinity
Rio Vista MHP, Lothian, MD - Broker: Don Vedeen, Jared Bosch, Chris Michl
# Sites: 50
50-site mobile home investment opportunity near the Washington D.C. MSA
100% occupied with strong in-place cash-flow operations.
Opportunity to raise rents as current rents as Rio Vista's lot rents are ±$200 below submarket average.
Opportunity to install on-site storage units for rent and charge an estimated $50-$75/month (quote available in document vault)
Clean and well-maintained community
Property features a new septic system that was installed in 2020.
Strong submarket dynamics located within an affluent suburb in Maryland.
Anne Arundel county is ranked #1 best county for young professionals in the state of Maryland (niche.com)
Proximate to major economic drivers including Fort Meade, Northrop Grumman, National Harbor, and Annapolis Naval Academy
Nearby several local restaurant and retailers
Conveniently nestled between major MSA's including Washington D.C., Annapolis, and Chespeake Bay
Rosewood Manor, Hoquiam, WA - Broker: Don Vedeen, Jared Bosch, Chris Michl, Paul Smith
# Sites: 46 | 10.80 Acres
Located on Gray’s Harbor, splitting the southern half of Washington’s Pacific coast with the northern Olympic Peninsula
Asset features city utilities with tenant reimbursements for water/sewer in place
100% Tenant owned home community with pride of ownership.
Hoquiam WA Median home sale price $300K, up 36% YOY
Ability to add additional 13 sites, permit was previously granted by city.