MHC Listing Rundown 3/07/2023
“The magic thing about home is that it feels good to leave, and it feels even better to come back.” – Anonymous
Colliers
Cherrydon Mobile Home Community, Titusville, FL - Brokers: Mike Nissley, David Nissley
Price: $5,800,000 | Price per Site: $105,455 | # Sites: 55 | 5.77 Acres
Public Utilities
100% Occupied | Below Market Rents
Direct access to U.S. 1 and 3 miles to I-95
Age-restricted manufactured housing community in Southeast Florida along the Atlantic coast just minutes from the Kennedy Space Center, Cape Canaveral.
Michigan MHC Portfolio, Warren, MI - Brokers: Mike Nissley, Richard Knapp
Price: $6,750,000 | Price per Site: $16,226 | # Sites: 416 | 33 Acres
Public Utilities
Significant Occupancy Upside
Significant Revenue Upside
Wisely Commercial Realty
Maplewood Village MHC, Plymouth, IN - Brokers: Adam McNeil
Price: $1,500,000 | Price per Site: $37,500 | # Sites: 40 | 4.6 Acres
City Water & City Sewer
Located near a Super Wal-Mart
Community Lot Rent is $80 under Comps
Primarily Tenant Owned Community
Converse MHC, Converse IN - Broker: Adam McNeil
Price: $715,000 | Price Per Site: $16,667 | 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.
Meadows Ohio MHC, Canton, Ohio - Broker: Adam McNeil
Price: $2,350,000 | Price per Site: $39,831 | Cap Rate: 7.7% | # Sites: 59 | 4.6 Acres
Stable Community with Upside Potential
Well Water & City Sewer
Great mix of mobile home sites and storage units
Woodberry MHC, Laporte, IN - Broker: Adam McNeil
Price: $490,000 | Price per Site: $10,000 | # Sites: 49 | 11 Acres
REO, Seller recently foreclosed on the Note.
Blank slate for a new operator to come in and turn the community around.
Great location in NW Indiana
Chestnut Lane, New Richmond, OH - Broker: Adam McNeil
Price: $640,000 | Cap Rate: 8.3% | # Sites: 10 | 10 Acres
Stable Community with great cash flow
All units are fully occupied.
Quiet country setting
Strong demand for housing the area.
Spring Valley MHC, Martinsville, IN - Broker: Adam McNeil
Price: $2,900,000 | Price per Site: $37,662 | Cap Rate: 8.7% | # Sites: 77 | 12 Acres
Stable Community with Opportunity to Raise Rents
City Water & City Sewer, Opportunity to submeter the Water & Sewer
Strong Demand for Housing in the immediate area
337 MHC, Orleans, IN - Broker: Adam McNeil
Price: $2,900,000 | Price per Site: $37,662 | Cap Rate: 8.7% | # Sites: 77 | 12 Acres
Stable Community with upside increasing rents.
City Water & City Sewer
16 2021 Built Tiny Homes Included
Located approximately 40 Miles from Bloomington, IN
Marcus & Millichap
Boulevard Pines Mobile Home & RV Park, Boulevard, CA - Broker: Dustin B. Wilmer & Douglas Danny
Price: $1,995,000 | Price per Site: $99,750 | Cap Rate: 5.22% | # Sites: 20 | 3.53 Acres
55+ Community in San Diego County
100% Occupied | 10 MH Sites | 10 RV Sites
Sub-Metered for Water & Electric
Garnet Rock Oceanside Resort, Powell River, BC V8A 4Z2 - Broker: Patrick McEvay, James Blair, Adam Herman
Price: $4,999,000 | Price per Site: $96,135 | Cap Rate: 4.49% | # Sites: 52 | 5.42 Acres
9.6 acres of land in the growing City of Powell River
The park has lots of potential with the ability to add value over time by increasing rents upon turnover and adding additional pads by increasing the current power input.
Running Root Estates, Maysville, NC - Broker: Jack Hendrix, Bemjamin Yelm
Price: $2,500,000 | Price per Site: $125,000 | Cap Rate: 7% | # Sites: 20 | 22 Acres
1 All Doublewides
2 ½ to 2 acre lots
3 $1,047 average rents
4 City Utilities and water direct billed to tenants.
Saffari Trailer Park, Yuma AZ - Broker: Dustin B. Wilmer, Douglas Danny, Ryan Sarbinoff
Price: $700,000 | Price per Site: $35,000 | Cap Rate: 7.58% | # Sites: 20 | 39.22 Acres
20 MH/RV Sites | 1 Office
1 DW Manufactured Home Included in Sale
City Water & Sewer
Direct-Billed Gas & Electric
City of Yuma Provides Free Trash Pick-Up
Melody Lane & Mountain View Mobile Home Park, Yucaipa, CA - Broker: Douglas McCauley & David Covarrubias
Price: $5,150,000 | Price per Site: $46,818 | Cap Rate: 5.19% | # Sites: 110 | 7.64 Acres
All City Services
Centrally Located Within City of Yucaipa
On-site Laundry Facility & Clubhouse
Excess Land for Parking and/or Future Development
Carriage Manor, Flint, MI - Broker: Chase Gilewski, Chris Futo
Price: $600,000 | Price per Site: $13,953 | Cap Rate: 12.99% | # Sites: 43 | 65.13 Acres
Public Utilities
Below Market Rent
On Site Manager
OK RV Park / Red Rock MHP, Holbrook, AZ - Broker: Douglas Danny & Dustin B. Wilmer
Price: $4,200,000 | Price per Site: $27,451 | Cap Rate: 7.95% | # Sites: 153 | 17.58 Acres
81 RV Site | 72 MH Sites
City Water & Sewer
Direct Billed Gas & Electric to MH Sites
Amberwood Mobile Home Park, Cottonwood, CA - Broker: Dustin B. Wilmer, Douglas Danny
Price: $1,995,000 | Price per Site: $52,500 | Cap Rate: 6.78% | # Sites: 38 | 3.84 Acres
31 MH Sites | 7 SFR
City Sewer & Well Water
100% Occupied
Pine Meadows Community, Heber Springs, AR - Broker: Dylan Hellberg, Glenn D. Esterson
Price: $620,000 | Price per Site: $20,000 | Cap Rate: 6.50% | # Sites: 31 | 17.85 Acres
Public water billed directly to tenants.
Achievable pro forma CAP rate of 14.3%
Achievable pro forma cash on cash of 23.6%
Tammany MHP, Slidell, LA - Broker: Daniel Cosgrove, Patrick Cosgrove, & Chris Shaheen
# Sites: 213 | 34.84 Acres
$85,000 Spent in capital improvements in the past 36 months upgrading and Resurfacing asphalt.
28 Park owned homes that are all 2016 models.
120 Tenant owned homes with an average age of 22 years old.
Fair Park Estates, Harlingen, TX - Broker: Glenn D. Esterson, Dylan Hellberg, Trey Green & Tim Speck
Price: $1,950,000 | Price per Site: $28,676 | Cap Rate: 7% | # Sites: 68 | 3.19 Acres
Public water/sewer
Opportunity to infill 13 vacant lots.
All roads maintained by park are newly paved.
Oakhaven Mobile Home Park, Janesville, CA - Broker: Dustin B. Wilmer & Douglas Danny
Price: $600,000 | Price per Site: $50,000 | Cap Rate: 6.47% | # Sites: 12 | 6.27 Acres
Potential for 9 Additional Sites
Significant Recent Improvements
Seller-Financed
Patriot Pine Estates, Fayetteville, NC - Broker: Scott Bell & Nate McDaniel
# Sites: 16 | 4.36 Acres
Convenient to Major Interstate 95 and Downtown Fayetteville.
Upside Potential Through Rent Growth and Modernizing Units to Capture Renter Demand for Units near Downtown Fayetteville.
Convenient Locations with Easy Accessibility to Major Employers, Retail Corridors, Highways and Schools
Recently Renovated Interiors and Exteriors, with 9 of the 16 units 2020 or newer and the 10th unit renovated 2021.
8345 Trout Ave MHP, Kings Beach - Broker: Cole Simpson, Adam Levin, Robert Johnston
Price: $5,250,000 | Price per Site: $51,563 | Cap Rate: 8% | # Sites: 16 | 16.38 Acres
Exceptional Mobile Home Community Investment Opportunity -Investors have the opportunity to acquire a well-situated asset along the northern shores of Lake Tahoe in Kings Beach, California
Zoned MU-MTC - The two parcels that 8345 Trout Ave is situated on is zoned "Mixed-Use Mountain Town Center", giving developers the flexibility to take advantage of the variety of uses.
Convenient Access Around the Lake - 8345 Trout Ave is also situated adjacent to North Lake Boulevard, which is the main road leading around all of Lake Tahoe, providing residents convenient passage.
Doyals MHP, Sanger, CA -Broker: Peter Alimam & Frank Rogers
Price: $825,000 | Price per Site: $437,500 | Cap Rate: 3.11% | # Sites: 12 | 0.93 Acres
Ownership of 20 ft into Kings River
Upside in Rents
1,500+/- River Frontage
Opportunity to Pass Thru Utilities
Non-Rent Controlled Market
Mountaingate Estates Mobile Home Park, Globe, AZ - Broker: Dustin B. Wilmer & Douglas Danny
Price: $3,000,000 | Price per Site: $26,786 | Cap Rate: 7.96% | # Sites: 112 | 19.53 Acres
St. Johns Estates, Saint Johns, AZ - Broker: Dustin B. Wilmer & Douglas Danny
Price: $700,000 | Price per Site: $8,333 | # Sites: 84 | 19.58 Acres
City Water & Sewer
New Asphalt Roads & Red Rock Gravel Throughout Park
2 Park Portfolio - Eastern NC, Jacksonville, NC - Broker: Glenn D. Esterson
# Sites: 88 | 25.10 Acres
Majority TOH community
Below market rents
Low-cost areas of living in high growth markets
Peet's Mobile Home Park, Joliet, IL -Broker: Brad Keppel, Ryan D. Engle. Andrean Angelov
Price: $1,440,000 | Price per Site: $45,000 | Cap Rate: 6.92% | # Sites: 32 | 4.19 Acres
One 1,400 Square-Foot Single-Family Home
Good Visibility from Chicago Street (Route 53)
Water and Sewer Individually Metered and Billed by a Third Party
Ability to Raise Rents to Market Rates
Easy Access to Interstates 80, 55 and 355
Two Miles to Train Station Serviced by Metra Commuter Rail and Amtrak
Eagle Ford Village, Dulley TX - Broker: Robert Denninger
Price: $4,550,000 | Price per Site: $103,409 | Cap Rate: 12.03% | # Sites: 44 | 8.95 Acres
21.51% Day One Cash-on-Cash Return based off the Following Loan Provided by Lender Holding Current Note: 7.5% Interest Rate, 20 Percent Down, and 20 Year Amortization
Other than 2020 (Covid), Asset Boasts Strong Positive Trajectory in Annual Collections Over the Past Four Years
Operates on City Water and Sewer
Home Amenities Include Private Bathrooms, PVR Satellite TVs, Fully Equipped Kitchens, In Home Washer/Dryer, Free High-Speed Wi-Fi, and Weekly Maid Service
Community Amenities Include 24 Hour Onsite Manager, Lounge, Meeting Room, Fitness Center, 24 Hour Security, Game Rooms, Outdoor BBQ and Picnic Area
57% of Tenants Do Not Come from Oil/Gas Industries
Palomino Plains MHC, Hobbs, NM - Broker: Skyler Henderson, Robert Denninger
Price: $3,350,000 | Price per Site: $38,068 | Cap Rate: 8.40% | # Sites: 88 | 10.91 Acres
100% Occupied Asset with Opportunity to Further Stabilize with Mobile Homes
Asset Operates on City Water and Sewer with Electricity Billed Back to Tenants
$25 per Lot Rent Increase Effective September 1st, 2022, | Will add $26,400 to the annual Gross Income at Current Occupancy
Located 7 miles from Hobbs Regional Airport and less than 100 miles from Midland International Airport
Yale Capital
MHC PORTFOLIO, Tampa - Crystal River, FL Region - Broker: James Cook
Price: $10,000,000 | Price per Site: $79,800 - $99,750 | 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
MH Community, Sarasota - St. Petersburg FL - Broker: James Cook
Price: $16,000,000 | Price per Site: $59,050 - $68,850 | Cap Rate: 3.40% | # Sites: 55+ | 3+ Acres
3-minute walk to beach, with massive rent growth potential
MH Community, Sarasota - St. Petersburg FL - Broker: James Cook
Price: $16,000,000 | Price per Site: $59,050 - $68,850 | Cap Rate: 3.40% | # Sites: 55+ | 3+ Acres
3-minute walk to beach, with massive rent growth potential
MH Community, Southern Utah MSA - Broker: Brian McDonald
Price: $7,000,000 | # Sites: 100+
MH Community, Ogden/Clearfield MSA - Broker: Brian McDonald
Price: $5,200,000 | # Sites: 50-50
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+
MHC Portfolio, Atlanta, GA MSA - Broker: Charles Castellano
Price: $10,500,000 | Price per Site: $59,050 - $68,850 | Cap Rate: 6.40% | # Sites: 150-175
Major Southeast MSA
Paved Roads and Dedicated Off-Street Parking
Below Market Rents and Utility Pass Through Opportunities
95% Tenant Owned Homes
97% Portfolio Occupancy
Two MHC Portfolio, East St Louis, IL MSA - Broker: Ken Schefler
Price: $30,000,000 | Cap Rate: 3% | # 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+
HYBRID PORTFOLIO, Ocala - Daytona - Broker: James Cook
Price: $16,000,000 | Cap Rate: 6.40% | # Sites: 300-350 | Water: Municipal
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: $19,000,000 | Price per Site: $61,100 - $73,350 | Cap Rate: 4.96% | # Sites: 250-300 | 50+ Acres
Community currently has rents $100 below market.
Connected to public utilities and should be passed through to tenants.
Nicely amenitized, 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
Significant lease-up/value add opportunity, with 40% occupancy.
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
Nicely amenitized, 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.
Two MHC Portfolio, Springfield, MO - Broker: Ken Schefler
Price: $6,250,000 | Price per Site: $33,550 - $47,000 | Cap Rate: 6.30% | # Sites: 125-175 | 20+ Acres
April T12 NOI is 312k and T12 cap rate is 5.3%, not including the laundromat or home inventory.
MH Community, Florida Region - Broker: James Cook
Price: $3,650,000 | Price per Site: $56,150 - $81,100 | Cap Rate: 4.99% | # Sites: 50+ | 5-10 Acres
Prime location on US 1
Fully redone roads and upgraded WWTP.
Increase revenue 50% per site by converting to RV.
Rapidly growing area of South Florida
Hybrid Community, Kansas City MO - Broker: Ken Schefler
Price: $9,000,000 | Price per Site: $16,550 - $18,300 | Cap Rate: 2.13% | # Sites: 475 - 525 | 70 Acres
Centrally Located – 30 min from Downtown KC and along a major highway
Next door to brand new 13k SF truck stops and 11 mi from 10k capacity motor speedway.
6 AC Self Storage Development along I-70
MHC Portfolio Los Angeles MSA - Broker: Dan Cook
Price: $10,000,000 | Price per Site: $78,400 - $130,650 | # Sites: 100 | 5 Acres
The properties are around one hour from each other.
All units are tenant owned - low maintenance costs.
Assumable Note of 7 million at 30 Years Fixed at 4%
New electrical systems installed in 2008 at Property #1 & 2018 for Property #2. Each site has a meter and is direct billed.
MH Community, St. Louis - Broker: Ken Schefler
Price: $5,250,000 | Cap Rate: 4.10% | # Sites: 100+
MH Community, 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
Hybrid MHC, Tuolumne County CA - Broker: Chad Ledy
Price: 4,000,000 | Cap Rate: 4.40% | # Sites: 75+
MH Community, Los Angeles County - Broker: Dan Cook
Price: 8,400,000 | Cap Rate: 4.50% | # Sites: 50-75
MH Community, Spokane County, Washington - Broker: Chad Levy
Price: 2,850,000 | Cap Rate: 4.50% | # Sites: 50-80
POH Community, Southern Utah Region - Broker: Brian McDonald
Price: 5,500,000 | # Sites: 40-50
CBRE
Lake Lanier Mobile Home Park, Gainesville, GA - Broker: Jason Sasser
Price: $1,500,000 | # Sites: 10
NAI Iowa
Central Des Moines Portfolio, Des Moines, IA - Broker: Dan Dempsey
Price: $1,600,000 | # Sites: 12
Great Cash Flowing Portfolio!
100% occupied. Long term tenants.
Well Maintained Units with even more upside.
Multiple properties have new roofs, newer siding, newer windows and updated mechanicals.
Tenants pay most utilities.
Tenants handle most lawn care and snow removal.
Sunstone
Emerald MHP, Macon GA - Broker: Daniel Simmons, Matthew Galofaro
Price: $3,500,000 | # Sites: 95
Paved roads
City water - master metered
64 POH's
Value-add opportunity through infill.
North Dakota & Minnesota Portfolio - Ada, MN - Broker: Tony Houchin
Price: $975,000 | # Sites: 78
Price per site of $12,500 is well below replacement cost.
Value creation by filling sites
Below market lot rents
Houston-North Shore Portfolio, Houston TX - Broker: Casey Thom & Tony Houchin
Price: $7,000,000 | # Sites: 97
Part of the rapidly growing Houston MSA
In the immediate area - Median home price $287,000 & Median 3 Bedroom Rent $1,549
Flexibility to run for cashflow or sell individual parcels.
Municipal utilities
Cahaba Park West, Selma, AL - Broker: Daniel Simmons, Matthew Galofaro
Price: $950,000 | # Sites: 200 | 59 Acres
Windhaven MHC, Shawnee, OK - Broker: Hudson Bird & Bradley Gordon
# Sites: 50
Concrete Roads
Direct Billed City Water
Value Add Opportunity through Infill
Strong Submarket of Oklahoma City with an Average Household income over $40,000
Champaign County Illinois Portfolio, Champaign, IL - Broker: Stefen Krizsa, CFA
Price: $625,000 | Price Per Site: $10,593 | # Sites: 59
Opportunity to bring rents to market over time.
~15-minute drive to downtown Champaign & easy access to Interstates 57/72
Bentwood Estates, Huffman TX - Broker: Hudson Bird
Price: $5,970,000 | Homes Sale Price: $120,000 | # Sites: 78
90% Resident Owned Homes
Stabilized Asset
Capstone
Char El Mobile Home Park, Gary IN - Broker: Hunter LaRocca, Kevan Enger, Ian Hilpl, Brian Hummell
Price: $2,900,000 | # Sites: 53 | 9+ Acres
Strategically Located in Chicago MSA
Public Utilities Billed Back to Residents
Stabilized, Turn-Key Asset
100% Lot Rent Only, Resident-Owned Homes
Three Brand-New 2023 Homes on Site
Below-Market Lot Rents
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
Seminole MHP, Tallahassee, FL - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
Price: $1,950,000 | # Sites: 44 | 9.89+ Acres
Frontage to US-90 with Immediate Access to Tallahassee
Recent Implementation of Water Meter Readers & Recapture Upside
Immediate Upside in Filling Vacant Park-Owned Homes
Recent Capital Improvements Including Road Repaving, Park-Owned Homes Repaired, & Water Submetering Project
Minneapolis MSA Portfolio, Minneapolis, MN - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 180
Public Utilities
Opportunity to Bill-Back Water to the Residents
Below-Market Lot Rents
Majority Lot Only Resident-Owned Homes
Upside in Filling Vacancy
Ohio - Michigan Portfolio, Various Cities, OH/MI - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 180
Scaled Entry into the Midwest Market by Acquiring 6 Communities Totaling 1,171 Sites
Frontage to I-75 & Direct Access to Dayton, Toledo, & Detroit
Below-Market Rents Allowing for Immediate Rental Upside
Well-Maintained Portfolio with Excellent Curb Appeal
Substantial Upside in Filling Vacant Park-Owned Homes
Shared Staffing Capabilities at The Toledo & Dayton Communities
Fairview Village, Osgood, IN - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
Price: $1,500,000 | # Sites: 47 | 13.43+ Acres
Public water & sewer billed back to residents.
Below-market rents
Expansion potential
Upside in filling vacancy
Lakeside Estates, Umatilla, FL - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 125 | 17.34+ Acres
Significant Rental Upside
Minimal Management Oversight
Scenic, Lakefront Property
Lake Chautauqua Portfolio, Chautauqua, NY - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Price: $4,750,000 | # Sites: 188 | 94+ Acres
Scaled Entry & Reduced Management Oversight
Upside in Filling Vacancy
Opportunity to Develop Additional Sites on Vacant Land
Circle Park, Hamilton, IN - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Price: $1,800,000 | # Sites: 49 | 7+ Acres
Tremendous Lot Rent Growth Potential
All Resident-Owned Lot Rent Only Residents
Stabilized Turn-Key Asset
Public Utilities with Opportunity to Bill-Back to Residents
Residents Pay Upfront for The Entire Summer Season
Excellent Waterfront Location
Additional Income Stream Through Renting Boat Docks to Non-Residents
Approved Redevelopment Opportunity for Condos
The Harrisburg Portfolio, Harrisburg, PA - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
Price: $12,300,000 | # Sites: 217 | 23+ Acres
Scaled Entry into Harrisburg-Carlisle MSA
92% Portfolio Occupancy
Featuring Below-Market Rents & Shared Staffing Capabilities
Massive Demand for Affordable Housing
in Immediate MarketAll Resident-Owned Homes
Situated Right Off Of I-76 & I-81
Upside in Utility Recapture
Central Florida MHP, Confidential FL - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 125
Minot 3 Park Portfolio, Minot ND - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 500 | 103+ Acres
Well-Maintained with Excellent Curb Appeal
Shared Staffing Between the Communities
Lot Rent Growth Potential
Tremendous Upside in Filling Vacant Sites at Wheatland Village
White River Estates, Muncie, IN - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
Price: $3,300,000 | # Sites: 198 | 35.11+ Acres
Lot Rent $100 Below Market
City Water/Sewer
Substantial Infill Opportunity
Proven Market Demand
Minimal Park-Owned Homes
Upside In Filling Vacancy
Windsor City & Ramblewood, Various Cities, SC - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 357 | 86.57+ Acres
Lot Rent Growth Potential
Beautiful Curb Appeal
Public Utilities with Recent Implementation of Fixed Trash Fee
Upside in Filling Vacancy & Scaled Entry into South Carolina
Tallahassee Portfolio, Tallahassee FL - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 159 | 33.31+ Acres
Public Utilities
Opportunity to Bill-Back Utilities at Western Estates
Tremendous Upside in Filling Vacancy
Communities Located Less than 5 Miles from One Another
Rolling Hills, Little Rock, AR - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 95 | 22+ Acres
Central - East Texas Portfolio, Various Cities, TX - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 746 | 139 Acres
Below Market Rents
Public Utilities Paid by Residents
Curb Appeal
Expansion Potential at Gateway
Scaled Entry into Market
Urban Grove MHC, St Anthony MN - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 100 | 11.1 Acres
Recently Redeveloped Community with Excellent Curb Appeal
Direct-Billed Public Utilities
Upside in Filling Vacancy
Great Accessibility to Minneapolis
Below Market Rents
On Site Amenities Including a Playground, Picnic Area, & Office
Lone Star Portfolio, Houston, Central Texas, Corpus Christi, & Lubbock TX - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 800 | 116 Acres
Scaled Entry into Texas
Turn-Key Asset with Low Operational Oversight
Recent Capital Improvements
Las Vegas Portfolio, Las Vegas - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 203 | 17 Acres
Sizeable upside in rents
Massive demand for affordable housing in immediate market
Turn-key asset with operational efficiencies.
Ideal location in a fast-growing market
San Antonio - Houston Portfolio, San Antonio TX - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 811 | 142 Acres
Scaled Entry into Texas
Below Market Rents
Opportunity to Lease-Up
Public Utilities
Newmark
Applewood MHC, Sterling, CO - Broker: Todd Fletcher, Andrew Shih, Braden Weaver, Alon Steiner
# Sites: 156 | 27.93 Acres
The community is serviced by municipal water/sewer and billed back to the tenants at a flat rate of $80 per month (effective January 2023)
The community has an attractive layout with a subdivision feel featuring off-street parking, paved roads, and spacious lots.
The offering also includes 24 brand new 2022 model homes that were recently brought into the community, of which 6 have been filled as pure rentals and another 4 have already received COs. The new homes are from Clayton and Champion with an average width/length of 70ft by 16ft (average 1,100 square feet).
The community has 144 storage units available for rent, of which 138 are currently occupied paying an average of $52 per month.
Blue Granite Estates MHC, Florence, SC - Broker: Andrew Shih, Todd Fletcher, Braden Weaver
# Sites: 147 | 43.82 Acres
The community is on public utilities and boasts strong occupancy with an attractive layout.
The community sits near major thoroughfares I-95 and I-20, providing easy access to other larger markets such as Columbia, Myrtle Beach, Charleston, Charlotte, and Fayetteville. The property is near many prominent department stores including Walmart Supercenter, Kohl’s, Belk, Target, and more.
The community has 15.7 acres of expansion land immediately adjacent to the developed sites that may accommodate up to 60 sites and is already zoned MH. Based on Owner’s budget of the recent 40-site expansion, additional expansion could be completed for around $20K per site.
The community has 15.7 acres of expansion land immediately adjacent to the developed sites that may accommodate up to 60 sites and is already zoned MH. Based on Owner’s budget of the recent 40-site expansion, additional expansion could be completed for around $20K per site.
Fort Wayne MHC Development Site, Yoder, IN - Broker: Andrew Shih, Todd Fletcher, Braden Weaver
# Sites: 152 | 36.74 Acres
Opportunity to develop a proposed 152-site new manufactured home community on approximately 37 acres of land located in Fort Wayne, Indiana.
Property is already zoned MHP (Manufactured Home Park) so no rezoning is required. Public sanitary sewer and water lines are nearby, and the owner believes they can be connected from the adjacent community (Woodlake Estates) or from the closest intersection.
The property includes an attractive pond on the west side of the property (built by the previous owner) that can be used as an amenity for the future tenants.
There is a tremendous demand for affordable housing in this market. Excluding a nearby community that is performing below market, the average occupancy rate for all age manufactured home communities is 91% with strong adjusted lot rents of $378. The average household income is $112,337 within a 3-mile radius of the property while home values average in the $268,734 range.
Great Plains MHC Portfolio, Iowa & South Dakota - Broker: Andrew Shih, Todd Fletcher, Braden Weaver, Alon Steiner
# Sites: 490
Significant upside potential to continue filling the remaining vacant lots/homes and achieving annual rent increases. Increasing occupancy by 10% at current rent levels would add over $170,000 in annual site rental revenue for a new owner.
There are 141 inventory homes being sold with the communities, of which 75% are occupied either as pure rentals, lease options, or home contracts with an average home rent of $525.
Major items include repairing the roads at Westridge Acres MHC, adding 7 new homes to Pelican View Estates MHC, adding 21 new homes to Parkview Terrace MHC, and trimming or removing several trees in Aberdeen MHC.
Opportunity to add up to 15 additional lots on the vacant land at Parkview Terrace MHC.
Three of the communities are in northwest Iowa and within a 20-minute drive of each other. The other two South Dakota communities are within a 1.5-hour drive of each other. This allows a new owner to immediately benefit from economies of scale and gain a strong foothold in the region. The Iowa assets are less than a 5-hour drive from the South Dakota communities.
Platte River MHC Portfolio, Kansas - Broker: Todd Fletcher, Andrew Shih, Braden Weaver
# Sites: 545 | 99.93 Acres
Current owner has invested substantive capital into the properties, spending over $2.275M to upgrade the parks and homes. Major items include lot modifications for new homes, street redesign and repaving, all new street signage, and major utility upgrades.
All the communities are located about two hours of each other, allowing a new owner to immediately benefit from economies of scale and gain a strong foothold in the region.
There are 203 inventory homes being sold with the communities, of which 74% are occupied mostly as pure rentals averaging $427 for the home rent portion. The inventory consists of mainly newer homes with an average year built of 2017 (170 of the homes are 2019 or newer models).
Significant upside potential to continue filling the remaining vacant lots/homes and achieving annual rent increases. Increasing occupancy by 10% at current rent levels would add over $230,000 in annual site rental revenue for a new owner.
Cooper Cardinal
Three Bar MHP, Duncan, AZ - Broker: Jack A. Cardinal
Price: $425,000 | # Sites: 17 | 5.4 Acres
The Sites offer 30/50 AMP electrical service and is Direct Billed to Tenants.
Gas is Direct Billed.
The Park is on Well Water and Septic. There are two Wells that service the Park and both Residential Homes (New Pump/New Tanks in 2020).
The Septic System for the Park consists of two tanks and one leach field. Each Residential Home has an individual Septic tank and share a leach field.
Trash is included with rent and paid by Owner.
The two Residential Homes include a 3 Bedroom/2 Bathroom (approximately 2,080 sq ft) with a two-vehicle carport and a 2 Bedroom/1 Bathroom (approximately 840 sq ft) with a carport.
Recent capital improvements include the purchase and installation of one new Well Pump/two Tanks (2020), the current rehab of the 3/2 Home (flooring, doors, hardware, toilets, 2021), and a Septic renovation and new roof on the 2/1 Home (2019).
Located approximately 20 minutes from North America’s largest Copper Mine (Morenci Mine, a Freeport-McMoRan company) that employs approximately 2,000 people.
Welkers Trailer Park, Geneva OH - Broker: Jack A. Cardinal
Price: $725,000 | # Sites: 11 | 0.78 Acres
The Community is on All City Services.
Electric is provided through an overhead feed offering 60 AMP Electrical Service to each site.
Electric, Water and Gas are direct billed.
Trash is paid for by the owner and Billed Back at a flat fee ($25.00).
Two of the vacant sites need infrastructure for water, sewer and electric.
The Community is located in the Heart of Geneva on the Lake.