MHC Listings Rundown 02/13/2024
Listings Rundown - Summary Updates
Marcus & Millichap - Removed 3 listings.
Yale - Added 3 | Removed 3 listings.
Sunstone - Added 1 listing.
Wisely Commercial Realty
Vance Village, Fort Wayne IN - Broker: Adam McNeil
Price: $650,000 | Price per Site: $59,091 | Cap Rate: 8.53 | # Sites: 11 | 0.60 Acres
Located in the thriving Allen County
City Water & City Sewer
Seller Financing Available
Third Party Management In-Place
Country Square Estates, Columbia City IN - Broker: Adam McNeil
Price: $699,000 | Price per Site: $19,971.43 | Cap Rate: 8.14% & 15.03% | # Sites: 35 | 7.5 Acres
Stable Community with Opportunity to Raise Rents
City Water & City Sewer, that is direct billed to residents by the municipality.
Opportunity to Fill Vacant Sites & Inventory Homes
Bristol Estates, Bristol, IN - Broker: Adam McNeil
Price: $2,775,000 | Price per Site: $36,513 | Cap Rate: 8.83% | # Sites: 76 | 15.7 Acres
Located in the thriving Elkhart County
All Resident Owned Homes in the Community
Four Apartment Units Included
Third Party Management In-Place
Bristol Estates Community Video
Link to Offering Memorandum
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.
Marcus & Millichap
Sierra View Mobile Estates, Phelan CA - Broker: Dustin B. Wilmer, Douglas Danny
Price: $3,700,000 | Price per Site: $67,273 | Cap Rate: 5.87% | # Sites: 55 | 9.71 Acres
100% Occupied
City Water & Septic | Sub-Metered G&E
Valley View Mobile Home Park - Broker: Adam Herman, Patrick McEvay, ames Blair, Sunil Suvarna
Price: $5,000,000 | Price per Site: $60,241 | Cap Rate: 5.21% | # Sites: 83 | 2.48 Acres
Well situated in a growing Okanagan market, the property is conveniently located with its close proximity to Vernon and an hour drive from Kelowna International Airport.
The property offers little required future capital expenditures with close to $500,000 spent within the last two years to replace two new septic fields.
The park has a strong going in cap rate, with room for improvement upon turnover. Current pad rentals average $356 per month, with new pads renting at $550 per month upon turnover.
The park is built on a sprawling 33.4 acres of land, with room to add additional pads to increase potential income.
Sufficient scale allows the potential purchaser to have a "hands off" approach with a caretaker currently in place.
Landmark Estates, Tyler TX - Broker: David Tietz, Hudson Silverman, Matt Wagner
Price: $1,750,000 | Price per Site: $56,452 | Cap Rate: 8.39% | # Sites: 31 | 3.80 Acres
Majority of Tenants on Yearly Leases
Recently Renovated Homes
Direct-Billed Electricity
High Occupancy
Parklane Mobile Home Park, Nanaimo BC V9R 6C1 - Broker: Patrick McEvay, James Blair, Adam Herman, Sunil Suvarna
Price: $7,200,000 | Price per Site: $96,000 | Cap Rate: 4.30% | # Sites: 75 | 7.50 Acres
Centrally located on the East Coast of Vancouver Island in the 'Hub City' of Nanaimo. Parklane MHP is situated in a quiet rural setting with convenient access to urban amenities along the Nanaimo Park
The Park is connected to municipal water and sewer services and is well-looked after by the on-site superintendent providing ease-of-management for ownership.
With 75 pads and 10 acres of land the Park offers investors the opportunity to grow an existing or establish a foothold on Vancouver Island with immediate scalability.
Central Vancouver Island communities are attracting a record number of new residents. According to Stats Canada, Nanaimo is one of the country's fastest growing metropolitan areas with a population growth of 10% over the last census.
Central Park Estates MH & RV Park, Sierra Vista AZ - Broker: Dustin B. Wilmer, Douglas A. Danny
Price: $2,700,000 | Price per Site: $43,548 | Cap Rate: 5.94% | # Sites: 62 | 7.78 Acres
62 Total Sites (57 MH | 3 RV Sites. 14 POH Included. City Water and Sewer. Direct-Billed Electricity and Natural Gas
Potential of adding 10- 12 RV Sites. Recently remodeled Manager's Office & Club House. Laundry Facilities on site.
Seller Finance available for qualified Buyer.
Tumbleweed Estate, Midland TX - Broker: Matt Wagner, Hudson Silverman
Price: $500,000 | Price per Site: $35,714 | Cap Rate: 7.96% | # Sites: 112 | 5.73 Acres
Stabilized Asset
Well & Septic
Under Market Rents
Tenant Owned Homes
21444 Vista Caballero, Perris CA - Broker: Jon Emrani
Price: $399,000 | Price per Site: $199,500 | Cap Rate: 4.76% | # Sites: 2 | 4.88 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
Kremmling Mobile Home Park, Kremmling, CO - Broker: Barry Higgins, Patrick Ford
Price: $2,200,000 | Cap Rate: 4.69%
Extreme Lack of Affordable Housing in Kremmling/Steamboat MSA
Several tenants Commute 52 Miles to Steamboat Resort (Top 3 Resort in CO)
Median Home Price in Steamboat Springs Exceeds $1.1 Million (Realtor.com)
Kremling Falls About Halfway Between Summitt County and Steamboat Springs
19 Tenant-Owned Homes, 1 Park-Owned Home
All Public Utilities, Directly Billed to Tenants
Immediate Upside in Rents
Kremmling is a Year-Round Tourism Mecca for Hunting and Fishing
Airport Mobile Home Park, Jennings LA - Broker: Brad Dorsey, Skyler Henderson
Price: $700,000 | Price per Site: $29,167 | Cap Rate: 9.57% | # Sites: 24 | 7.36 Acres
Offered at a 9.52% Day One Cap Rate
Operates on City Water and Sewer
Located 1.5 Miles South of Interstate 10 - the Fourth Longest Interstate in the United States
Centrally Located Between Lafayette and Lake Charles - the Fifth and Sixth Most Populous Cities in Louisiana
Lubbock 3-Park Portfolio, Lubbock TX - Broker: David Tietz, Hudson Silverman, Matt Wagner
Price: $1,163,000 | Cap Rate: 6.67% | 7.39 Acres
Three parks within 4 miles of each other
$80 below market rents
Seller Financing Available
Country Village Estates, Murphysboro IL - Broker: Ryan D. Engle, Andrean Angelov, Brad Kreppel
Price: $1,200,000 | Price per Site: $19,048 | Cap Rate: 7.40% | # Sites: 63 | 2.52 Acres
Country Village Estates has a Lagoon and Public Water
Ability to Add Value By Raising Rents and Adding Manufactured Houses to Fill Vacancies
Located in Southern Illinois
Murphysboro is Close to Taco Bell, KFC, Subway and Walmart
Easy Access to Route 149 and Route 127
Murphysboro Employment Outlets include Illinois Department of Transportation, Veterans Affairs US Department, and Penn Aluminum Intl LLC
14 Park Portfolio - AL, - Broker of Record: Eddie Greenhalgh
Price: $2,705,555 | Price per Site: $4,450 | Cap Rate: 9.40% | # Sites: 608 | 2.73 Acres
Value-Add Cash Flowing Portfolio
MSA's With Strong Demand For Affordable Housing
POH To TOH Conversion Opportunity
14 Park Portfolio - GA - Broker: Glenn D. Esterson
# Sites: 608 | 2.73 Acres
Value-Add Cash Flowing Portfolio
MSA's With Strong Demand for Affordable Housing
POH To TOH Conversion Opportunity
14 Park Portfolio - FL - Broker: Glenn D. Esterson
# Sites: 608 | 2.73 Acres
Value-Add Cash Flowing Portfolio
MSA's With Strong Demand for Affordable Housing
POH To TOH Conversion Opportunity
Gold Oaks Mobile Home Park, Martell CA - Broker: Frank Rogers, Peter Alimam
Price: $2,395,000 | Price per Site: $92,115 | Cap Rate: 6.00% | # Sites: 26 | 15.29 Acres
City Utilities
Non-Rent Controlled Market
Upside in Rents
Tulare County Portfolio, Lindsay CA - Broker: Dustin B. Wilmer, Douglas A. Danny
Price: $6,000,000 | Price per Site: $33,898 | Cap Rate: 5.93% | # Sites: 177 | 6.94 Acres
Timber Edge Mobile Home Community, Marseilles IL - Broker: Ryan D. Engle, Andrean Angelov, Brad Kreppel, Richard Kozarits
Price: $2,415,000 | Price per Site: $23,000 | Cap Rate: 10.01% | # Sites: 105 | 14.43 Acres
All Utility Tap-In Fees Have Already Been Paid by Current Owner, Utilities are Set up to Run to Individual Sites, The Streets in the Property are Public and Maintained by the City
All Lots are Parceled to be Rented or Sold Individually, Large Lots Available to Place Double Wide Homes, Ability to Add Value by Adding Manufactured Homes
Located in Northern Central Illinois and Easy Access to Route 6 and Route 170
Close Proximity Retail Options including Dollar General and Schott's Pharmacy, Nearby Dining Options include Subway, Close to a Variety of Employment Outlets, which include Graphic Packaging International LLC, Exelon Corporation, and Rivershores Healthcare and Rehabilitation
One Mile from Illinois River and Near Multiple Marinas and Yacht Clubs, including Spring Brook Marina
Marseilles has a Median Home Price of $164,138 and is Close to Seneca, Illinois, which has had a Significant Increase in Population Growth
Patrick's Place & Country Village Estates, Marion IL - Broker: Ryan D. Engle, Andrean Angelov, Brad Kreppel
Price: $2,195,000 | Price per Site: $15,567 | Cap Rate: 6.75% | # Sites: 141 | 3.62 Acres
Patrick's Place has 78 Spaces and Patrick's Place has Public Water and Sewer that is Billed Back to the Tenant
Country Village Estates has 63 Spaces and Country Village Estates has a Lagoon and Public Water
Ability to Add Value by Raising Rents and Adding Manufactured Houses to Fill Vacancies
Located in Southern Illinois
Distance Between Patrick's Place and Country Village Estates is 25 Miles
Patrick's Place has Easy Access to Route 13 and Route 37 and is Nearby Wendy's, IHOP, Menards, and Walmart
Country Village Estates has Easy Access to Route 149 and Route 127 and Murphysboro is Close to Taco Bell, KFC, Subway and Walmart
4 Park Portfolio - SC, St. Moore SC - Broker: Dylan Hellberg, Glenn D. Esterson
3.31 Acres
All parks on public water are billed directly to tenants.
88% occupancy
Below-market rents
Kensington Manufactured Housing Community, Las Vegas NV - Broker: Dustin B. Wilmer
# Sites: 112 | 11.67 Acres
Brand New Construction
95% Occupancy Projected by Year-End 2022
All City Services
Mountaingate Estates Mobile Home Park, Globe AZ - Broker: Dustin B. Wilmer, Douglas A. Danny
Price: $3,000,000 | Price per Site: $26,786 | Cap Rate: 7.96% | # Sites: 112 | 5.73 Acres
Yale
New!
MHC, Eastern PA - Broker: Harrison Bell
Price: $7,800,000 | Price per Site: $50,350 - $75,500 | Cap Rate: 6.11% | # 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 Ohama-Council Bluffs, MSA - Broker: Ken Schefler
Price: $3,800,000 | Price per Site: $50,650 - $76,000 | Cap Rate: 9.87% | # Sites: 50-75 | 30+ Acres
Over 15% cash on cash in year one
Unique situation where path to bank financing with $3M in proceeds is already lined up.
Stabilized with 96% occupancy.
Only 30 minutes from downtown Omaha.
Trophy MHC Portfolio - Boston MA- Portland ME - Broker: Harrison Bell
# Sites: 350 - 400
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
Pennsylvania 4-MHC Portfolio, PA - Broker: Harrison Bell
Price: $18,550,000 | Price per Site: $60,300 - $72,350 | Cap Rate: 6.46% | # Sites: 250-300
High-Quality, Agency Financeable Portfolio
Three Communities Within 30 Minutes
~15% Vacancy Upside
Over 90% Tenant Owned Homes
Recent CapEx for Roads
Trophy Senior Florida MHC, Lake Placid – Lake Wales FL - Broker: James Cook
Price: $6,400,000 | Price per Site: $50,000 - $83,350 | Cap Rate: 4.76% | # Sites: 75-125
Trophy 55+ MH Community in Central FL
All Public Utilities, Direct Metered, and dedicated incl. Streets
Very Strong Resales - $100-200k on avg
CPI Leases with Go-to-Market on Turnover
Every site has a Doublewide unit, with Carport.
Senior MHC, Bradenton - Sarasota FL - Broker: James Cook
Price: $9,545,000 | Price per Site: $54,550 - $76,350 | Cap Rate: 5.16% | # Sites: 55
MHC, Victoria TX MSA - Broker: Mitch Gonzalez
Price: $1,200,000 | # Sites: 50
2.5 Star
MHC Development, Lake Wales FL - Broker: Mitch Gonzalez
# Sites: 654
4.5 Star
Senior MHC, WA Region - Broker: Chad Ledy
Price: $18,000,000 | Price per Site: $120,000 - $180,000 | Cap Rate: 7.30% | # Sites: 100-150
Assumable Low Interest Rate Debt
Desirable 55+ Senior Housing Community
Well-Maintained and High Occupancy
Municipal Water and Sewer
Attractive Location Near I-5 between Portland and Seattle
MH Community, Roanoke VA - Broker: Harrison Bell
Price: $3,050,000 | Cap Rate: 6.43% | # Sites: 75+
Tampa Bay MHC, Tampa Bay FL MSA - Broker: James Cook
Price: $3,250,000 | Price per Site: $44,650 - $134,000 | Cap Rate: 9.69% | # 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.
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 Portfolio, Bay Area CA - Broker: Chad Ledy
Price: $45,000,000 | Price per Site: $224,500 - $299,350 | Cap Rate: 6.80% | # Sites: 150-200
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, 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 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
MH Community, Ogden/Clearfield MSA - Broker: Brian McDonald
Price: $5,600,000 | # 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.
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, 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
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.
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.
Sunstone
New!
Joplin, MO Portfolio, Joplin MO - Broker: Hudson Bird, Casey Thorn
Value enhancement via infill strategies and rent realignment – 52% current occupancy
2/4 properties on City Utilities
41 Park-Owned Homes built in 2018 or later
MSA population surpassing 200,000
Southwest Portfolio, Bloomfield NM - Broker: Casey Thom, Robert McBroom
Price: $23,400,000 | Price per Site: $26,995,000 | # Sites: 394
Ability to own in two strong markets.
Upside in infill & below market rents
New home inventory in NM properties - 25 homes are 2022+ models.
Great debt - CMBS fixed at 3.72% & Fannie Debt fixed at 4.59% (see OM for more details)
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
Wynnhaven MHC, Mexia TX - Broker: Hudson Bird, Casey Thorn
Price: $1,518,000 | Price per Site: $75,000 | # Sites: 78
Direct-billed city utilities
City owned streets.
Priced at less than replacement cost.
Value-add through infill.
Glenwood MHC, Portage IN - Broker: Bradley Gordon, Kolman Bubis
Price: $950,000 | # Sites: 211 | 59 Acres
Capstone
Horizon MH Portfolio, Killdeer ND - Broker: Josh Benard, Adam Riddle
Future Ownership Can Expect a 30% in Rental Revenue Through Correcting Loss-To-Lease
Over 50% of Units Signed with Corporate Leases
Over $200,000 in Capital Expenses Implemented in the Past 12 Months to Upgrade Unit Furniture, Appliances and Exterior Siding
High Yield & Strong Cash Flow on Day 1 of Ownership
Relatively Low Maintenance Making This a Cost-Effective Investment
Consistent and Stable Tenant Base
Shrinking Supply and Growing Demand for Affordable Manufactured Housing Options
Resilient Asset-Type That Withstands Many Economic Environments
ARA Newmark
Fairgrove MHC, Reidsville NC - Broker: Andrew Shih, Todd Fletcher, Braden Weaver, Samuel Rector
# Sites: 96 | 2.6 Acres
Fairgrove MHC is an all-age 96-site community with a strong economic occupancy of 87% and very few park-owned homes located 25-minutes away from Greensboro, NC (3rd most populous city in the State).
The Owner has been able to bring new homes into the park priced in the $50,000 to $70,000 range and sell them to new residents. A total of 30 new homes (Clayton and Fleetwood, 16x76, 3bed/2bath) have been brought in since 2018 and sold to residents within 1-2 months after delivery for an average sale price of $60,000. Owner has also made a push to convert POH to TOH in the last 4 years and completed 15 home sales with an average sale price of $40,000.
Fairgrove should qualify for attractive debt financing. The current lender also would consider writing a new loan for a new Owner. Please contact Sam Rector for more details (contact information below).
Value-add opportunity to increase occupancy through filling the remaining vacant sites. Current ownership has already established the momentum story that sites can be filled because economic occupancy has grown 33 sites (or 35%) from 2018 taking overall occupancy up to 87%. Filling the remaining vacant sites (11) would add over $50,000 of 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 $496 versus $333 at the subject community. Moving all tenants up to market rent at current occupancy levels would add over $160,000 in additional annual site rental revenue.
The offering includes 6 park-owned homes, of which 3 are currently occupied on lease-to-own agreements and 1 is a pure rental. Of the 2 vacant homes, one is used as an office and one is an abandoned home that has been renovated. The 3 lease options are 3 bed/2 bath Clayton or Giles models built in 2015 or 2017 paying an average of $333 in home payments per month and 5.8 years remaining on the term. Tenants are responsible for maintaining these homes.
There are 3 other homes on notes (promissory note held by the owner) that the current Owner is willing to hold after a community sale. The Owner may consider an offer and the current balance is $56,500 as of Jan ’24.
The community has an attractive layout with a subdivision feel featuring off-street parking, spacious sites, asphalt roads, and mature trees throughout.
Strong demographics with average household incomes and homes values of $107,119 and $340,778 within a 3-mile radius of the community.
Applewood MHC, Sterling, CO - Broker: Andrew Shih, Todd Fletcher, Braden Weaver, Samuel Rector, Alon Steiner
# Sites: 156 | 5.59Acres
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).
Current owners purchased the community in December 2021 with 55 vacant sites. After their first home order, 31 empty sites remain. Demand has been impressive, and they have successfully rented all rent-ready homes within 1 month of obtaining certificates of occupancy. Occupancy as of November 2023 is up to 76% (119 sites), an increase of 13% (20 sites) from October 2022.
Along with strong demographics and lack of affordable housing in the area, this presents a significant value-add opportunity for a potential buyer. Increasing occupancy by 15% (23 sites) would add over $87,000 of annual site rental revenue for a new owner.
The offering also includes 23 brand new 2022 model homes that were recently brought into the community, of which 22 have already been filled with 1 more expected move-in by the end of 2023. The new homes are from Clayton and Champion with an average width/length of 70ft by 16ft (average 1,100 square feet).
There are 37 home notes that will be sold with the community with a current balance of approximately $676,000 with an average interest rate of 11% and remaining term of 12 years.
The community has 144 storage units available for rent, of which 136 are currently occupied paying an average of $53 per month.
The community has an attractive layout with a subdivision feel featuring off-street parking, paved roads, and spacious lots.
Within a 5-mile radius of the community, the average household income is $79,82 and expected to rise to $90,695 by 2027. Average home values within the same radius are $220,193 and expected to rise to $277,628 by 2027.
In 2020, Colorado passed a bill requiring a park owner to provide tenants an effective right of first refusal to buy the park. The bill was updated in 2022 to include additional provisions. The Owners notified the tenants on Feb 1, 2023, when the listing agreement was executed, and Owner never received an offer from the residents. Another notice will need to be sent after going under a purchase and sale agreement. Please click here for further details: https://cdola.colorado.gov/mobile-home-park-sales.
Sierra Heights MHC, Canyon Country CA - Broker: Todd Fletcher, Andrew Shih, Braden Weaver, Samuel Rector, Nick DiPaolo
# Sites: 123
Strong occupancy with all tenant-owned homes positioned on approximately 64 acres of land and serviced by public utilities.
Although there is rent control in Los Angeles (LA) County, it does allow for annual rent increases as defined by the county. Annual rent increases are limited to 75% of the percentage change in the average regional CPI over a 12-month period, or 3%, whichever is greater. Given that, the Owner plans to implement a $54 rent increase (or 4.69% increase based on CPI) in January 2024, which will add approximately $79,000 in additional annual revenue. Please see the link to LA County’s rent stabilization ordinance for more details.
The ordinance also gives community owners the ability to set the initial lot rent for new tenants (upon turnover) and pass-through capital improvement costs to the residents. Assuming annual turnover of 10% (or 12 sites) that would add approximately $66,000 in additional annual site rental revenue for a new owner. This assumes the 12 lowest paying tenants get moved up to $1,500 market rents.
With almost all multi-section homes, the community features a spacious layout with off-street parking and paved roads. There is also a large property management office and community center for use by the residents.
The community has been well maintained by ownership, and there are no significant capital improvement requirements.
Given the quality, size, and location of the community, we would expect it to qualify for attractive non-recourse debt (Agencies, Life Co, CMBS).
There are two parcels that might allow for additional MHC sites on the east side of the property as well as a large parking lot used for RVs that provide an additional source of revenue and could allow for further MH expansion if a new owner decides to replace the RV parking with MH lots.
There is also one parcel to the west (1.68 acres) not included in the sale but available for purchase, which may be converted to other uses or could benefit an MHC owner with either additional amenities or additional income producing opportunities.
There is a strong demand for affordable housing in this market. Within a 10-mile radius of the community, the total population is 305,470 with average household income of $141,119 and average home values of $733,433. This massive gap between household incomes and home prices in LA County makes this the most unaffordable housing market in the nation and helps to ensure a permanent demand for affordable housing options.
Platte River KS MHC Portfolio - Broker: Todd Fletcher, Andrew Shih, Braden Weaver, Samuel Rector, Alon Steiner
Mustang MHC is an all-age, 313-site community (294 MH, 18 RV Sites, 1 apartment) serviced to public utilities with a strong economic occupancy of 79% and a relatively low percentage of park-owned homes.
The community has an attractive layout with a subdivision feel featuring off-street parking, asphalt roads, and mature shaded trees throughout. The community also offers its residents a laundry facility, playground, and pond.
The offering includes 63 park-owned homes, of which 58 are currently occupied as pure rentals averaging $453 for the home rent portion. A majority of the homes are 2016 or newer models.
Value-add opportunity increase occupancy through filling the remaining vacant homes and bringing in new homes to sell or rent. Economic occupancy has grown 38 sites or 12% from 2018 taking overall occupancy up to 79%. This proves that if a new owner continues to add homes that they will achieve higher performance. Increasing occupancy by 10% (32 sites) would add over $130,000 of annual site rental revenue for a new owner.
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 $86,435 with average home values of $206,245.
Mustang has a recently originated Freddie Mac loan that must be assumed.
North End MHC is a 49-site community on approximately 7 acres of land serviced by public utilities. The community sits in a prime location near major thoroughfares I-135 and I-70, offering easy access to other larger markets such as Wichita, Junction City, Manhattan, and Topeka.
The offering includes 48 park-owned homes, of which 46 are currently occupied as pure rentals averaging $393 for the home rent portion. The inventory consists of all brands new 2022 Clayton or Champion model homes, 17 installed at the beginning of 2022 and the remaining 31 at the end of 2022 or beginning of 2023. Almost all of these newly installed homes have been filled, demonstrating the high demand for this type of housing in this market. Opportunity for a new owner to grow revenue by renting or selling the newly installed homes. Filling the remaining vacant homes would add over $108,000 in additional site rental revenue with minimal increases to expenses.
Current owner has invested capital into the community within the past year, spending over $500,000 to upgrade the utilities and infrastructure.
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 $72,048 with average home values of $180,567 and expected to rise to $189,278 by 2028. Based on the strong demographics in the area, there should be an opportunity to convert park-owned homes to tenant-owned homes.
Cooper Cardinal
Shangri-La MHP, Saint James City FL - Broker: Jack A. Cardinal
Price: $2,195,000 | # Sites: 31
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)
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
J&S Fish Camp, Okeechobee FL - Broker: Jack A. Cardinal
Price: $3,425,000 | # Sites: 45 | 5.4 Acres
Hide-Away-Harbor MH & RV Park, Astatula FL - Broker: Jack A. Cardinal
Price: $3,795,000 | # Sites: 60 | 7.3 Acres
Oasis at Zolfo Springs, Zolfo Springs FL - Broker: Jack A. Cardinal
Price: $2,500,000 | # Sites: 83 | 4.42 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.
Northview MH & RV Park, Washburn ND - Broker: Jack A. Cardinal
Price: $1,295,000 | # Sites: 56 | 10.904 Acres
Tamarisk MHP, Palo Verde CA - Broker: Jack A. Cardinal
Price: $675,000 | 2.58 Acres
Wildwood MHP, Wildwood FL - Broker: Jack A. Cardinal
Price: $1,600,000 | # Sites: 25 | 4.32 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.
Other Street
Laporte Village, Laporte IN - Broker: Enon Winkler
# Sites: 224
Significant rental upside - lot rents currently below-market by ~$147/m
Immediate infill upside - opportunity to fill the remaining 15 vacant park-owned homes and 53 lots at the market rate
Higher quality asset with newer homes and strong curb appeal
Community serviced by city utilities
Prospect of boosting net operating income to $1,045,749 by year five
Hardin, MT Portfolio, Hardin MT - Broker: Armand Violi
Price: $1,200,000 | # Sites: 42
Potential to convert the vacant park-owned homes into tenant-owned lot renters.
Prospect of boosting the net operating income to $241,083 by year five
Potential to increase cash-on-cash return to 32.73% by year five.
Opportunity to fill the remaining vacant lots
Communities serviced by city utilities and billed-back to tenants
Close proximity to Billings, Montana which is home to 117,000+ residents.
Fordwick MHP, Craigsville VA - Broker: Armand Violi
Price: $1,050,000 | # Sites: 22
Stable asset in the growing Staunton MSA
Community to be fully tenant-owned homes by time of closing.
Community serviced by city utilities; usage expenses are fully recaptured through monthly fee billed back to tenants.
Opportunity to acquire a fully occupied, stabilized community in a prime location along I-81
12 acres of additional land with opportunity to develop.
Airbase Estates, Montgomery AL - Broker: Armand Violi
Price: $2,500,000 | # Sites: 89
Community serviced by city utilities with water meters installed in Q4 of 2023
Opportunity to infill remaining 3 vacant lots and rehab the 12 vacant park-owned homes
New Montgomery Whitewater development recently opened down the street from the community
Community is ideally located in Montgomery County which has favorable demographics including a population of 226,000+ residents and a median home price of ~$150,000
Fordwick MHP, Craigsville VA - Broker: Armand Violi
Price: $1,050,000 | # Sites: 22
Stable asset in the growing Staunton MSA
Community to be fully tenant-owned homes by time of closing.
Community serviced by city utilities; usage expenses are fully recaptured through monthly fee billed back to tenants.
Opportunity to acquire a fully occupied, stabilized community in a prime location along I-81
12 acres of additional land with opportunity to develop.
Pittsburgh MSA Portfolio, Greensburg PA - Broker: Enon Winkler
Price: $5,750,000 | # Sites: 148
Seller financing available for up to $1,000,000 of the purchase price with flexible terms Immediate infill upside with 18 vacant lots and 25 vacant park-owned homes to be converted.
Opportunity to achieve a net operating income of $974,515 by year five
Prime location in the Pittsburgh MSA, which is home to 2,300,000+ residents with close proximity to Interstate 76 and Interstate 70
East Ohio Portfolio, Warren OH - Broker: Enon Winkler
Price: $8,500,000 | # Sites: 512
Rare opportunity to acquire three communities in the east Ohio market with potential to raise rents at scale
Seller financing available for up to $2,000,000 of the purchase price with flexible terms Immediate rental upside at Gaslight Village, rents currently below-market by $105/M Immediate infill opportunity with 177 vacant lots to be filled
Opportunity to increase gross income 121% from 2023 to $2,174,334 by year three
Prime locations in the Youngstown-Warren and Akron MSA's - with populations of 535,000+ and 697,000+ residents respectively, and easy access to major thoroughfares
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.
Thunderbird Terrace, East Canton OH - Broker: Enon Winkler
Price: $1,250,000 | # Sites: 51
Stabilized community with strong curb appeal and market rents in place
Immediate infill upside with five vacant lots ready to be filled
Opportunity to achieve a net operating income of $205,589 by year five
Potential to achieve a cash-on-cash return of 13.46% over a five year holding period
Prime location in the Canton-Massillon MSA which is home to 400,000+ residents and close to both I-77 and US Route 30
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.
Lakeland Village, Lakeland FL - Broker: Enon Winkler
Price: $4,800,000 | # Sites: 67
Diverse, stabilized community with strong historical occupancy and performance
~85% of communities in the area are age restricted, offering a competitive advantage to Lakeland Village due to affordable housing demands
Below-market rents with immediate upside on the RV's as adjusted lot rents are currently ~$118 below-market
Community serviced by city utilities with MH tenants being expensed for their use; ability to pass through to RV tenants
Prime location with frontage along US Highway 92 between Tampa and Lakeland with easy access to Interstate 4
Hiland MHP, Roundup MT - Broker: Armand Violi
Price: $1,200,000 | # Sites: 26
Opportunity to acquire a fully occupied, stabilized community with strong rents in place Potential to sell of the three-remaining park-owned homes.
Prospect of boosting net operating income to $89,574 by year three
Potential to achieve a cash-on-cash return of 15.06% by year three.
Community serviced by city utilities.
Close proximity to Billings, Montana which is home to 117,000+ residents.
Canyon MHP, Canyon TX - Broker: Armand Violi
Price: $450,000 | # Sites: 12
Immediate infill opportunity, six vacant lots with potential to be converted to lot renters
Opportunity to increase net operating income to $76,290 by year five
Potential to achieve a cash-on-cash return of 22.04% over a five-year holding period
Convenient location outside of Amarillo, Texas with proximity to major amenities and shopping.
Current onsite management in place at the community.
Bradford Heights, Woodland PA - Broker: Enon Winkler
# Sites: 134
Seller financing available: 5-7 year term, 30 year amortization, 5 years I/O, 5.00% rate increasing 0.50% annually until Year 5
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
Winston-Salem Portfolio, Winston-Salem NC - Broker: Armand Violi
Price: $1,800,000 | # Sites: 36
Immediate rental upside, lot rent at both communities is currently below-market by ~$185/m and home rent is below-market by ~$150/m
Strong curb appeal with newer homes
Both parks currently fully occupied
Strategically located in the Winston-Salem area, which is home to 250,000+ residents and has favorable demographics including a median income of ~$50,000 annually and a median home price of $158,000.
Opportunity to convert park-owned homes into tenant-owned.
Creekside Crossing, Newcomerstown OH - Broker: Enon Winkler
Price: $1,295,000 | # Sites: 44
Seller financing is available with terms being negotiable.
Community is serviced by public water & sewer direct billed to tenants.
Ability to infill the remaining 12 vacant lots at the community.
94% of occupied homes are tenant-owned.
Current onsite management in place at the community.
Shady Acres MHP, Danbury CT - Broker: Armand Violi
Price: $$3,750,000 | # Sites: 48
Opportunity to acquire a stabilized community in a desirable market with no rent control
Community almost fully occupied with strong rents in place
Limited competition in the immediate area with a demand for affordable housing, median home prices in the area are $270,000+
The local market can likely support higher MH rents, 1-bedroom apartments are $2,000+ on average and current lot rents in the community are well below 50% of that.
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.
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.
Northmarq
Birch Knoll Mobile Home Park, Hazelton PA - Broker: Anthony Pino, Ari Azarbarzin
# Sites: 92
Immaculately maintained community with sidewalks, off-street parking, and streetlights
Proven value-add story: Current lot rents are $165 per month below nearby comparables
Ability to implement immediate rent increase (most recent rent increase in 2021)
Public Utilities (City sewer and water)
Submetered water
25 Park Owned Homes | 22 are on rent to own contracts | 1 is the management office.
67 Tenant Owned Homes
Two expansion sites in the community that will allow for an additional 34 leasable income producing lots
First sale of the community since 2009
Birch Knoll is within just a day’s drive of 40% of the Nation’s population and 25% of the Nation’s economic output
Surrounded by robust industrial growth including a 1.2M square foot logistics center that is leased to Samsung.
Saucon Valley Crossing, Center Valley PA - Broker: Anthony Pino, Ari Azarbarzin
# Sites: 71 | ±8.155 Acres
Significant untapped revenue, with existing lot rents $73 below nearby comparable
64 of 65 occupied lots are Tenant Owned Homes
One Park Owned Home on site which is a SFH
Ability to implement immediate rent increase (most recent rent increase in 2021)
Public Utilities (City sewer and water)
Sub metered Water
New water and sewer lines installed in 2021
First sale of the community since 2015
High visibility location along Route 309, a major transit artery linking Philadelphia and Allentown
Located in affluent Center Valley, PA with an average median household income of $161,037 (54% above the national average)
Warehousing and logistics hub with major nearby employers such as Amazon, Aldi, Crayola, Olympus, and Air Products.
The Pacific Northwest Portfolio, Woodland and Roseburg, WA & OR - Broker: Matt Lipson, Kevin Adolfo, Jeff Benson, Sam Neumark
Price: $14,300,000 | Price per Site: $67,136 | Cap Rate: 5.09% | # Sites: 213
A total of 213 spaces across three manufactured housing communities in Woodland, WA and Roseburg, OR
Can be sold as a portfolio, sub-portfolio or individual basis.
Primarily tenant-owned homes.
Blended year one cap rate is 6.46%.
There is no rent control in Washington. Oregon rent control allows for increases up to 7% + CPI (capped at 10%) annually.
Average home values in Woodland, WA are $552,933.
Average home values in Roseburg, OR $347,864.
West Side Trailer, Gillette WY - Broker: Melissa McKenzie
Price: $2,890,000 | # Sites: 43 | ±5.10 Acres
43-site opportunity located in the third largest city in Wyoming
Prospective buyer benefits from Wyoming’s zero income and corporate tax, as well as low property taxes
Increasing market rents by adding on-site amenities such as an on-site laundry facility, clubhouse, and/or children's play area. Current rents are $100-$150 lower than other parks in the area.
Stable operations with 95% physical occupancy
The asset features city utilities provided by the City of Gillette
Proximate to major retail and restaurant centers and the Northeast Wyoming Regional Airport, with over 23,500 passengers per year
Strong demographics with an average household income over $88,704 within a three-mile radius.
Hidden Hills MHC, Navasota TX - Broker: Paul Smith, Don Vedeen, Jared Bosch, Chris Mich
Price: $$900,000 | # Sites: 14 | 2.58 Acres
14-site mobile home community in Navasota, Texas
The next investor has the opportunity to in-fill the vacant sites with RV pads, increasing the current cash flow.
Adding additional popular amenities to the community, including an on/site laundry facility, rentable storage space or a clubhouse will allow the next investor to increase their current revenue.
Located in an Opportunity Zone
30 minutes from College Station, home to the University of Texas A&M
Proximity to Texas A&M allows an investor to offer short term RV rentals to traveling Texas A&M fans. Kyle Field draws more than a half-million fans to their home games every year.
Prime location to State Highway 105 and 6 allowing residents easy access to the city of Navasota employers, College Station and The Woodlands in Houston.
Western Skies, Gallup NM - Broker: Chris Michl, Don Vedeen, Jared Bosch, Paul Smith
# Sites: 145
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)
Northgate Mobile Home Park, Odessa TX - Broker: Joel Heikenfeld, Jeff Benson, Sam Neumark, Palmer Lloyd
Price: $1,900,000 | Price per Site: $42,222 | Cap Rate: 6.22% | # Sites: 45
Year 1 projected cap rate of 6.89%.
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.
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.
Shadow Valley, Bixby OK - Broker: Chris Mich, Paul Smith
# Sites: 171 | ±21.13 Acres
Water and Sewer provided by the City.
Opportunity to infill based on below market occupancy.
Beautiful and spacious two- and three-bedroom open floor plan homes
Newly remodeled homes available
Rare opportunity to acquire a turnkey asset in the Tulsa MSA
Opportunity to increase asking rents after increasing occupancy as lot rent is ±$25 below submarket competitors
The asset features beautiful courtyards, a playground, clubhouse, and picnic areas
Opportunity to add popular amenities onsite to improve tenant retention such as barbecue areas, outdoor games, and a fitness center
Strong submarket dynamics with an average household income exceeding $127,000 within a 5-mile radius of the property
Growing MSA with a total population exceeding 1 million
Asset is located within minutes of major employers including Oral Roberts University, St. Francis Health Systems, River Spirit Casino and Resort, and Tulsa Community College.
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 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.
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.
Park Brokerage
Alisal Country Estates, Salinas CA - Broker: John Sheedy, George Waidelich
# Sites: 82
Brand new to the market is a well-located all-ages mobile home park located in the high demand housing market of Salinas, California.
This property is on city services with metered utilities and family seller who has owned the property for 25 years.
All the homes are owned by the tenants and the community features over 75% doublewide homes.
The park was built in the 1970’s.
The city is known as the “Salad Bowl of the World” due to its importance in the production of lettuce, broccoli, strawberries, and other fruits and vegetables. The population of Salinas is about 155,000 people and the median age is 31 years old with a household income is $75,747.
Offers are to be due on September 25, 2023, at 9am local time.
NAI OHB
Country Manor RV and Mobile Home Park, Cantonment FL - Broker: Bob Kaplan, Maria Piper
Price: $993,373
High performing MH and RV park located just 15 miles north of Pensacola in the city of Cantonment.
Conveniently located off HW 29, the park caters to long-term residents drawing demand from both Alabama and the greater panhandle area
The property has sufficient management which allows for a wide range of buyers to purchase and manage remotely.
There is upside in upgrading the park, adding amenities, implementing website/marketing, and adding more alternative accommodations to replace MH sites
Park is well maintained and updated but with upside remaining in upgrading park, adding amenities, implementing website/marketing and converting MH sites to RV sites
Seller financing available