MHC Listings Rundown 12/05/2023
Listings Rundown: Summary Updates
Marcus & Millichap - Added 4 | removed 2 listings.
ARA Newmark - Added 1 listing.
Cooper Cardinal - Added 1 listing.
Northmarq - Removed 1 listing.
Wisely Commercial Realty
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
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.
Marcus & Millichap
New
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
Parklane Mobile Home Park, Nanaimo BC V9R 6C1 - Broker: Patrick McEvay, James Blair, Adam Herman, Sunil Suvarna
Price: $7,500,000 | Price per Site: $100,000 | Cap Rate: 4.13% | # 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 a 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.
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
14 Park Portfolio - AL - Broker: Eddie Greenhalgh
# Sites: 608 | 2.73 Acres
Value-Add Cash Flowing Portfolio
MSA's With Strong Demand for Affordable Housing
POH To TOH Conversion Opportunity
Waterside MHP, Ironton OH - Broker: Glenn D. Esterson
Price: $650,000 | Price per Site: $9,028 | Cap Rate: 7.70% | # Sites: 72 | 5.08 Acres
Public, direct billed utilities
Seller Financing Available
Significant upside through infill
Rocky Crest Mobile Home Park, Susanville, CA - Broker: Dustin B. Wilmer, Douglas A. Danny
Price: $875,000 | Price per Site: $41,667 | Cap Rate: 9.29% | # 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
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
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
El Nido Mobile Home Park, El Nido, CA - Broker: Frank Rogers, Peter Alimam
Price: $3,095,000 | Price per Site: $61,900 | Cap Rate: 7.39% | # Sites: 50 | 5.81 Acres
Multiple Recent Upgrades
No Rent Control
Walking Distance to El Nido Elementary School & Merced County Fire Department
Newly Installed Security Cameras & Street Lights
All Age Community
No Park Owned Homes
Management in Place
100% Occupancy
3 Park Portfolio, Pensacola FL - Broker: Glen D. Esterson, Ryan Nee
Price: $5,250,000 | Price per Site: $44,492 | Cap Rate: 8.90% | # Sites: 118 | 3.93 Acres
98% Total Occupancy, 80% of all Units are Tenant Owned Homes
All Parks Serviced by Public Water
Over 300,000 people in Escambia County with 8.3% Population Growth
Cape Fear Village MHP, Fayetteville NC - Broker: Glenn D. Esterson
# Sites: 183 | 4.00 Acres
Turn-Key Stabilized Asset
92% Occupancy
Strong Demand for Affordable Housing
3 Park Portfolio - Lumberton NC - Broker: Glenn D. Esterson
# Sites: 203 | 4.92 Acres
All Parks on Public Water
Value-Add Cash Flowing Portfolio in a Centrally Located Market
POH To TOH Conversion Opportunity
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
Auction - Cedar Rapids Mobile Home Park | 58 Units | 48% Occupied, Cedar Rapids, IA - Broker of Record: Jon Ruzicka
Price: $250,000 | Price per Site: $4,310 | # Sites: 58 | 6.52 Acres
STARTING BID $250,000 | 58 Units | 48% Occupied | AUCTION DECEMBER 4-6, 2023.
58-Unit Mobile Home Community; Minutes from Downtown/CBD and I-380; Adjacent to Cedar Rapids Public Transit
119,960 Individuals with Average Household Income of $75,175 in 2023 (5-Mile Radius); 11% Population Growth
Value-Add Opportunity with Upside in Rents, Occupancy, and Utility Recapture; Public Water/Sewer
Starting Bid $4K per unit, sale comps range from $37k - $61k per unit.
Pleasant Acres, Dudley NC - Broker: Glenn D. Esterson
# Sites: 217 | 102.29 Acres
Upside Potential Through Infill
71% Occupancy
Achievable Rent Growth
California Palms Mobile Home Park, San Jacinto, CA - Broker: Douglas McCauley, David Covarrubias
Price: $2,720,000 | Price per Site: $80,000 | Cap Rate: 6.63% | # Sites: 34 | 1.69 Acres
6.63% Capitalization Rate
27 Park-Owned Homes
Upgraded Gas & Electric Meters | Directly Billed to Tenants
City Serviced Water & Sewer
New Concrete Driveways Electrical Panels and Copper Wiring
Excellent Location | Half a Mile East of Downtown San Jacinto
Population In Excess of 152,000 Within Five-Mile Radius
Average Household Income Over $69,000 Within Five-Mile Radius
Judy's Mobile Home Park, Onalaska, TX - Broker: David Tietz, Hudson Silverman, Matt Wagner
Price: $375,000 | Cap Rate: 9.49% | 4.59 Acres
City Utilities
Blocks From Lake Livingston
Electric, Water & Sewer Direct Billed
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 and 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
Truckee Creek Cottages, South Lake Tahoe CA - Broker: Dustin B. Wilmer, Douglas A. Danny
Price: $6,500,000 | Price per Site: $175,676 | Cap Rate: 5.17% | # Sites: 37 | 1.66 Acres
30 MH Sites | 7 Apartment Units
High Demand South Lake Tahoe Location | Minutes from Heavenly Village
City Water & Sewer | 100% Occupied.
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
3 Park Portfolio - NC, Ellenboro NC - Broker: Dylan Hellberg, Glenn D. Esterson
77.16 Acres
All parks on public water are billed directly to tenants.
88% occupancy
Below-market rents
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’s
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
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
Glen Lake MHP, Grove City, PA - Broker of Record: Sean Beuche
Price: $2,500,000 | Price per Site: $44,643 | Cap Rate: 5.70% | # Sites: 56 | 29.58 Acres
Value-Add MHC
Strong Upside in Lot Rents
18 Vacant Lots, Home Ready
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
Pine Grove MHC, Inkster MI - Broker: Chase Gilewski, Chris Futo
Price: $1,600,000 | Price per Site: $36,364 | Cap Rate: 9.70% | # Sites: 44 | 16.67 Acres
Seller financing available.
Below market rent.
High occupancy.
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
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.
Boswoods Estates MHC, Boswell PA - Broker: Sean Beuche
Price: $1,175,000 | Price per Site: $51,087 | # Sites: 72 | 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.
Yale
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+
MHC, East Lansing, MI MSA - Broker: James McCaughan
Price: $16,000,000 | Price per Site: $50,450 - $61,650 | Cap Rate: 5.74% | # Sites: 240 | 10+ Acres
Two-asset MHC portfolio totals approximately 240 sites.
Located in the rapidly growing Greater Lansing MSA, anchored by Michigan state capital.
Area’s diverse employment base includes Michigan state government, Michigan State University, manufacturing, insurance providers, healthcare administration, and other services.
Each asset is located in a zip code with median SFH prices well in excess of $200K and approaching $300K.
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: $3,250,000 | 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.
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 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, 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: $2,900,000 | 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 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, 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
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
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
Cahaba Park West, Selma AL - Broker: Daniel Simmons, CCIM, Matthew Galofaro, CCIM
Price: $950,000 | # Sites: 226
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.
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
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.
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 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.
Capstone
Eastern Indiana Portfolio, Connersville IN - Broker: Kevan Enger, Ian Hilpl, Brian Hummell, Hunter LaRocca
# Sites: 88
Upside In Filling Vacancy
Below-Market Rents
Public Water & Sewer
Recent Capital Improvements
Majority Resident-Owned Homes
Close Proximity Allows for Shared Staffing
Direct Access to Indianapolis, Dayton, & Cincinnati
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
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
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
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: Kevan Enger, Ian Hilpl, 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
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
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
Columbus, OH MH Community, Columbus OH - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRoca
# Sites: 303
Beautiful Curb Appeal
Proximity to New Intel Plant
Direct-Billed Public Utilities
Significant Lot Rental Upside
Sharps Mobile Home Park, Eustis FL - Broker: Ian Hilpl, Kevan Enger, Brian Hummell, Hunter LaRocca
# Sites: 105
Below-Market Rents with Scheduled Rent Increases
High Growth Market
Attractive Community Profile
Strong Demand for Affordable Housing
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
ARA Newmark
New!
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 brand 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.
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.
Coal Ridge MHC, Hazard KY - Broker: Andrew Shih, Todd Fletcher, Braden Weaver, Samuel Rector
Price: $1,195,000 | Price Per Site: $32,297 | # Sites: 37 | 7 Acres
The community is serviced by public utilities that are direct billed to the tenants by the local utility company.
Value-add opportunity to raise lot rents at the community. The Owner plans to raise lot rents by $45 in Feb ’24 (notice going out Nov ‘23), which would add almost $20,000 in lot rental revenue in Year 1. According to the rent comp study on page four, the average lot rent for nearby communities is $330 compared to $265 at Coal Ridge MHC (after the $45 rent increase in Feb ’24). Increasing rents to market level would add another $28,000 of additional annual site rental revenue for a new owner with minimal increases to the expenses.
The community features an attractive layout with large lots, paved roads, and shaded trees throughout. The property has been well maintained by ownership, and Newmark is not aware of any significant capital improvement requirements.
There is a strong demand for affordable housing in
this market. Economic occupancy has grown five sites within the past year taking overall occupancy up to 97%. The average vacancy rate for nearby communities is 4%, according to a recent study completed by Perry County.Within a five-mile radius of the community, the average household income is $67,618 with average home values at $150,904.
Seller financing available to facilitate a year-end close. Potential terms include $650k seller loan for 1 year.
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.
Cooper Cardinal
New!
J&S Fish Camp, Okeechobee FL - Broker: Jack A. Cardinal
Price: $3,425,000 | # Sites: 45 | 5.4 Acres
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
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.
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.
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
Shangri-La MHP, Saint James City FL - Broker: Jack A. Cardinal
Price: $2,195,000 | # Sites: 31
Other Street
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)
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.
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
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.
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.
Lovelady MHC, Lovelady TX - Broker: Enon Winkler
Price: $575,000 | # Sites: 22
Immediate infill upside, 6 vacant lots with ability to be developed and filled.
Opportunity to acquire a community in Texas at a price below replacement cost
Community serviced by city utilities that are all direct billed to tenants.
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.
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.
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.
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
Northmarq
Midtown Center I & II, Anchorage AK - Broker: Don Vedeen, Chris Mich, Jared Bosch, Paul Smith
# Sites: 115
115-site mobile home community in Anchorage, Alaska
Excellent location – Eight minutes from Downtown Anchorage
Midtown Center I & II has 115 lots, 48% of the lots are park owned homes.
Located in a Qualified Opportunity Zone
Desirable R4A Zoning
The property is located in a Reinvestment Focus Area within the Municipality of Anchorage - and is eligible to qualify for redevelopment property tax abatement.
The community's water is provided by both City and Well, the sewer is serviced by the City of Anchorage, both sewer and water are paid by ownership.
Average household income in excess of $97,000 within a 3-mile radius of the property
Midtown Center I & II is centrally located allowing residents easy access to multiple employment corridors including the Ted Stevens International Airport, University of Alaska Anchorage, Downtown Anchorage, and the Alaska Native Medical Center.
Lakeside Estates, Umatilla FL - Broker: Don Vedeen, Chris Mich, Jared Bosch, Paul Smith
# Sites: 115 | 18.97 Acres
New Build, 5 Star Community
49 Home Ready Expansion sites
12 of which currently include NEW Inventory Homes ready to sell
Water & Sewer Provided by the City of Umatilla
The asset features numerous attractive amenities including a resort style swimming pool, children's playground and fitness center
Current rents are ±100 below submarket competitors, providing significant rental upside for the next investor
Conveniently located near FL-453 allowing direct access to downtown Orlando and the major employment centers in the city
Wamsutter Trailer Court, Wamsutter WY - Broker: Meliza McKenzie
Price: $3,650,000 | Price per Site: 45,625 | # Sites: 80 | 13.67 Acres
Year 1 projected cap rate of 8.23%.
Park is serviced by city utilities.
Unit mix is comprised of 37 MH TOH, 22 MH POH, 17 RVs and a 4-unit apartment building.
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
Dayton Development, Dayton TX - Broker: Jared Bosch, Chris Mich, Don Vedeen, Paul Smith
# Sites: 950 | 203 Acres
Opportunity to develop a 950-site manufactured housing community approximately 30 miles from Houston, Texas
The site is located and fully entitled for MHP development.
Phase I, Phase II, Surveys and Environmental reports available
Public utilities (city, water and sewer)
Opportunity to build affordable housing, near-by master planned communities in the area are on market at an average of ±$350,000 per home.
Conveniently located near the 99 Grand Parkway, giving resident easier access to employment and entertainment corridors around the Houston MSA
The median household income for the Houston MSA area is ±$64,214, creating a strong demand for affordable housing in the immediate area.
Top employers near the site include ExxonMobil, Shell, and Walmart/Sam's Club distribution center.
Western Skies, Gallup NM - Broker: Chris Michl, Don Vedeen, Jared Bosch, Paul Smith
# Sites: 145
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)
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%
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.
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.
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.
Alvin MHP Development, Alvin TX - Broker: Jared Bosch, Don Vedeen, Chris Mich, Paul Smith
# Sites: 365 | 74.04 Acres
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.