Contact Information

Todd Fletcher

Newmark

CONTACT BROKER

Price: Call for Price
Listing ID: 4968527
Posted On: Mar 27, 2024
Updated On: Apr 3, 2024

Description

Waukon MHC is an all-age
89-site community boasting a
strong economic occupancy with
all tenant owned homes and no
vacant park owned homes.
– Value-add opportunity for a new owner to continue to
grow revenue by bringing in and selling homes to fill
the remaining lots. Filling the remaining vacant lots
could add over $80K in annual site rental revenue for
a new owner.
– Further upside potential to increase lot rents over
time to boost revenue. The current Owners already
notified tenants of a planned lot rent increase by $45
in April/May of this year, which should add over $38K
in annual site rental revenue for the next owner. This
is included in the Proforma of the Financial Analysis
section on page 3.
– Another source of upside would be to sub-meter
water/sewer and bill back tenants based on usage,
which could add another $40K of annual revenue for
the next Owner (assuming a 95% recapture rate).
– The community is serviced by public utilities and
features an attractive layout with off-street parking,
mature trees, large lots, and onsite management. The
community is also directly adjacent to the Waukon
City Park and boasts 64 acres of open park, making it
a fantastic amenity for residents.
– Strong demographics with average household
incomes and homes values of $86,014 and $280,752
within a 10-mile radius of the community.
– The community sits within the highly rated Allamakee
Community School District with 1,094 students
enrolled and employs around 200 staff members.

Location

– Waukon MHC sits a great location on Iowa Highway 9 near the Mississippi River, providing easy access to other larger markets such as Rochester (MN), Cedar Rapids (IA), and Des Moines (IA).
– Allamakee County offers a private country feel with city conveniences nearby such as restaurants, bars, grocery stores, parks, schools, and more. The largest employers are in sectors such as education, manufacturing, and agriculture.
– As agriculture is a significant industry in Allamakee County, agricultural businesses like Waukon Feed Ranch, which provides feed and other products for livestock and pets, are prominent employers in the area. The area is also home to several small to medium-sized manufacturing companies that produce a variety of goods, including metal products, machinery, and food processing.
– The Allamakee Community School District school district is one of the largest employers in the area, encompassing multiple schools and employing a significant number of teachers, administrators, and support staff.
– Effigy Mounds National Monument: located along the Mississippi River, this monument preserves prehistoric mounds built by Native American cultures. It offers scenic hiking trails and opportunities to learn about the region’s indigenous history.
– Yellow River State Forest: this expansive forest offers numerous outdoor recreational opportunities, including hiking, camping, fishing, and hunting. The forest’s rugged terrain and scenic beauty make it a popular destination for nature enthusiasts.

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