Contact Information

Jason Lewis

Ecospace

Mobile Home Park Details

  • Price: $649,000
  • Purchase Method: Cash, New Loan
  • Property ID: 1039040
  • Posted on Mar 7, 2019

Property Description

A great opportunity for a Colorado based MHP investor. The foundation of a cash flowing asset has been laid with a going in Cap Rate of 9.18% and a direct path to achieve a 16.45% Cap Rate in a reasonable time frame. Pueblo is primed for significant growth and demand for affordable housing has never been higher. We currently have a waiting list for units while we renovate existing homes and bring in new homes. Over the past year we've spent close to $100,000 improving the six apartment units and POH's. We also are in the process of selling several POH's to tenants which will further eliminate future capital expenditures.

The only reason for selling this asset is we are starting construction on a $10M 18 new build project in Denver on May 1st and need the capital for the final construction loan. We planned on keeping this asset for the long haul but this new opportunity requires we pivot and sell several assets.

We do have a bank loan on this project and will not be able to offer seller financing. We self manage the project from Denver but have an on site assistant/handyman.

Location

Shamrock MHP / Apartments are centrally located along
the historic section of Lake Avenue. Positioned a short
drive south of Pueblo Boulevard, the project is within 1/4
mile of the St. Mary-Corwin Medical Center with a new
Fire station located just a block away.
Close to numerous shopping venues and restaurants, the
residents of the Shamrock community enjoy easy access to
these services.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 32
Total Occupancy: 60.0 %
Average MH Lot Rent: $450

Utility Information

Water: City
Water Paid By: Park
Sewer: City