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Mobile Home Park Details

  • Price: Call for Price
  • Property ID: 1050769
  • Posted on Apr 8, 2019

Property Description

• Value-add opportunity to increase occupancy as the property is only 40% economically occupied. There is tremendous demand for affordable housing in this area. Stagecoach MHC is just up the road and recently added 10 new homes. We’ve heard that they all filled quickly.
• Lot rents at the community are still slightly below market. In the July 2018 JLT
Market Report, the average adjusted monthly homesite rent in Pueblo for “All Ages” communities is $455, an increase of $9 (2.2%) from the previous published report. Stagecoach MHC has lot rents at $415 compared to $386 at the subject property.
• The offering includes 136 inventory homes, of which 46 are currently occupied on a lease to own program with a current balance of approximately $837,000. Owner plans to remove 15 homes prior to the end of April. The community has brought in 14 homes outside the community since 2012 and these are generally leased with average tenure of over 24 months. The community has also spent capital refurbing some of the existing vacant homes.
• With low vacancy and growing rents, the Pueblo market is on a trajectory for growth. Currently, the vacancy rate for apartments is only 3.4% with an average asking rent of $783 (or a 4.3% increase from 2017). By 2023, asking rents are projected to be $938. With low vacancy and higher rents, affordable housing will benefit greatly as a more affordable option for lower income residents.
• Median household income within a ten-mile radius around the community is $43,950 and expected to rise over $51,300 by 2023. The population within the same radius is 139,700 and expected to rise over 144,800 by 2023. The average home value is just over $222,100 within a ten-mile radius around the community.
• Spann Elementary School is adjacent to the subject community and closed shortly after the current owner purchased the park in 2013. The school district sold it last summer in 2018 to Rocky Mountain Service of Employment and Redevelopment (RMSER) and they plan to use the building to open an early learning center with enrichment classes and other programs for adults and teenagers. This should be a significant boost to the immediate area.

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Park Information

Community Type: All Age
Number of MH Lots: 294
Year Built: 1969
Average MH Lot Rent: $386
Size: 53.0 acre(s)

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