Contact Information

Todd Fletcher


Mobile Home Park Details

  • Price: $1,950,000
  • Property ID: 1071150
  • Posted On: May 3, 2019
  • Updated On: Feb 5, 2020

Property Description


• Gaslight Village MHC is an all-age, 3-star manufactured home community positioned on approximately 18.62 acres of land serviced by public utilities. The property offers a spacious layout with shaded trees and off-street parking throughout.
• The property also has a 54-unit self-storage facility that brings in $14,000-$20,000 annually. The storage units are rented anywhere from $35 to $65 per month.
• Value-add opportunity to increase occupancy as the property is only 53% occupied. Most of the park-owned homes are occupied, indicating strong demand for affordable housing in the area.
• The park could benefit substantially from the implementation of a home program. Increasing occupancy to 60 sites (74%) from the current 43 (53%) would add $59,000+ in annual site rent with minimal increase to expenses. Further increasing occupancy to 77 sites (95%) would add another $59,000+ in annual site rents. If 90% of the additional revenue falls to NOI, based on the asking price the unlevered return increases by 5.5%.
• At $24,000 per lot, the asking price is significantly below replacement cost.

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Park Information

Community Type: All Age
Number of MH Lots: 81
Total Occupancy: 59.0 %
Year Built: 1972
Average MH Lot Rent: $290
Size: 19 acre(s)

Utility Information

Water: City
Sewer: City

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