Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Property ID: 1076416
  • Posted On: May 8, 2019
  • Updated On: Aug 2, 2019

Property Description

75 Spaces
68 Occupied Space
CAP Rate 13.44%
NOI: $255k
19 Park Owned Homes
13 Acres

Wamsutter Trailer Court is the largest multi-family investment opportunity in just under a 40 mile radius. It serves those working on long-term power line and mining projects. The economic outlook of the region is heavily influenced by the energy sector and when the oil and gas industry was threatened in 2015 and 2016, this property experienced a similar decline in revenue. During those years, gross revenues of the trailer court declined by 10 percent and 22 percent year over year respectively. That said, the area has since rebounded, with large scale infrastructure projects in the area expected to drive local economy through at least 2023. Since 2016 the trailer court as averaged 26.5 percent year over year growth and based on in-place occupancy and rents, it is expected to grow by an additional 18 percent in 2019.

Of the 75 total spaces, 19 are occupied by park owned rentals, mostly newer, and collectively contribute to 22 percent of the monthly income (above and beyond the space rent they generate). Six spaces remain vacant, some having trailers that must be removed to make way for new tenants. A new owner can further improve revenue by filling those remaining spaces and transitioning the park away from RVs and rentals to long term owner occupied units.

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