Contact Information

Mobile Home Park Details

  • Price: Call for Price
  • Property ID: 1078688
  • Posted on May 10, 2019

Property Description

• Aaspen Mobile Village is a 3.5 star, all age community on public utilities located in Klamath Falls. The city is surrounded by national forests and enjoys 300 days of sunshine annually. With an urban population of approximately 42,000 it offers unparalleled access to outdoor recreation while providing retail, entertainment, and employment options typically associated with a larger city.
• Unique opportunity to purchase a stabilized, cash flowing asset consisting mostly of double-wide homes in the highly sought after Pacific Northwest market. There are 13 private mortgages on homes occupied by tenants, which are included in the sale.
• The property has existing Fannie Mae debt that may be assumed (terms included in the Loan Information table below); however, Seller is willing to pay off the debt for a buyer who would like to obtain new financing.
• Although there is rent control in Oregon (link below) it does allow for annual rent
increases based on inflation plus 7%. In 2019, the possible increase was 10.3%,
which could add over $36k of revenue. For submetering, the park can bill back the cost of installation but must roll back rents to offset the new charge to tenants.
However, we typically see a 25% reduction in usage when tenants pay for it, which could increase revenue by another 18k. https://olis.leg.state.or.us/liz/2019R1/Downloads/MeasureDocument/SB608/Enrolled
• Property infrastructure (roads and utilities) appears to be in good shape. Avista
installed new gas lines in 2018.
• Within a 10 mile radius, the average household income is $59,091 and the average home value is $228,375.
• Please note that the property is subject to resident’s ROFR (right of first refusal) as per Oregon statutes.

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Park Information

Community Type: All Age
Number of MH Lots: 82
Total Occupancy: 97.5 %
Average MH Lot Rent: $376
Size: 9.7 acre(s)

Utility Information

Water: City
Water Paid By: Park
Sewer: City

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