Contact Information
Mobile Home Park Details
- Price: $1,600,000
- Purchase Method: Cash, New Loan
- Cap Rate: 10.0%
- Property ID: 1290790
- Posted On: Jul 19, 2020
- Updated On: Aug 5, 2020
Property Description
Investment Overview:
Mobile Home/RV Park 33 Space Long-Term Tenants (no overnighters allowed)
31 RV spaces, 1 Park Owned Apt., 1 Park Owned - Mobile Home
100% Occupied
-The only park owned Mobile Home is occupied by the on-site manager and has been for the last four years
- City Water/Newer Septic
-Excellent Rent Collections - Manager has strictly enforced a "no pay, no stay" policy
-Space to expand upon city approval
-The current owner is looking to exchange into a larger park
Details:
Built in 1993, Fisher Island RV Park is 100% occupied with long term tenants (no overnighters are allowed). It has a quiet location close to the Columbia River on the outskirts of Longview, Washington. A complete new septic system was installed in 2008. The park water is provided by the city.
An on site manager is in place with off-site professional management available. This is a quiet stable park, with minimal maintenance needed and would be an ideal park to add to a portfolio collect rents like clock work.
Location
Longview, WA boasts the largest population in Cowlitz County. The city is a short 45 min. flight to Seattle, WA and a 40 min. drive to Portland, OR. There is a HUGE DEMAND FOR LOW INCOME HOUSING, the park maintains a waitlist.
Amenities
- Storage
- Handicap Accessible
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 33 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1993 |
| Average MH Lot Rent: | $600 |
| Size: | 4 acre(s) |
Financial Information (Actual)
| Gross Income | $248,000 |
| Operating Expense | $72,100 |
| Net Operating Income | $158,900 |
| Expense Ratio | 29.1 % |
| Debt Info |
Lot Information
| Doublewide Lots: | 1 |
RV Information
| Number of RV Lots: | 32 |
| Average RV Lot Rent: | $600 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 1 |
| Average Rent for Park-owned Homes: | $1,200 |
