Contact Information

Mobile Home Park Details

  • Price: $9,250,000
  • Property ID: 1331240
  • Posted On: Sep 28, 2020
  • Updated On: Sep 28, 2020

Property Description

Sunstone is pleased to present an REO portfolio consisting of two mobile home parks located in Williston (226 sites/61% occupancy) and Tioga (57 sites/15% occupancy). The properties must be purchased together in conjunction with two separate portfolios of rental mobile homes located at the properties. Asking price for the real estate is $9,250,000. The properties generate strong cash-flow despite current occupancy of 52%. The asking price equates to a 8.2% Cap rate based upon the income/expenses derived from in-place occupancy.

Buyer must bid separately for two on-site portfolios of high quality rental homes in addition to the real estate. The first portfolio offered, consists of 43 homes owned by the lender, which are occupied by mostly non-oil industry tenants. The second portfolio included in the offering, consists of 68 homes owned by a non-lender third party, which has historically produced a consistently strong revenue stream. Both of these home portfolios are priced on a "Request for Bid" basis and must be purchased in addition to the real estate. A detailed breakdown of the property, rental home occupancy and revenue is included within the Offering Memorandum.

Location

• Lender owned REO - Both Properties Must be Purchased Together
• Properties generate strong cash-flow despite current occupancy of 52%, which offers an attractive yield from high-quality underlying assets
• Opportunity to purchase assets at a strong basis during a market correction in global oil markets, positioning the assets for growth as the market returns
• Williston is the center of the Bakken Oil industry and produced over 1.9 Million barrels of oil in 2019
• Rental homes have generated on average $1226 for a 2 Bedroom and $1586 for a 3 Bedroom home over the last 5 years

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Park Information

Number of MH Lots: 283
Total Occupancy: 52.0 %
Average MH Lot Rent: $635

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