Contact Information

Todd Fletcher


Mobile Home Park Details

  • Price: $7,900,000
  • Property ID: 1340012
  • Posted On: Oct 14, 2020
  • Updated On: Oct 14, 2020

Property Description


• Unique offering providing a very attractive in place unlevered yield based on in place performance that includes a healthy expense ratio over 52%.
• Includes only 51 community owned homes, of which 47 or 92% are currently occupied averaging $356 for the home rent portion. Of the 51, six are brand new homes and were leased
within 30 days at a $500 home rent.
• Three of the communities are in southwest Wyoming and within an hour drive of each other. This allows a new owner to immediately gain a significant foothold in the region and benefit
from economies of scale. The Utah asset is less than three hours from the Wyoming communities.
• At only 56% economic occupancy there is plenty of vacancy upside. Only 19% of the revenue producing lots are park owned homes so even by adding more homes to fill sites the overall
level of park owned homes across the portfolio will remain at a reasonable level.
• Opportunity for a new buyer to install submeters and bill back water usage at South Park Village MHC and Foothills MHC.
• The current owner plans to raise lot rents $10 at all of the communities except for Foothills MHC in January 2021.
• There is strong demand for affordable housing in these markets. Within a three-mile radius of each community, the average household income across the portfolio is approximately
$77,700 and the average home values at $230,900
• The communities will be delivered unencumbered and Vanderbilt Mortgage has expressed interest in financing some of the communities. While the owner will consider offers for only
one community or a portion of the portfolio, the preference is to sell them together.
• Since owner’s acquisition of Deer Run, they found a quality manager that helped to clean up the tenant base, removed some obsolete homes, renovated the vacant park owned homes,
improved the cul-de-sacs on the west side with road base, and the city completed the installation of sidewalks on the main road. Ownership also had renderings done (see Online
Document Library) to show the potential of the community.
• Southwestern Wyoming has the world’s largest deposit of trona, supplying about 90% of the nation’s soda ash. Trona is a sodium carbonate compound, which is mined and processed
into soda ash, an economically important commodity worldwide. The mineral is Wyoming’s top export and is shipped to markets around the globe.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 437
Size: 101 acre(s)

RV Information

Number of RV Lots: 73

Download Documents

Other Listings by Todd Fletcher See More