Contact Information

Anja Jauregui

Marcus Millichap

Mobile Home Park Details

  • Price: $8,000,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 9.6%
  • Property ID: 1362014
  • Posted On: Nov 30, 2020
  • Updated On: Nov 30, 2020

Property Description

The subject property is located at 210 Third Street in Garibaldi Oregon commonly referred to as the Old Mill RV Park and Event Center. The site consists of approximately 42.53 acres of land comprised of four parcels, that have an RV Park (commonly known as Old Mill RV Park), camping, retail buildings, event center and more. The RV park has approximately 140 recreational vehicle spaces consisting of 75 daily/transient slots, 55 monthly spaces and 10 interchangeable/flex spaces. The spaces include partial hook-up, full hook-up, field camping, and tent camping. There is a general retail and gift store located on the site that allows patrons and visitors convenient access to goods, necessities, as well as keepsakes to commemorate their stay. The park offers many attractive amenities including Wi-Fi, laundry, bathrooms with showers, utilities, as well as shopping and eating venues onsite. The site boasts a popular local event center suitable for more than 200 guests and is ideal for larger gatherings including weddings. A clubhouse is available for hosting smaller events such as birthdays, business seminars/retreats, family reunions and more. There is onsite secured and gated RV and boat storage. A rentable office is located above the center, as well as a leased restaurant and leased apartment units for additional income.

There have been considerable recent improvements to the RV park including upgrading/rebuilding utilities, fresh gravel many of which have new pad boarders and patios, road improvements and smaller sites have been enlarged to be more appealing to potential guests. Some recent capital improvements include but are not limited to, new electrical, sewer repair, water line improvement, front powerhouse upgrade and more.

-Strong Diversified Income Stream with RV Park, Restaurant, Storage, Event Center

-42.53 Acres of Land Allows for Additional Development Including Marina or RV Expansion

-Recently Substantially Renovated Including Upgrades to Utilities and Space Improvements

Location

-Ideal Location along Highway 101 with Traffic Counts of more than 7,800 Per Day

-Nearby Amenities Include, Fishing, Golfing, Hiking, Shopping and More

Amenities

  • Laundromat
  • Club House
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Park Information

Community Type: All Age
Number of MH Lots: 140
Total Occupancy: 85.0 %
Average MH Lot Rent: $600
Size: 43 acre(s)

Financial Information (Pro Forma)

Gross Income $1,144,867
Operating Expense $379,297
Net Operating Income $765,570
Expense Ratio 33.1 %
Debt Info

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