Mobile Home Park Details

  • Cap Rate: 9.2%
  • Property ID: 1362717
  • Posted On: Dec 1, 2020
  • Updated On: Dec 1, 2020

Property Description

The Colliers Midwest Manufactured Housing & RV Group is pleased to present the opportunity to acquire Hazelwood Estates MHC, a manufactured home community in St. Louis, Missouri. The property encompasses 2.32 acres with 37 total sites + 1 Stick Built Home with city water and sewer.
The St. Louis MSA has a population of over 2.8 million and the average home price is $141,500. There are several colleges and universities in the area including Washington University, University of Missouri-St. Louis, and Saint Louis University. The area is home to many employers including BJC Healthcare, Mercy hospitals, Boeing Defense, and SSM Health. The community is well located with an in-town location and is less than a mile from Interstate 270.

The community offers 37 sites which is comprised of 12 resident
owned homes, 19 community owned homes (10 Vacant, 5 Rent Credit & 4 Demo’s), 6 empty sites and 1 Stick Built home. The current community owner bills back for water and pays for sewer and trash pick up. The average monthly site rent is $335 across the 17 occupied sites.

Link to due diligence: http://colliersmanufacturedhousing.com/listing-inventory/hazelwood-mhc/

Location

Hazelwood is a city in St. Louis County, Missouri, within Greater St. Louis. It is a second-ring northern suburb of St. Louis. It is located north of St. Louis-Lambert International Airport and is situated on Interstates 270 and 170, as well as the much-traveled Lindbergh Boulevard and Highway 370.

St. Louis MSA has a population of 2.8 million and a median home value of $141,500.

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Park Information

Community Type: All Age
Number of MH Lots: 37
Total Occupancy: 84.0 %
Average MH Lot Rent: $335

Financial Information (Pro Forma)

Gross Income $93,175
Operating Expense $44,995
Net Operating Income $48,180
Expense Ratio 48.3 %
Debt Info

Utility Information

Water: City
Water Paid By: Tenant - RUBs
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 19
Average Rent for Park-owned Homes: $315

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