Contact Information

Mobile Home Park Details

  • Price: $7,400,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 4.6%
  • Property ID: 1396771
  • Posted On: Feb 22, 2021
  • Updated On: Feb 22, 2021

Property Description

Learn more about this park at: https://estersonmhcteam.com/property/fairplay-gold-pan-mhp

Located along the Middlefork River in Fairplay, Colorado, Fairplay MHP & Gold Pan MHP are nestled in the middle of the Rockies with picturesque mountain views near Breckenridge Ski Resort.

Fairplay MHP has 85 MH lots, with 56 TOH’s, 2 POH’s, 3 RTO’s, 4 abandoned homes and 20 vacant lots. The park is on city sewer and has a professionally serviced pump house, as well as curbside trash pick-up.

Gold Pan MHP has 16 MH lots, with 4 vacant pads and 12 tenant-owned homes. The park is on city sewer/water and also has curbside trash services. All utilities are billed back to the tenants and the 2 parks have a combined acreage of approximately 15.57 acres. Both parks are within 1,500 feet of each other and are operated as one park.

1.5 hours from Denver and 30 minutes from Breckenridge Ski Resort, Fairplay is the ONLY FULL-SERVICE TOWN to serve the Breckenridge workforce within a reasonable distance. The communities are also uniquely positioned within Fairplay, just a short walk to all city amenities.

We are asking that investors submit offers at or above $7,400,000, which represents a 4.64% cap rate on current lot rental income. The portfolio should qualify for conventional recourse bank financing at a 4% interest rate, 75% LTV, 25-year amortization, with a 12-month IO period and 10-year balloon. Assuming an investor can infill the vacant lots and raise rents to market, they can expect to exit around a 5.5% cap once fully stabilized and expect to sell the parks at about $12,444,642.

Location

Below market rents and below market occupancy in an area that boasts excellent demographics, high single family home values and a surging resident base.

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

Park Information

Community Type: All Age
Number of MH Lots: 101
Total Occupancy: 72.3 %
Average MH Lot Rent: $512

Financial Information (Actual)

Gross Income $568,580
Operating Expense $214,777
Net Operating Income $340,663
Expense Ratio 37.8 %
Debt Info

RV Information

Number of RV Lots: 0

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 2

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