Mobile Home Park Details

  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 12.3%
  • Property ID: 1406364
  • Posted On: Mar 14, 2021
  • Updated On: Jun 19, 2021

Property Description

EXECUTIVE SUMMARY

• Overview - UNIQUE location, right in downtown of Ocean Park, WA and blocks away to the Pacific Ocean.
• About 15 minutes to Long Beach, WA, a favorite tourist magnet. Long Beach and Ocean Park are the sites for World’s Kite Festival, claim digging, car events, largest July 4th celebration in the country, favorite spot for storm watching, dog walking, jogging spot for the locals; ideal retirement destination for seniors, the possibility is endless. The only limitation is the imagination.
• Currently 40-pad RV spaces and 4 tent sites.
• In the process of upgrading the infrastructure to add four RV sites
• In the future can convert the 1,500 Sqft. Storage building to a duplex or for studios (four studios would maximize the revenue)
• Over two acres in the heart of the community
• Mutil-use workshop/storage area: 28'x 44' building with big RV accessible door
• Three-bedroom, two-bath doublewide mobile home
• Two singlewide two-bedroom mobiles
• Six park-owned rental RVs/trailers
• Plus 1584 sq. ft. bldg. with laundromat, storage & clam shed.
• Walking distance to amenities: two grocery/general stores (Okie’s Thriftway Market & Jack’s Country store), pharmacy, Bank of the Pacific, restaurants, school & various shops
• Endless possibilities with commercial zoning

INVESTMENT KEYS

• CAP rate is 12.92 based on 2020 actual rental income. Performa CAP rate for 2021 is 16%+
• DSC is 1.90 based on 2020 actual rental income
• Great cash flow each month after mortgage and all expenses. Even better cash flow with once replacing short-term financing with long-term financing.
• Improve cash flow by renting 1,500 sqft. storage space or develop into much needed self-storage facility or a duplex or four micro units. Affordable and quality housing is in high demand for the area.
• The 50% long-term rental units are always full
• The 50% short-term rental units are heavily utilized in the summer
• Park can change its policy to allow more long-term units, the county allows
• Increase cash flow by buying more trailers: all-in costs for about $2000-$3000 and rent out for $650+. This will add about $400-500 net profit per trailer/per month.
• Zero marketing besides word of mouth
• Additional social media marketing/flyers will bring significant cash-flow
• Commercial zone—re-development opportunity
• Improve cash flow by adding bike/scooter rental during spring-fall
• Growth by adding Airbnb: tiny homes, log-cabins, etc.
• Turn-key profitable operation
• Reliable manager in place with great integrity

ASSETS AVAILABLE FOR FINANCING/COLLATERAL

• Mutil-use workshop/storage area: 28'x 44' building with big RV accessible door
• Three-bedroom, two-bath doublewide mobile home
• Two (2) singlewide two-bedroom mobiles
• Six park-owned rental RVs
• Plus 1584 sq. ft. bldg. with laundromat, storage & clam shed
• Over two acres of commercial zoned

Location

*In the heart of Ocean Park, Washington. • Walking distance to amenities: two grocery/general stores (Okie’s Thriftway Market & Jack’s Country store), pharmacy, Bank of the Pacific, restaurants, school & various shops. Commercial zone with lots of potentials. Buyer to do own due diligence and verification of all aspects of the transaction.

Amenities

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

Park Information

Community Type: All Age
Number of MH Lots: 40
Total Occupancy: 90.0 %
Year Built: 1982
Average MH Lot Rent: $450
Size: 2 acre(s)

Financial Information (Actual)

Gross Income $154,370
Operating Expense $0
Net Operating Income $98,002
Debt Info

RV Information

Number of RV Lots: 37
Average RV Lot Rent: $450

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 3
Average Rent for Park-owned Homes: $1,050

Download Documents

Similar Mobile Home Parks for Sale