Mobile Home Park Details

  • Listing ID: 1419694
  • Posted On: Apr 8, 2021
  • Updated On: Oct 18, 2021

Description

– Rare opportunity to acquire a portfolio of three communities totaling 174 total sites situated in the Fargo-Moorhead metropolitan
area with a population of 250,000 residents and a favorable long-term economic growth outlook. All the communities are serviced by
public utilities with off-street parking, attractive layouts, and asphalt roads.
– Value-add opportunity to continue filling sites to increase occupancy as the portfolio is currently only 74% economically occupied.
Bringing occupancy to 90% by filling 25 sites would add $125,000+ in annual site rent with minimal increase to expenses. There is
also room to raise rents to market.
– With high housing values and strong household incomes in the immediate area of the subject portfolio, the average portfolio
adjusted monthly lot rent of $317 seems low. High-quality communities in the submarket are achieving over $500.
– Two of the communities are across the street from each other and the other within a 5-minute drive, allowing a new owner to
immediately benefit from economies of scale and making it extremely time and cost-efficient to oversee.
– The communities will be delivered free and clear, allowing a new owner to put attractive debt on the portfolio.
– The current owner is billing back water/sewer usage at Cottonwood Acres MHC starting in March 2021.

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Park Information

Number of MH Lots: 174
Size: 31 acre(s)

RV Information

Number of RV Lots: 16

Utility Information

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

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