Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 5.0%
  • Property ID: 1443502
  • Posted On: May 21, 2021
  • Updated On: Jul 22, 2021

Property Description

This exceptional 36 space, 55+ community, nestled in the heart of historic Allyn, (Mason County) WA, offers peace and quiet with a picturesque view of Case Inlet, on the west shore of Puget Sound. A generous 4.26 acres of prime real estate with paved and well maintained roads, 19 roomy mobile home sites,17 RV lots, and ample green space for additional parking or expansion maximizes the value of this offer. Proforma projections add an additional 1-2 cap.
The park efficiently operates on city sewer, city water, underground utility lines, pass through electric to each home, and park metered electric to each RV lot. On-site park management, has enabled Allyn View to maintain a 100% tenant occupancy, permanent overflow income, and an impressive 33% revenue growth over the past five years.  
Washington State does not have rent control. Existing rents stand below market at $445-$545 with significant upward adjustment feasibility. Rent comps in the area range from $600 to $750 plus water, sewer, and garbage.
Nearby attractions include a variety of parks, boat launch, playground, kayaking, golf courses, post office, grocery store, restaurants, latte stands, ice-cream parlor, beauty salon, wine tasting, churches, wood-carving shops, automotive repair, and a gas station. In addition, there are several lakes within 25 miles, Tahuya Forest, off-road vehicle paths and hiking trails. Emergency medical assistance and urgent care facilities are within minutes.
Allyn is conveniently situated in close proximity to the Bremerton Naval Shipyard, and just over 1 hour to Seattle-Tacoma International Airport.
The availability of commercial property is extremely limited in Allyn and surrounding communities. However, Allyn View Estate’s zoning offers maximum development flexibility. Mason County's economy is booming and considered one of the fastest growing areas in the state. The recent addition of a new Amazon facility, just miles away, has created a significant need for convenient, affordable housing, so future occupancy projections remain positive.

Location

Nestled in the heart of historic Allyn, (Mason County) WA, overlooking Case Inlet, on the west shore of Puget Sound.

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

Park Information

Community Type: 55 And Over
Number of MH Lots: 36
Total Occupancy: 100.0 %
Average MH Lot Rent: $545
Size: 4 acre(s)

Lot Information

Singlewide Lots: 0
Doublewide Lots: 19
Triplewide Lots: 0
Park Model Lots: 2

RV Information

Number of RV Lots: 17
Average RV Lot Rent: $535

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $545

Other Listings by Karen Holden