Mobile Home Park Details
- Cap Rate: 6.2%
- Listing ID: 1464780
- Posted On: Jun 24, 2021
- Updated On: Oct 28, 2021
Description
Marcus & Millichap is pleased to present as the exclusive advisors for a 51 space mobile home park located at 489 SE 2nd Ave, Ontario, OR commonly known as Idle Wheels Mobile Home Park. In addition to the mobile home park, the offering consists of one single-family home and 23 units of mini storage which are located on separate parcels adjacent to the mobile home park. The mobile home park consists of 36 tenant-owned units, 6 park-owned units, 3 RV sites, & 6 vacant sites. The park, single-family home, and mini storage are located on a total of 5 acres and are on city water and sewer. The current owner has recently upgraded the park-owned home inventory with $100,000 in new mobile homes, as well as converted a substantial number of park-owned homes to homes on contract. There is potential upside for a new investor to fill the 6 vacant RV sites, continue to bring a majority of the MH sites to market rents, and to fully rent out all storage units.
Location
Located just off of I-84, Ontario, OR lies along the Snake River at the Idaho border and is the largest city in Malheur County, Oregon. The city is the largest community in the region of far eastern Oregon, also known as the Western Treasure Valley. Ontario School District is made up of five elementary schools, one middle school, and one high school. Four Rivers Community School offers a dual language immersion program dedicated to providing a progressive bi-literate and culturally engaged education from K-12. Saint Peter's Catholic School offers a private school alternative.
The property is located within walking distance of major hotel chains including Holiday Inn Express, Red Lion Inn, and Best Western - making site visits a breeze for the new Owner.
Amenities
- Storage
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 51 |
| Total Occupancy: | 89.0 % |
| Year Built: | 1930 |
| Average MH Lot Rent: | $350 |
| Size: | 5 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $306,961 |
| Operating Expense: | $105,330 |
| Net Operating Income: | $201,631 |
| Expense Ratio: | 34.3 % |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |