Contact Information

Anja Jauregui

Marcus Millichap

Mobile Home Park Details

  • Price: $3,280,000
  • Cap Rate: 6.2%
  • Property ID: 1464780
  • Posted On: Jun 24, 2021
  • Updated On: Jun 24, 2021

Property 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
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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 %
Debt Info

Utility Information

Water: City
Water Paid By: Park
Sewer: City

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