Mobile Home Park Details

  • Cap Rate: 6.7%
  • Listing ID: 1523128
  • Posted On: Sep 28, 2021
  • Updated On: Jan 4, 2022

Description

The Cross Group is pleased to present the opportunity to acquire River Village Mobile Home Park, a 25-space Mobile Home & RV Community in Ontario, Oregon. Located on the eastern edge of Oregon, Ontario is less than an hour’s drive from Boise, Idaho and is a popular entry point for Idahoans looking to experience all that Oregon has to offer. River Village is currently achieving $350 per month for mobile home lot rent and $313 per month for RV sites. There is also a single-family home on the property, currently being rented for $875 per month. Originally built in the 1970s, the Park has plenty of upside in the form of raising rents, reallocating or adding spaces, and selling off park-owned homes. With its low rents, pleasant country environment, and beautiful views of the Snake River, the Park boasts a long waiting list.

River Village is serviced by three on-site wells for water and four 1,500-gallon septic tanks. Both systems have been recently upgraded. Mobile Home and RV sites are serviced by 30 amp electricity, which tenants are direct-billed for. The asphalt & gravel roads throughout the park are in good condition.

Location

Residents of River Village include families and retirees, both of whom benefit from the Park’s proximity to fishing, recreation, major retailers, and a charming downtown. Ontario School District is made up of five elementary schools, one middle school, and one high school. Ontario has plenty of employment opportunities in the arenas of food processing, farming, government, and the booming marijuana industry. Large employers include Walmart, Home Depot, Kraft Heinz, and Ore-Ida. Because the state of Oregon has no sales tax, Ontario is a popular shopping destination for Idaho residents.

Amenities

  • Club House
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Park Information

Community Type: All Age
Number of MH Lots: 18
Total Occupancy: 96.0 %
Year Built: 1970
Average MH Lot Rent: $350
Size: 7 acre(s)

Financial Information (Pro Forma)

Gross Income: $105,000
Operating Expense: $42,012
Net Operating Income: $101,388
Expense Ratio: 40.0 %

Lot Information

Singlewide Lots: 15
Doublewide Lots: 3

RV Information

Number of RV Lots: 6
Average RV Lot Rent: $325

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 11
Average Rent for Park-owned Homes: $238