https://estersonmhcteam.​com/property/cooper-lake-mh-rv-park

Contact Dylan Hellberg for more information dylan.​hellberg@marcusmillichap.​com

Value-add opportunity with significant expansion and revenue growth potential.​

Cooper Lake MH & RV Park is a year-round, all-ages mobile home and RV park that consists of 77 total lots, most of which are RV lots. 8 MH lots and 69 approved RV lots.​ There are 7 rented park owned homes and 1 vacant park owned home on the MH lots.​ The average MH lot rent is $300 per month and the average home rent is $407 per month.​

Out of the total 69 RV lots, 34 are currently active, 8 more will be active by closing, and 27 require a power pole installment and final inspection from the municipality to become active.​ 1 power pole can service up to 4 lots, so an investor would need to install about 7 to activate all 27 of the non-active lots.​ There is an older, tenant owned mobile home on one of the active RV lots.​ The RV lot rent is $650 per month and the park maintains roughly 60% occupancy on active RV lots.​

The park is serviced by a well and septic system that is paid for by the park and included in the rent.​ Trash is serviced by a dumpster and paid for by the park.​ Electricity is billed directly to tenants on mobile home lots and is included in the rent on RV lots.​ The park owned homes are an average vintage of roughly 1985.​ The roads are gravel and in average shape as our offering price suggests.​

A small portion of the property is located in a flood zone.​ The flood zone affects roughly 8 RV lots in the park, but no mobile home lots.​ It is believed there are NO restrictions on RV occupancy due to the flood zone.​ The park is NOT located in an opportunity zone.​

The upside on the deal consists mainly of activating the remaining 27 RV lots.​ If an investor activates all 27 RV lots, maintains the 60% RV occupancy while increasing RV lot rent to $700, and fills 1 vacant park owned mobile home while increasing MH lot rent to $400, they will see roughly 24.6% cash on cash with an exit value of roughly $2.95M at a 7.5% CAP rate.​

We are asking investors to submit offers at or above $1,900,000.​ Given the location and metrics of the park, the deal will qualify for traditional recourse community bank debt.​