Mobile Home Park Details

Purchase Method: Cash, Seller Financing, New Loan
Listing ID: 1581534
Posted On: Jan 6, 2022
Updated On: Jan 4, 2023

Description

Development Opportunity

The property is zoned and approved for a total of 91 sites, with 26 currently being fully developed, making this a great opportunity for an experienced investor to redevelop the property into a large affordable housing community. Utilities: All utilities are public and water and sewer lines are high pressure PVC.

The remaining lots currently needing redeveloped have active sewer and gas lines and will only require electric and water to be rerun to each lot.

Given the properties proximity to North Platte and Ogallala, NE this property would help bring affordable housing to the region once redeveloped. Similar parks in North Platte boast high occupancy and high Tenant ownership rates, displaying a need for affordable housing in the area.

Oregon Trail Mobile Estates Currently consists of 26 developed lots with a total of 8 homes on site. Current ownership brought in a few homes in the late 2000s but has not focused on further developing the property. There are currently 5 park owned homes, one of which is occupied by current ownership. There are also three Tenant Owned homes paying a lot rent of $225 to $275.

Comparable properties in the area are charging lot rents of $275-$325, leaving current upside of $50-$100 per lot for new ownership.

Current POH rents are $550-$800, indicating contract sales of homes would be possible in the community.

Due to the current vacancy rate of the property, seller financing will be available to qualified investors.

OM LINK: https://property.creop.com/19548/

Location

Sutherland is a village in Lincoln County, Nebraska, United States. It is part of the North Platte, Nebraska Micropolitan Statistical Area. The Village of Sutherland is located 2o minutes from the City of North Platte, and 30 minutes from the Lake town of Ogallala, NE.

The Village is located along the historic Oregon Trail Route, and is located on the I-80 Corridor. The town is North of 3500 acre lake that brings recreation tourism to the area.

Area employers include GM, Pepsi, Walmart Distribution, Midwest Renewable Energy, Union Pacific, and several large food processing plants, as well as a strong and diverse agricultural industry.

The Village of Sutherland is a 20 minute drive on I-80 to the City of North Platte, (Population 24,000) making the village of Sutherland as well as this property a more affordable option for local workers.

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