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Mobile Home Park Details

  • Price: $4,200,000
  • Cap Rate: 3.1%
  • Property ID: 1651278
  • Posted On: Apr 20, 2022
  • Updated On: May 16, 2022

Property Description

Lewis & Clark RV Park & Campground is located at 355 Evergreen Drive, North Bonneville, WA 98639.​ The park is comprised of 91 RV pads and 4 camp sites.​ Currently the asset is being utilized with a space-mix comprised of 50 long-term spaces and 41 spaces reserved for transient, daily, and weekly use.​ The property consists of 50 full-hook up sites including electric, water, and sewer.​ Additionally, there are 41 sites that have partial hooks ups which include electric and water only.​ The park has a peaceful woodland setting along with desirable modern amenities.​ The park is equipped with electric hook-ups, on-site shower stations, lodging/meeting hall, and other attractive features.​ Guests are drawn to the secluded but easily accessible location along SR-14 as well as the property’s affordable rental rates.​

Because of the demand for affordable housing, and evidenced by the waiting list for monthly renters, a new buyer would be poised to acquire the park and transition it into 100% long-term monthly RV sites.​ Many of the long-term tenants of the park are currently occupying the park at below-market rates compared to other neighboring properties in the Columbia Gorge.​ This positions an owner to maintain and raise rates with the current tenant mix, as well as increase rates upon turnover on the currently transient sites.​ Additionally, the asset is sub-metered, meaning an owner could charge or recapture utility usage and increase their cash-flow.​ The long-term nature of occupancy would help reduce operating expenses related to upkeep and management, as well as provide a consistent, reliable return on equity.​

Lewis & Clark only began utilizing internet check-ins through Camphost software in Summer of 2021.​ Along with some additional upfront costs in year 1 for advertising, a new owner could benefit substantially from this software service to increase occupancy of the park and increase cash-flow.​ Additional value-add opportunities include leasing the meeting hall on the property, and/or hosting events to bring in additional guests.​

Location

Lewis & Clark Campground and RV Park is located in the beautiful
southwestern region of the Columbia River Gorge, a premier Northwest destination known for its gorgeous scenery, cascading falls, adventure, and history. Surrounded by trails and water, Lewis & Clark’s idyllic Columbia Gorge location makes it a convenient jumping off point for some of the best fishing, hiking, and biking opportunities in the state.

The Park is conveniently located just 40 minutes west of Portland,
Oregon along Washington SR-14. Just a short drive from Hood River, the area has much to offer including a mixture of upscale eateries, breweries, shopping, and outdoor activities.

The surrounding area of The Dalles just east of the site operates as the economic hub for the Mid-Columbia region. The area’s strong local economy was historically supported by agriculture, but has in recent years grown to include the technology sector. Google opened a center near the area in 2006 and expanded in 2016 with a $600 million facility. The tech giant recently received an economic incentive for an additional plant they are planning on developing.

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Park Information

Size: 12 acre(s)

Financial Information (Actual)

Net Operating Income $129,862
Debt Info

RV Information

Number of RV Lots: 91
Average RV Lot Rent: $440

Utility Information

Water: City
Sewer: City

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