Contact Information

Mobile Home Park Details

  • Price: $3,500,000
  • Property ID: 1656687
  • Posted On: Apr 28, 2022
  • Updated On: Jun 15, 2022

Property Description

Sunstone Real Estate Advisors is pleased to offer for sale a two-property portfolio located in Alliance, Nebraska; Grand Lake Village North (49 sites) and Grand Lake Village South (125 sites). The properties are all-age communities totaling 174 sites. Both communities are on public water and sewer. The assets are currently operating at 35% occupancy with average site rents at $235 per month. There are 27 park-owned homes of which 7 are rentals, 7 are owner financed and 13 are vacant that are included in the the asking price. The communities are approximately a 5-minute drive from one another. Grand Lake Village South is located directly across from the BNSF Railway hub which is the top employer in Alliance. There is strong housing demand in Alliance as there is minimal availability of rental houses and affordable housing options. The competition communities have successfully infilled 25-30 lots per year.

Location

Park price per site of $20,000 - Below replacement cost
Value creation by filling vacant inventory and sites
Below market lot rents
Comps in market are 90%+ occupied charging above $300 lot rents
Water, sewer, and trash are direct billed to tenants

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Park Information

Number of MH Lots: 174
Total Occupancy: 35.0 %
Average MH Lot Rent: $235
Size: 30 acre(s)

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