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Mobile Home Park Details

  • Price: $2,700,000
  • Cap Rate: 7.3%
  • Property ID: 1671817
  • Posted On: May 17, 2022
  • Updated On: Nov 1, 2022

Property Description

Constructed in 1970 and situated on 3.19 acres of land, Peninsula Pines MH & RV Park is 100% occupied and is comprised of 25 RV spaces, 18 tenant-owned mobile homes, one park-owned mobile home, and one apartment for a total of 45 sites. The park offers attractive amenities including a park office, on-site laundry, and well-maintained landscaping.

Peninsula Pines has undergone substantial recent capital improvements including new signage, installation of 1,100 linear feet of 6-foot-tall cedar fencing, updates to the on-site laundry facility, demolition of four outdated park owned homes, tree clearing, remodel of seven park-owned homes to sell, new mailboxes, improvements to the septic, and more. The park’s limited ownership of structures provides additional ease of management and reduced repair costs, providing for higher net operating income. Scheduled income will be substantially higher than 2021, due to the stabilized nature of the park and all but one homes now sold to the residents. In addition, nine of the homes that were recently sold on contract have note balances included in the sale which equate to a total loan balance of approximately $96,000 and a monthly note payment due to owner of approximately $3,900 per month.

Washington is an income tax free state and does not have rent control like its west coast neighbors, Oregon and California. The property offers an investor an opportunity to acquire a fully occupied manufactured housing community and long-term RV park with immediate, strong cash flow. Peninsula Pines lower rents than market comparable properties nearby, providing a path to raise rents and improve net operating income. The park’s recent improvements, full occupancy, and dependable cash-flow provide an investor a turn-key opportunity to acquire a quality asset in a stabilized but growing market with high demand for similar rental space.

Location

Peninsula Pines MH & RV Park in Shelton, WA is situated at the southernmost tip of the Puget Sound, sometimes referred to as the “Christmas Tree Capital of the World.” Shelton is a community whose economy was built around logging, farming, dairy, and oyster cultivation. With a population of 9,800 people, Shelton is large enough to support a variety of interests, but small enough that it remains a closeknit community. Surrounding forests, shorelines, and visibility from both Mt. Rainier and the Olympic Mountains make Shelton an ideal location for the outdoor enthusiasts. As the county seat for Mason County, Shelton hosts the Mason County Fair, Oyster Festival, Forest Festival, and other events that draw in visitors year around. Shelton is ideally located within a two-hour drive of Seattle and is less than 30 minutes from Washington’s state capitol, Olympia.

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Park Information

Number of MH Lots: 45
Total Occupancy: 100.0 %
Year Built: 1961
Average MH Lot Rent: $481
Size: 3 acre(s)

Financial Information (Pro Forma)

Net Operating Income $196,761
Debt Info

RV Information

Number of RV Lots: 25

Park-Owned Homes

Number of Park-owned Homes: 1

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