Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Listing ID: 2860741
  • Posted On: May 8, 2023
  • Updated On: Nov 7, 2023

Description

Well-maintained 1.49 acre mobile home park in a great location in central Lynnwood and close to shopping, schools, emergency services, and recreation. Minutes to Seattle, Everett, Boeing, and the Eastside. (16) MH spaces plus an additional RV hook-up and a newly renovated 3-bedroom house. Lots 1, 11, and 16 are double-wides; lots 9 and 12 are RV's. Updated water supply system, site is connected to city water and sewer. (2) of the units (#2 and #8) are park-owned, all the others are tenant-owned. Pedestals are 200 Amps per the electrician who has maintained the park for many years. Opportunities for additional income and cost reduction: (1) existing vacant MH space (#5), (1) RV hook-up space next to the house, renting the 3-bedroom house, and individual metering of the utilities. Rents are below market, Buyer to confirm market rent outlook. Owner has been self-managing for 2022 and 2023, outside management (2020 and 2021) has not been retained. Proforma 6.0 Cap Rate. See attached spreadsheets for historical costs, current rents, and proforma scenarios.

Location

3 blocks off Highway 99. West on 186th Pl SW, property on the right.

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Utility Information

Water: City
Water Paid By: Park
Sewer: City

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