Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 12.0%
  • Property ID: 638788
  • Posted On: Feb 26, 2016
  • Updated On: Feb 10, 2017

Property Description

SHARPENED PRICE! OWNERS READY FOR NEW VENTURES AND ARE OFFERING A HIGHLY PROFITABLE and well maintained 10.9 acre, 53 lot mobile home (35 lots) and RV park (18 lots) located in Washburn, ND one block off US Highway 83, a four lane corridor with a traffic count of over 7,400 vehicles per day in 2015. Washburn, ND, County Seat of McLean County, is situated 40 miles north of Bismarck, ND, the state capitol, and 70 miles south of Minot, ND.

Northview Estates Mobile Home and RV Park's tenant base consists of 25 mobile homes, including two park owned models, and RV guests. The park's profitability is partially from stable mobile home tenants, and RV guests, a large percentage of whom return annually for extended stay periods while working the area. RV guests include power plant outage workforce personnel, construction crews, custom harvesters, government personnel, and tourists.

During peak RV season, March-October, the park is typically 100% filled and mobile home 'overflow' lots are rented to RVers. A handul of RVers stay year around. In 2015, RV income accounted for 55% of the park's gross annual income and the owners anticipate continuing demand for RV accommodations in the future. Combined annual income from mobile home lot and RV lot rental exceeds 100% occupancy return that 52 lots rented at $225 per month would yield.

New asphalt streets in 2002 , city water and sewer, well maintained lawns and established trees. Electrical service for RV Park upgraded in 2002 in compliance with NEC regulations.

Lots vary in size, the majority are approximately 50'x100' for mobile homes as well as for RV sites. RV tenants love the extra space! Northview Estates RV and Mobile Home Park has been owned by partners Tom Link and Mike Nelson since 1990. Mike is a licensed ND real estate broker.

Location

http://www.washburnnd.com/
http://www.nd.gov/

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 53
Total Occupancy: 98.0 %
Year Built: 1976
Average MH Lot Rent: $225
Size: 11 acre(s)

Financial Information (Actual)

Gross Income $172
Operating Expense $61
Net Operating Income $111
Expense Ratio 35.5 %
Debt Info

Lot Information

Singlewide Lots: 31
Doublewide Lots: 4
Triplewide Lots: 0

RV Information

Number of RV Lots: 18
Average RV Lot Rent: $600

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $750

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