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Address is 1308 East Main Street Montrose, CO 81401

Robert Denninger

Marcus & Millichap

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$100,000 REDUCTION: Ikie's MH and RV Park

Multi Family Housing for Sale in Montrose, Colorado

1308 East Main Street
Montrose, CO 81401

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Sale Price: $1,175,000

Contact Information

Robert Denninger
Marcus & Millichap
www.marcusmillichap.com

Mobile Home Park for Sale

Number of MH Lots: 33
Size: 2.3 acre(s)
Cap Rate: 9.5%
Purchase Method: New Loan
Status: Sale Pending
Property ID: 907517
Posted on: Mar 13, 2018
Updated on: Sep 18, 2018
Price: $1,175,000

Property Description

Ikie’s Mobile Home and RV Park is a 41-space community consisting of 17 mobile home lot rents, 12 RV lot rents, 7 park-owned mobile homes, and 4 rent-to-own (RTO) mobile homes. There is an office onsite. The property is located in Montrose, Colorado, less than 2 and one-half miles from the Montrose Regional Airport (American Airlines, Delta, United all fly to and from). Super Walmart is less than a 10 minute drive from the park. Grand Junction, Colorado is less than an hour and ten minutes drive north of Montrose. According the Sperling’s Best Places, the population of Montrose has increased by over 115 percent since 1990 and the median home price is over two hundred thousand dollars. According to Livability.com, over 61 percent of the residents in Montrose rent, with a median property rental rate of $825 per month, and one-quarter of the population is age 62 or older.

Ikie’s is being offered a day one capitalization rate of 9.51 and the offering does include the income and expenses associated with the park-owned homes and the RTO homes. The pro-forma capitalization rate, based on a $10 rental increase, is above 9 percent. There is an onsite office at the park, and the water and sewer are provided by the city. Water is master metered (individual meters are in place) and billed back to residents with a very high recapture percentage. The asset is paved and has large trees throughout.

Park Information

Number of MH Lots:33
Total Occupancy:85.0%
Year Built:1950
Average MH Lot Rent: $393
Size:2.3 acre(s)

Financial Information (Actual)

Gross Income$176,826
Operating Expense$65,095
Net Operating Income$111,731
Expense Ratio 36.8%
Debt InfoNew

Lot Information

Singlewide Lots:33

RV Information

Number of RV Lots:8
Average RV Lot Rent: $313

Utility Information

Water:City
Water Paid By: Tenant - RUBs
Sewer:City

Park-Owned Homes

Number of Park-owned Homes:7
Average Rent for Park-owned Homes: $594