Mobile Home Park Details

  • Purchase Method: Cash
  • Cap Rate: 5.2%
  • Listing ID: 4084799
  • Posted On: Nov 27, 2023
  • Updated On: Mar 14, 2024

Description

The 32 space Samish Manufactured Housing Community is located in the heart of the City of Bellingham, WA. Situated on 3.05 acres, this property is conveniently located in the ever-improving Samish Way Urban Village; a major corridor that has undergone significant commercial & multifamily developments and civil improvements. Originally constructed in 1959, this property has a strong rental history and is home to a vibrant community. Serviced by public utilities (city water/sewer), the Samish MHC has zero park owned homes and offers significant upside with an infill opportunity recently permitted by the City of Bellingham. The City of Bellingham’s population growth recently surged by 4.5%. This, coupled with strong demographics and job market, have made the COB a very desirable and expensive place to live, making the need and demand for affordable housing significant. In close proximity to great public schools, Western Washington University (WWU), shopping, restaurants, and I-90, the Samish Manufactured Housing Community is an ideal investment with a proven track record. Additionally, this property is located in a Qualified Opportunity Zone.

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Park Information

Community Type: All Age
Number of MH Lots: 32
Total Occupancy: 100.0 %
Year Built: 1959
Average MH Lot Rent: $900
Size: 3 acre(s)

Financial Information (Actual)

Gross Income: $353,400
Operating Expense: $76,759
Net Operating Income: $266,038
Expense Ratio: 21.7 %

Utility Information

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

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