Contact Information

Anja Jauregui

Jones Lang LaSalle

CONTACT BROKER

Price: $2,600,000
Listing ID: 5664717
Posted On: May 13, 2024
Updated On: May 20, 2024

Description

JLL, as an exclusive advisor, is pleased to present the opportunity to acquire Heritage Mobile Home Park (the “Property”), a 5.49-acre manufactured housing community situated in Port Orchard, Washington. The offering consists of a community with 25 manufactured homes, currently 96% occupied. The Property is conveniently situated alongside Hwy 16, the primary north/south arterial connecting it to Port Orchard and Downtown Tacoma. Offering residents a plethora of nearby recreation options while being situated among everyday necessities.

This asset has demonstrated strong occupancy stability and year-over-year rent growth. Future owners stand to capitalize on significant rental upside, given the submarket’s strong in-migration and lack of new supply. Based on comparable market rents, near-term rent growth is accelerating due to the limited new supply resulting from challenges in obtaining the proper zoning and necessary entitlements for similar housing communities.

Location

Kitsap County, offers residents a desirable combination of natural beauty, economic opportunities, and a strong sense of community. With its proximity to employment hubs like Seattle and a variety of major employers within the county itself, Kitsap County provides a favorable environment for both professionals and families. The area’s median home prices are relatively affordable compared to nearby metropolitan areas, making it an attractive destination for individuals looking for housing options that fit their budget. Kitsap County is renowned for its recreational opportunities, including hiking, biking, boating, and fishing, thanks to its picturesque landscapes encompassing forests, mountains, and waterways. The county also hosts numerous parks, golf courses, and cultural venues, adding to its appeal. Whether you’re seeking a thriving job market, affordable housing, outdoor adventures, or a vibrant arts community, Kitsap County offers an exceptional quality of life for residents and a promising investment market for those looking to capitalize on its diverse offerings.

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