The subject property is 23-space manufactured home community located at 155 Chapman Road, Morton, WA 98356, commonly known as Tilton River Mobile Home Park. The park is leased to favorable tenant mix of local residents. The site is comprised of four parcels totaling 12.67 acres. The park is well-maintained with luscious trees and landscape and is near the Tilton River. The park is on well water and septic. The park has undergone recent improvements including newer septic system installed in 2006, well water upgrade in 2015, and more. Three of the spaces are vacant providing upside in leasing the unoccupied space(s). Additional upside comes in the form of increasing current rents to market level and/or implementing water/utility charge billbacks or pass-thru to tenants.
The site is in Morton, Washington along the Tilton River. Washington is an income tax free state. Schools in the area are Morton Elementary, and Morton Jr/High School. Local amenities include Roxy Theater, a 200-seat theater with live performances. Residents of Morton are just a quick drive to major outdoor destinations Mt. St Helens, Mt. Rainer, as well as hiking, fishing, and other recreations.
The Northwest is experience unprecedented demand for rental units. Area demand is strong for affordable housing consistent with area income. Priced at $550,000, the opportunity is ideal for multiple Buyer profiles including cash Buyers, 1031 exchange Buyers, and less experienced Buyers entering commercial ownership. The subject property is ideal for a poised investor to purchase the property and begin receiving immediate cash flow while leasing unoccupied spaces. The asset offers strong upside in the form of lease up for vacant spaces, increasing rental rates to market rates and/or implementation of utility billing to tenants.