10% CAP!! Mobile Home/RV Park 33 Space Long-Term Tenants- Longview, WA 5558 Willow Grove Road, Longview, WA 98632

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Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 10.0%
  • Listing ID: 1290790
  • Posted On: Jul 19, 2020
  • Updated On: Oct 21, 2020

Description

Investment Overview:
Mobile Home/RV Park 33 Space Long-Term Tenants (no overnighters allowed)
31 RV spaces, 1 Park Owned Apt., 1 Park Owned - Mobile Home
100% Occupied
-The only park owned Mobile Home is occupied by the on-site manager and has been for the last four years
- City Water/Newer Septic
-Excellent Rent Collections - Manager has strictly enforced a "no pay, no stay" policy
-Space to expand upon city approval
-The current owner is looking to exchange into a larger park

Details:
Built in 1993, Fisher Island RV Park is 100% occupied with long term tenants (no overnighters are allowed). It has a quiet location close to the Columbia River on the outskirts of Longview, Washington. A complete new septic system was installed in 2008. The park water is provided by the city.

An on site manager is in place with off-site professional management available. This is a quiet stable park, with minimal maintenance needed and would be an ideal park to add to a portfolio collect rents like clock work.

Location

Longview, WA boasts the largest population in Cowlitz County. The city is a short 45 min. flight to Seattle, WA and a 40 min. drive to Portland, OR. There is a HUGE DEMAND FOR LOW INCOME HOUSING, the park maintains a waitlist.

Amenities

  • Storage
  • Handicap Accessible
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Park Information

Community Type: All Age
Number of MH Lots: 33
Total Occupancy: 100.0 %
Year Built: 1993
Average MH Lot Rent: $600
Size: 4 acre(s)

Financial Information (Actual)

Gross Income: $248,000
Operating Expense: $72,100
Net Operating Income: $158,900
Expense Ratio: 29.1 %

Lot Information

Doublewide Lots: 1

RV Information

Number of RV Lots: 32
Average RV Lot Rent: $600

Utility Information

Water: City
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $1,200