Mobile Home Park Details

Purchase Method: Cash, New Loan
Cap Rate: 6.4%
Listing ID: 1412735
Posted On: Mar 25, 2021
Updated On: Oct 17, 2022

Description

Marcus and Millichap is pleased to exclusively present Forest Grove Mobile Home Park, located at 1530 148th Street NE in the city of Arlington. Forest Grove Mobile Home Park is a 24 space all-age community with a mix of single wide & double wide homes. Built in 1975 the property sits on one large parcel which totals 10.65 acres of land.

The community is well located in the city of Arlington, and has always had very high occupancy rates. The Park has all asphalt paved streets and is surrounded by trees that give it a peaceful feel that the residents really enjoy. It is serviced by both septic and well. Both have been very well maintained over the years, and the septic was completely upgraded in 2018. It is close to dining, shopping, and entertainment amenities for the residents convenience.

Forest Grove Mobile Home Park offers either a seasoned investor, or a first time investor a great cash flowing opportunity with some value add upside. A new investor would be able to increase space rent, fill up vacancies, as well as implement utility bill backs. There would also be opportunities to do value add work to the park itself to help increase not only the rents, but also the ancillary income to the park.

Location

Arlington Washington is a well-established community located in the northern part of Snohomish County. The city lies on the Stillaguamish River in the western foothills of the Cascade Range , and sits adjacent to the city of Marysville. It is approximately 10 miles north of Everett, the county seat, and 40 miles north of Seattle the region’s largest city. As of 2015 Arlington had a population of 19212. Arlington’s community assets include many schools, faith based organizations, civic groups and other organizations that provide a positive contribution to the community.

The economy in Arlington historically relied on timber and agriculture, and you can still see traces of that scattered throughout the area. In the 1980s and 1990s Arlington saw a shift to a more service economy as it transformed into more of a bedroom community for Everett and Seattle. A large part of that shift
was an expansion of the aerospace industry into the area. Among the largest employers of Arlington residents are the Boeing Everett Factory and Naval Station Everett. The expansion of the aerospace industry in the Seattle region led Arlington to develop its own municipal airport into an aerospace job center, which includes a high concentration of Boeing subcontractors. As of 2012, the airport has 130 on-site businesses that employ 590 people, with an annual
economic output of $94.5 million.

The city of Arlington plans to increase the number of jobs within the city to over 20,000 by 2035, bolstered by the proposed designation of the Arlington/Marysville Manufacturing Industrial Center by the Puget Sound Regional Council. The industrial center, located between the two cities near Smokey Point, already includes major distribution centers and other light industry.

The location of the Forest Grove Mobile Home Park provides tenants with direct access to shopping, dining, and parks. Tenants of Forest Grove Mobile Home Park also benefit from several major bus routes within immediate walking distance, as well close proximity to both Interstate 5 and Hwy 9.

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