Mobile Home Park Details

Cap Rate: 7.0%
Listing ID: 1539753
Posted On: Oct 20, 2021
Updated On: Feb 24, 2022

Description

Marcus & Millichap as the exclusive advisors are pleased to present 85 3rd Street, Tillamook, OR 97141, commonly known as Tillamook Coast RV Park. The center is a market occupancy RV park also featuring tent camping and a storage area. The Park is situated on two parcels - 6.82 acres and 4.9 acres - for a total acreage of 11.67. There are 26 RV spaces, one modular home/main home, 5 storage sites, 20 tent camping spots, and land for potential additional development of RV spaces. Docks at the park allow boat access to the river for kayaking, boating, and fishing. Onsite amenities including a welcome center, picnic area, and laundry and shower facility. Currently, the Park has all 26 RV spaces rented on a monthly basis, with a substantial waiting list for openings. The main home is currently occupied by the family that owns and operates the facility. The Park is well-maintained with nice views of the surrounding river and area. Recent improvements include a septic installation to the main home, repairs to the facility, and more.

The asset is located off of Highway 131, and a short distance from Highway 101. The West Coast’s busiest and most trafficked highway, 101 serves as the main North and South interchange connecting coastal towns from Northern Washington to Oregon down to Southern California. The Park is well-located near local restaurants, grocery, bars, and more. Entertainment in the surrounding area includes hiking, boating, fishing, antique shopping, and many seasonal coastal events throughout the year.

Tillamook Coast RV is ideal for an investor or owner/operator wishing to purchase the park and immediately begin cash flow from the fully-occupied monthly RV spaces. There is additional potential income from increased usage of the tent spots, and potential to add more rentable RV spaces. An owner/operator could live in the main home while managing the site with minimal hands-on management requirements due to the monthly RV space demand. Additionally, the low rent of $500/month leaves room for continued rental growth and increased cash flow for years to come.

Location

The City of Tillamook is home to one of Oregon’s largest tourist attractions - Tillamook Cheese Factory, with more than 1.3 million visitors annually. Surrounded by farmer-owned dairy farms, Tillamook is known for its cows. The factory, renovated in 2018, includes opportunities to learn about the farmers and animals who supply milk for the region’s cheese—and it offers visitors a behind-the-scenes peek into the cheesemaking process.

Tillamook has long been a hard-working community built around the area’s timber, dairy and fishing industries. Today, with a rapidly growing tourism industry added to the mix, the city is enjoying a renaissance. Classic downtown buildings are being refurbished, new ones are being built, a new waste treatment plant has been constructed to serve future growth, and the Tillamook Urban Renewal Agency is at work revitalizing the city.