Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.3%
  • Listing ID: 1595920
  • Posted On: Jan 31, 2022
  • Updated On: Apr 19, 2022

Description

Mueller & Hoffman Manufactured Housing, as exclusive agent for the owner, is pleased to present the opportunity to purchase The Meadows of Santiago in La Junta, CO. The Meadows is an 85% occupied, all age community with 100 mobile home sites. Municipal water, sewer, & trash are direct billed to the residents. The property is offered at $3,900,000 equating to a 6.24% cap rate on current income. With proposed financing, a new owner may achieve a 14.17% cash return in year one. In addition to the asking price, there are 28 park-owned homes offered at $15,000 per home for a total of $420,000. The park owned home and rent-to-own rent grosses an additional $83,738 per year, which was not used in the calculation of the park NOI. The Meadows sits in an Opportunity Zone, which offers preferential tax treatment on capital gains for prospective investors. Also included in the asking price for the park is a 3.88 acre parcel zoned as a mobile home park district.

Location

La Junta is located in the beautiful Arkansas River Valley in southeast Colorado, about 60 miles east of Pueblo. The town was developed near a 19th century fur trading post at the intersection of the Sante Fe Trail and a pioneer road to Pueblo and has formed a junction for commercial, agricultural, & ranching ventures for over a hundred years. La Junta is home to the Arkansas Valley Regional Medical Center, which serves the surrounding region and is one of the city's largest employers. There is an excellent K-12 school system, and the Otero Junior College offers a number of technical certificate programs, a renowned nursing program, and a law enforcement academy.

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Park Information

Community Type: All Age
Number of MH Lots: 100
Total Occupancy: 85.0 %
Average MH Lot Rent: $309
Size: 16 acre(s)

Financial Information (Actual)

Gross Income: $321,859
Operating Expense: $78,421
Net Operating Income: $243,437
Expense Ratio: 24.4 %

Lot Information

Singlewide Lots: 100

Utility Information

Water: City
Water Paid By: Tenant - Individual Service
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 28
Average Rent for Park-owned Homes: $317

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