Northmarq is pleased to present the opportunity to acquire Vagabond Mobile Home Park, a thirty-nine (39) space park in Santa Fe, New Mexico with primarily tenant-owned homes. The park is serviced by city water & sewer services. The property is listed at $3,250,000 underwritten with a 32.20% expense ratio. Based on the financial summary, an investor can purchase the property at a 4.76% year 1 cap rate, with significant value-add opportunity.
• Primarily tenant-owned homes
• Park is serviced by city water & sewer services
• Year 1 Projected Cap Rate of 4.76%
• Santa Fe is the state's capital and growing rapidly.
• Upside opportunities include: filling three vacancies, fully passing through utilities, gradually increasing quality of housing stock by adding new park models and single wide homes