Rio Vista MHC is a 3 star, 50-site
community on private utilities in
a serene, rustic setting along the
Patuxent River but only 19 miles
from Washington D.C., 30 miles from
Baltimore, and 11 miles from Annapolis.
– Value-add opportunity to continue increasing rents
to market levels. Based on the owner’s market rent
survey, growing rents to the market of $772 would add
over $91,000 in additional annual revenue. Comparable
nearby properties are 99%+ occupied and there is a
lack of vacant lots and affordable housing in the area
leading to overwhelming demand that will continue to
push rents.
– Current owner has made significant investments
upgrading and maintaining the community during
their three-year ownership period. Recent capital
expenditures include a $250k septic system overhaul,
pressure washing homes, painting speed bumps,
striping parking spots, and signage improvements.
– Owner also recently cleared a full acre of trees to
create a level, rocked, storage area. They purchased
and installed 2 prefab storage structures with a total
of twelve 10’x12’ storage units, as well as created 12
striped spaces for RV/Trailer/Boat parking renting for $75
each per month.
– Buyers have the option to assume the existing in-place
fixed rate debt, but the property should also qualify for
very attractive non-recourse financing (see online Virtual
Deal Room for existing debt info).
– Strong area demographics as within 5 miles of the
community average household income is $139,643, and
average home value is $420,835.
– On-site manager making $25.5k per year plus free
lot rent (owns her home) available to stay with the
community for the next owner.
– Electronic rent payment is already in place so very
passive rent collection process.