$819,960 PROFORMA ANNUAL GROSS INCOME (15% cap rate).
$500,000 ACTUAL GROSS INCOME, 2022 (projected).

124 pad mobile home park in Glendive, MT (population 5,000+).
62 of the homes are park owned. 55 are tenant owned. 7 vacant pads.

Average current pad rent is approximately $305/mo. We currently have 19 vacant POH’s and 7 vacant pads. Several of the vacant POH’s are about to be rented. The others are currently receiving repairs/improvements. Rents are below market rates. There is significant upside with renting the vacant units/pads and increasing current rates.

Projected gross annual rent for 2022 is $500,000.
Annual operating expenses are $185,316.
NOI 2022: $314,684
7.5% cap rate with 19 vacant POH’s and 7 vacant pads.

The property manager is currently receiving a steady flow of applications from prospective tenants wanting to rent. We currently have a waiting list of prospective new tenants.

New tenants are renting POH’s for $700-$800/mo depending on the size and condition of the unit. Pad only rent for new tenants is $350.

There are a few additional acres available to expand the park’s income by adding storage units, outdoor storage or parking.

Homes are from 1960-1990
Property/Building Class: C
35 acres
110,000 net rentable sf
Built in 1978
Currently 82% rental occupancy

The property sits in a 100 year flood zone. Banks will finance the purchase based on the park’s existing income and land value.
THERE IS NO HISTORY OF FLOODING AT THE PARK.

The park carries flood insurance only for the garage, manager’s unit and pump stations (sewer). None of the POH’s carry flood insurance.

The park is on public utilities (electricity and water).

The property cash flows nicely for the current owners who have only owned the property for one year. With the exception of this park the owners are exclusively invested in another category of commercial real estate and would like to return to that specific industry where their expertise lies.

The property has received recent improvements such as park wide tree trimming, pothole repairs, new website, expulsion of delinquent tenants, a few renovated homes and a fully renovated home/office for the property manager.

There is a full time resident manager as well as full time maintenance technician (husband/wife team) that will remain with the sellers to manage their next property. They will provide a 1-2 week window of training for the new buyer and/or their new manager.

The sellers are unable to entertain seller financing due to 1031 restrictions.

Please call or email Brett or Sean with questions.
Brett 801-898-7775
Sean 435-429-3100