Mobile Home Park Details

  • Cap Rate: 5.2%
  • Listing ID: 2439328
  • Posted On: Apr 11, 2023
  • Updated On: May 7, 2024

Description

Fruitland Garden Park is in, Puyallup, WA. Constructed in 1978, and situated on two parcels, totaling 3.79 acres, the Park is 100% occupied. The site mix is comprised of 11 tenant-owned mobile home spaces, one large barn used for RV storage, and an approximately 40-foot x 30-foot three-door garage with bathroom that could be used for additional onsite storage, conversion to a shop space, or more. Tenants are on annual lease terms of one year. The most recent rental rate increase takes effect in June 2023, with a below market rate of $675 per month which includes water, sewer, and garbage. The Park is serviced by public water and a septic sewer system. The Park has been professionally managed for several years and is well maintained with grass and trees. The roads are in good condition with limited visible deferred maintenance at the Property. Each mobile home space has dedicated parking with a carport. There is a quality tenant mix of the Park, with many of the tenant–owned homes having pitched-composition shingle roofing. In September 2022, the city added a sewer line along 62nd Avenue E, and if desired, a new owner could hook up to city sewer at the Park. Washington is an income tax–free state and is not restricted to limit the amount an Owner can raise rental rates by for tenants.

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Park Information

Number of MH Lots: 13
Year Built: 1978
Size: 4 acre(s)

Financial Information

Net Operating Income: $65,144

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