Mobile Home Park Details

Listing ID: 509132
Posted On: Feb 18, 2015
Updated On: Oct 2, 2015

Description

- Tremendous opportunity to acquire a community larger than 300 sites in an MSA with a population of nearly two million.
- According to the 2014 Las Vegas JLT Report, El Adobe is operating at occupancy levels that are almost half of the market average, creating a terrific opportunity for a buyer that will bring in homes proactively to fill sites.
- Once park achieves higher occupancy it should qualify for an attractive, non-recourse loan at historically low rates.
- Neighboring parks were very successful in 2014 adding newer 3 bed/2 bath homes under LPO or rental structures at a price point of around $795 per month.
- Municipal water and sewer service are already in place at the community. Unique setting of mature trees with an excellent amenity package including sparkling pool, community center, playground and picnic areas.

Location

- Statewide unemployment continues to drop (now at around 7.1%) such that the expectation is Nevada will reach its pre-recession employment peak in about two years. This is driven by the building/construction industry with big projects such as the Genting Group' s Resorts World Las Vegas nearby on the Strip.
- El Adobe is conveniently located in Las Vegas, the largest city in Nevada with a population of over 1.95 million in the metro area.
- The community is conveniently located less than five miles from Downtown Las Vegas as well as the North end of the Las Vegas Strip.
- Several major development projects are in the works: the $4 billion Resorts World Las Vegas project, a 3,000-room resort and the first megaresort to come to the Strip in almost seven years; the $2.3 billion Las Vegas Global Business District project, a refurbishment of the Las Vegas Convention Center that would include a transportation hub and home for the World Trade Center; and the $375 million MGM/AEG Arena, a 22,000-seat stadium.

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