Mobile Home Park Details

Purchase Method: Cash, New Loan
Cap Rate: 7.5%
Listing ID: 514629
Posted On: Mar 27, 2015
Updated On: Oct 23, 2023

Description

Park Plaza is a 63 space family park located in Longview, WA. The park covers approximately 6 acres and was built in 1967. Current rents are $360 for Singlewides/ $365 for Doublewides. A Rent increase notice has been sent out according to Lease Anniversaries, 32 units will increase to $400/month effective January 1st, 2015. The remaining space anniversaries are spread throughout the year with the last lease anniversaries in November 2015. The Seller will guarantee rents as of closing for 2015 increases.

The park contains 32 Doublewide units/ 31 Singlewides and is serviced by city utilities. The Park is sub-metered and Tenants are responsible for water and sewer charges. Park features a Rec Center with pool table, card table, kitchen and bathroom. Attached to the Rec Center is an office area currently used to store the water meter transmitters.

Location

Access to the property is provided from State Route 4, which connects to Interstate 5. The Park is an hour away drive from Portland, OR and 2 hour drive from Seattle, WA.

Longview lies in Cowlitz County which has a population of 36,648 as of 2010 and is the largest city in Cowlitz County. The city is located in southwestern Washington, at the junction of the Cowlitz and Columbia rivers. Longview shares a border with Kelso to the east, which is the county seat.

Manufacturing in Longview accounts for 19% of the employment and easy access to the Columbia River, Interstate 5, and the west coast railways. The abundance of timber around Longview provides the city's former two largest employers, Weyerhaeuser and Longview Fibre Paper & Packaging, Inc. with timber products.