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Mobile Home Park Details

Purchase Method: Cash
Listing ID: 632571
Posted On: Feb 8, 2016
Updated On: Mar 20, 2017

Description

- Rare opportunity to acquire two stable properties less than three miles from each other that comprise over 200 sites with very few park owned homes.
- North Gurley is serviced by public water and sewer and Antelope by private wells and public sewer.
- Offering includes only 14 park-owned homes, 4 of which are vacant, providing a new owner an avenue to improve performance.
- At 94% occupancy, the parks offer stable cash flow and opportunity to add value by adding homes to the community to increase occupancy.
- With an average lot rent of $410 (increasing to $420 in August 2016 with a $10 rent increase), the communities have room to continue annual rent increases and stay well below other properties in the area that are charging as high as $493.
- Communities should qualify for a very attractive, non-recourse loan at historically low rates and terms through the CMBS market.
- The Powder River Basin (PBR) that drives the local economy has some of the cleanest and cost efficient coal in the country creating a competitive advantage for this area to likely see coal production continue for the foreseeable future.

Location

- Gillette, WY, has a population of 32,000 and boasts an unemployment rate of 3.7% as of October 2015, which is 1.3% below the national average.
- Wyoming has a market share of nearly 40% of US coal production and the industry employs roughly 6,500 in the region.
- The North Antelope Rochelle Mine, owned by Peabody Energy, is America' s largest coal mine and located 65 miles south of Gillette, WY. In 2013, the mine shipped over 100 million tons of coal.
- Powder River Basin (PRB) coal' s low sulphur content gives the region a competitive advantage as it provides a cost effective way for power plants to reduce SO2 emissions; coal from the PRB not only burns much cleaner than the coal found in other regions, but is also significantly cheaper. As concerns over pollution heighten, PRB coal may continue to grow more attractive than its high-sulphur competition.
- According to US Census data, the population in Gillette increased by nearly 40% from 2000 to 2010.
- Gillette offers a diverse selection of entertainment including two movie theaters, local shopping venues, fine dining, and the recently constructed Campbell County Recreation Center.

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