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Mobile Home Park Details

Purchase Method: Cash
Listing ID: 648768
Posted On: Mar 25, 2016
Updated On: Aug 2, 2016

Description

- Rare opportunity to acquire a 119-site community with stable operations and almost no park-owned homes and in a very strong school district.
- Almost all tenants commute to Omaha for work and Blair is a more reasonably priced housing market.
- Value-add deal with 73% economic occupancy and community is serviced by public utilities.
- Stable, cash-flowing property that should qualify for very attractive fixed rate, non-recourse debt generating high cash on cash returns.
- The property sits just off of NE-133, which runs directly to Omaha and is being expanded to a four lane highway. Front entrance to park was closed for almost one year due to construction and reopened in December 2015. The manager expects stronger tenant demand this spring.
- Contract workers are brought in for cleaning of the nearby power plant and stay at the park in RVs for three to 18 months at a time.
- Community features three storm shelters, some off-street parking, approximately 40% newer homes and mature trees throughout.

Location

- Conveniently located 20 miles from downtown Omaha - the largest city in the state and home to numerous Fortune 500 companies and major employers.
- Unemployment in Omaha was 3.5% in June 2015, the lowest level in nearly ten years and well below the national average of 4.8%.
- Omaha has a high concentration of its employment in trade, transportation and utilities, professional and business services, education and healthcare services; the city is corporate headquarters for Fortune 500 companies such as: Berkshire Hathaway, Union Pacific, ConAgra Foods, Peter Kiewit, and Mutual of Omaha.
- While the suburban town of Blair has a population of 7,990, the greater Omaha metropolitan area has a population of approximately 904,421; the population grew by 14.9% between 2000 and 2011 and is projected to grow another 7.3% by 2016.
- Quick access to Highway 133 puts County Estates minutes from Wal- Mart Supercenter, Jimmy John' s, Woodhouse Chrysler Dodge Jeep Ram, and Blair 3 Theatres.
- 18 colleges and universities with a combined enrollment of close to 68,000 students are in close proximity to Blair; In 2014 Forbes ranked Omaha as the third best city in America for young professionals.

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