Photo of Mobile Home Park

Mobile Home Park Details

Listing ID: 653515
Posted On: Apr 8, 2016
Updated On: Jun 21, 2016

Description

REO AUCTION - www.ten-x.com/commercial - AUCTION ID B180-117
STARTING BID $350,000
• Rare opportunity to acquire a 215-site value-add deal with 59% economic occupancy in an MSA of over 212,000.
• Community is well positioned to increase occupancy in the wake of the Destination Medical Center initiative, which is expected to expand Mayo Clinic’s presence in the area with $6 billion in investment and the addition of 35,000 to 45,000 jobs over the next 20 years.
• Approximately $616,250 was spent on capital improvements in 2013 including $575,000 on upgrades to the pond and $41,250 on the electrical infrastructure.
• Property has only seven park-owned homes that are included in the sale, some of which may be salvaged and filled.
• A regulatory agency may require that a new fence be built around the sewer lagoon.
• Oronoco Estates features an attractive curvilinear layout, clubhouse, playground and basketball course.
• Low density with attractive, well-maintained landscaping throughout.
• Roads appear to be in good condition and every lot includes, on average, two parking spaces.

Location

• Oronoco Estates is well-located along US-52, which runs about 81 miles north to Minneapolis and less than ten miles south to Rochester.
• Amazing demographics with an average income of $111k and average home value of $262k in a three-mile radius of the community.
• Rochester, MN had a population of over 106,000 in 2010 and the Rochester, MN MSA had a population of over 212,000 in 2014 according to the US Census Bureau.
• Rochester’s unemployment rate of 2.9% in December 2015 was far below the national average of 4.8%, both numbers not seasonally adjusted.
• Mayo Clinic, the largest employer in MN, employs 35,000 and is nationally ranked by U.S. News and World Report in 15 adult and ten pediatric specialties, and is regionally ranked as the #1 hospital in MN.
• Other major employers in the area include Rochester Public Schools, employing 2,460; IBM, employing 2,200; Olmsted County, employing 1,204; and Olmsted Medical Center, employing 1,200.
• Approximately 15 minutes from the property, Apache Mall boasts 750,000 square feet of retail space and is anchored by Barnes & Noble, Herberger’s, JCPenney, Macy’s and Scheels All Sports, making it the largest shopping destination in Rochester.
• The community has proximity to numerous local attractions including the downtown Rochester farmers market, Bowlocity, Prairie Walls Climbing Gym, Rochester Golf and Country Club, and Quarry Hill Nature Center.

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