Mobile Home Park Details
- Purchase Method: Cash, New Loan, Assumable Loan
- Cap Rate: 7.2%
- Listing ID: 661281
- Posted On: Apr 30, 2016
- Updated On: Oct 25, 2016
Description
Turnkey RV resort and self-storage property located in Fruita, Colorado near the Grand Junction MSA halfway between Salt Lake City and Denver markets. Park is impeccably managed by a terrific on-site team which allows the absentee owner to only visit twice per year. Storage rates have not been raised in four years and are 85% occupied. See below for breakdown on rental storage units. RV park is nearly full every summer with hiking, rafting, wine tasting, national parks, and music and art festivals all nearby. The park has 25 permanent residents plus is only 45 minutes from world class skiing which provide winter revenue. Telluride and Aspen are under 2 hours way. Park has free WiFi, pool, cable, clubhouse, two laundry facilities, and an updated fitness center. Park also contains 5 cabins and nearly all sites have 50amp service. Park charges additionally for electricity on monthly stays or longer in RV park, water and sewer are not passed through to residents. Streets and common area buildings have been maintained perfectly which means no deferred maintenance for new owner, streets and storage facility roof just re-done for example.
Location
Broker recommends following to increase occupancy: implement online reservation program on website for both storage and RV resort. This includes use of Expedia or hotels.com for cabins for ski crowd. Potential to pass through water costs to permanent residents as well as add full service sites to water-electric sites only. Population of general area has increased 26.7% since 2000 so tremendous growth in the area specifically with retirees as area boasts five full service hospitals. Direct flights daily from Phoenix, Los Angeles, Las Vegas, Denver and Salt Lake City to Grand Junction.
Amenities
- Laundromat
- Pool
- Club House
- Storage
Park Information
Community Type: | All Age |
Number of MH Lots: | 106 |
Total Occupancy: | 90.0 % |
Year Built: | 1980 |
Average MH Lot Rent: | $490 |
Size: | 8 acre(s) |
Financial Information (Actual)
Gross Income: | $626,688 |
Operating Expense: | $244,249 |
Net Operating Income: | $355,254 |
Expense Ratio: | 39.0 % |
RV Information
Number of RV Lots: | 106 |
Average RV Lot Rent: | $485 |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | City |