Mobile Home Park Details

Cap Rate: 6.5%
Listing ID: 6696245
Posted On: Aug 15, 2024
Updated On: Aug 19, 2024

Description

JLL, as the sole and exclusive agent, has been retained to offer the opportunity to acquire Rosewood Manor MH Park (the “Property”), a 10.40-acre living community located in Hoquiam, WA. The offering consists of a manufactured housing community with 46 sites conveniently located next to downtown Hoquiam, which hosts popular local restaurants and has a Grocery Outlet, Home Depot, and the Harbor Regional Health Emergency Department nearby. In the adjacent town of Aberdeen, there is a Safeway, Rite Aid, and Walmart Supercenter. At the northeast corner of the property, there is potential to develop an additional 16 housing sites, which would generate $108K in annual revenue based on current rents. Historical occupancy of the park has remained stable with moderate rate increases to keep pace with inflation. As of 5/1/2024, rates increased to $565 per month, placing this property in line with the greater Olympia MSA of $511 for all-age parks. Rosewood commands strong rental revenue given the superior coastline lifestyle and limited housing supply.

Location

Located on the scenic Washington coast, Hoquiam offers a
charming blend of natural beauty and community spirit. With the Grays Harbor National Wildlife Refuge adjacent to the woodlands, Hoquiam is an outdoor enthusiast’s paradise. Numerous hiking trails carve through the harbor shores, providing beautiful views of the wildlife and scenery. Every spring, many travelers visit Hoquiam for the Grays Harbor Shorebird and Nature Festival as thousands of shorebirds stop to rest in the estuary during their spring migration, with some birds migrating from as far south as Argentina. With easy access to nearby beaches, hiking trails, and recreational activities, Hoquiam offers an exceptional quality of life for those seeking a peaceful yet adventurous coastal lifestyle.

Hoquiam’s welcoming community fosters a keen sense of belonging, with locally owned businesses and community events that create an inviting atmosphere. Hoquiam hosts the Grays Harbor Farmers Market and Craft Fair, one of only two year-round farmers markets in the state of Washington. Discover local produce, delicious pastries, fresh seafood, fine arts, and quality crafted items. The community has an assortment of popular local cuisine such as Al’s Hum-Dinger, Rose’s Mexican Restaurant, 8th Street Ale House, and Brunch 101 of Hoquiam. There is also a local grocery store down the street from the park. Next door in the city of Aberdeen, there is a Walmart Supercenter, Safeway, Rite Aid, Grays Harbor College, and the famous Kurt Cobain’s childhood home.

The crime rate in Hoquiam is notably lower than the national average, contributing to a secure and peaceful environment. The cost of living in Hoquiam is considered reasonable, with affordable housing options and lower property taxes compared to many other areas of the country.

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