Iowa Broker of Record: Kevin Crowley, SIOR - NAI Iowa Realty Commercial

M&W Mobile Home Community is a 129-space community located in Muscatine, Iowa, twenty minutes west of the Quad Cities. The community currently sits at 51.2% occupancy, with an average lot rent of $368.56 per month. When surveying the market comps, nearby communities boast an average occupancy rate of 92.6%, with lot rents ranging from $430 to over $550 per month. These data points highlight the strong demand for affordable housing in the area. M&W is serviced by private utilities, which are outsourced to a third-party professional utility management company for daily testing and maintenance. Over the past twelve months, the ownership group has invested over $500,000 in capital expenditures to resurface the roads, remove dilapidated homes, and make other community enhancements, alongside the addition of brand-new inventory homes. With these improvements, M&W is well-positioned for rapid infill and lease up.

Currently, there are ten brand new three bed, two bath Clayton TRU Elation homes onsite which are under the 21st Mortgage CASH Program. This loan balance with 21st Mortgage will need to be assumed at closing outside of the park value of $3,250,000. Please review the sale package for more information.