Photo of Mobile Home Park

Mobile Home Park Details

Purchase Method: Cash, New Loan
Listing ID: 715832
Posted On: Oct 24, 2016
Updated On: Jul 20, 2017

Description

- Rare opportunity to acquire two value-add properties totaling 155 sites within 15 minutes of each other and two hours southeast of Salt Lake City.
- At 72% economic occupancy across the properties there is an immense opportunity to add value by filling sites.
- With one of the parks' main competitors charging $314 for lot rent, there may be room to increase rents at both of the communities.
- Both of the communities are already on public utilities and there may be an opportunity to pass on the sewer expense to tenants at Central Park since it is currently included in rent by adding submeters.
- Offering includes 39 inventory homes, of which, 26 are vacant.
- Management currently only offers handyman specials on vacant inventory and we believe occupancy could significantly improve if a new owner rehabbed homes to be rent or sale ready.
- Both properties provide off-street parking for residents.

Location

- The communities are about 1.5 hours from the center of Provo, the home of Brigham Young University (BYU) and a main hub for Goldman Sachs. In addition, Salt Lake City is about two hours from the communities, putting many of the state' s most notable attractions and events a short drive away.
- Salt Lake City' s top attractions include Big Cottonwood Canyon, Temple Square, the Natural History Museum of Utah, the Utah State Capitol and City Creek Center.
- 75 miles to the northwest, Provo is a major economic and cultural hub that was ranked the #4 best place for businesses and careers by Forbes and the #2 greatest place to live in America by Outside Magazine.
- In addition to numerous mining and coal companies, Carbon County is home to major employers including Castleview Hospital, Utah State University, Wal-Mart, Intermountain Electronics and Joy Technologies.
- Strong local demographics surrounding Eastridge with a median household income of $54k and median home value of $152k in a one-mile radius. At Central Park the median household income is $43k and median home value is $140k in a one-mile radius.

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