Reply or PM if you’re interested in any of this:
-Pacific Northwest Park
-Oregon
-40 lots
-7% are park owned (1 of which is a nice double wide and occupied, the other are not nice and the only vacancies)
-93% tenant owned and all occupied
-City population ~16,000
-Total population in the city and other contiguous cities (market size) ~40,000
-Median house value is ~$230,000 and county is ~$170,000
-Median rent is ~$700
-Lot rents are too low (Mid $200s)
-Comparables (including contiguous cities) are $380, $410, $355 which do not include water/sewer/trash
-Comparables are $375, $380, and $400 that DO include all utilities
-Park pays water/sewer/trash
-95% occupancy (obviously, since rent is so low)
-NOI is around $55,000 - $60,000 but can be significantly higher (expenses are +45%)
I have another park that I’m trying to buy, so this and a Portland park might be up for grabs. The other one is in Portland (not the surrounding area but right in the city) and is an age restricted 55+ park with about the same number of spaces as this park. I’m not going to list the particulars because it has likely already been spoken for. It is also much, much more expensive because it is 100% full, in a better city, and in better shape. That one couldn’t be owner financed however.