I am in the process to buy a park with park model trailer (10 feet). As this kind of trailer is not being manufactured anymore, should I worry 5 or 10 years down the road, new tenants (who likely will have bigger mobile home like single wide) will not be able to move in this park and this will be a dead end business?
Another concern is about the parking. Because the lot is small, there are a couple of pads have no dedicated parking space (they will need to find a parking on street if they are lucky). When I ask the current owner, he said the current tenant does not complain as they don’t own cars.
The park is in a good location with shopping within walking distance though.
It sounds like it’s really crammed in there if you cannot park a car anywhere around it - pretty clear this Park is nonconforming and there are no setbacks. Do your diligence to make sure the current Seller didn’t squeeze it in there illegally though - dot your I’s and cross your T’s with the city.
The lack of parking really hurts the marketability of the affected homes (I assume these are Park Owned) unless there is a common parking area nearby or ample room to park on the street. If there is not a good solution I would essentially heavily discount the valuation of the expected lot rent from your valuation of the Park. You may only be able to get 50% lot rent for example, so that needs to be factored in. Think about your strategy to have this unit become tenant owned instead of Park owned. You may not be able to ask much for it given these limitations.
New tenants are very unlikely to bring their own home into your Park so will be up to you to make something fit onto this small pad in the future if the current tenant or you remove it. Park model RV’s are still made so you can find a replacement if needed.
Overall this shouldn’t be a deal breaker unless the Park is full of pads like this. It doesn’t sound like this one has that problem.
One lot is not necessarily a make or break situation depending on the total number of lots in the community.
Many communities have RV lots which depending on the area may have a market.
If you lost the lot you could always use it for resident and visitor parking if the parking situation is that tight.