RV Parks

Van Fleets Mobile Home Park 24835 Hoehn Road , Sedro-Woolley

Sedro Woolley, WA

Asking price

$9,700,000

Sites

Cap rate

6.00%

Price / site

$131,081

About this property

Description Van Fleets Mobile Home Park is a 74-space 55+ Senior manufactured home community built in 1990 located in Sedro-Woolley, Washington. Property covers 20 acres and offers very spacious home sites and green space throughout for a serene park like setting. Current space rents range between $766.50-$890, with tenants responsible for sub-metered water and garbage. Next rent increase notices have been served per 90-day requirements and will go into effect September 1st. The property is serviced by city water and individual septic systems, with each home site supported by its own 1,000-gallon septic tank and drain field. All systems are maintained through a consistent annual pumping schedule, providing operational reliability. The on-site managers’ compensation is free space rent plus $1,675 monthly salary. Management owns their own home in the park and handles all on-site functions. Current ownership also includes off-site management that charges 5% of Gross that is included in the operating expenses. Both management teams are very agreeable to continue managing for a new owner. The property also includes a fully remodeled 4-bedroom, 3-bath single-family residence leased at $3,600 per month. New Owner could parcel off the home and sell for $600,000+ as it is situated on the outside road of the park, with its own access. This community has additional upsides that include the ability to add spaces by either removing the large storage building (72x40- 2,880 sq ft) or removing the fruit orchard next to single family home.