Description

We are offering White River MHP, a 26-unit manufactured housing community at 908 Market Street in Meeker, Colorado, for $1,305,000. The community includes 15 tenant-owned home lots, eight park-owned homes and three apartments, and it is currently 100 percent occupied.

Tenants pay for public water, sewer, electric and gas, which keeps operating costs down and income predictable. On current rents, the property produces about $84,578 in net operating income, a 6.48 percent cap rate at the asking price. The utility structure also shields an owner from rising utility rates, a common pressure point for rural parks.

The upside is significant. Tenant-owned lots currently average about $451 per month and park-owned homes about $721 per month, both below the market levels in our underwriting. Bringing rents toward market and tightening operations supports a stabilized net operating income of about $147,897, an 11.33 percent cap rate on the asking price. Full occupancy means a buyer steps into a stable income stream on day one while working through the rent plan.

White River MHP is one of three parks in our Meeker MHP Collection, together with River View MHP and Circle N and River Bend, offered as a 75-unit package for $3,350,000 or individually. Meeker has very limited affordable housing supply and serves as a base for energy, agriculture and outdoor recreation in Rio Blanco County. Contact David Barocas, Andy Monette or Corey Sandberg of Pinnacle Real Estate Advisors for the full financial analysis.