Description

We are offering Circle N MHP and River Bend RV Park at 910 Water Street in Meeker, Colorado, for $1,270,000. The property combines a manufactured housing community with a seasonal RV park on approximately 8 acres with access to the White River on two sides.

Circle N includes 19 tenant-owned home lots, two long-term RV spaces and one staff housing unit, and only one site is vacant. River Bend adds 10 seasonal RV spaces. Together they produce about $64,943 in current annualized net operating income, a 5.11 percent cap rate at the asking price.

Our underwriting shows stabilized net operating income of about $121,679, a 9.58 percent cap rate, driven by moving lot rents toward market, improving RV park income and filling the vacant site. The RV pad infrastructure could also support conversion to long-term housing, and the riverfront acreage holds land value on its own, apart from the income. Seasonal RV income also tends to rise with Meeker's summer and hunting seasons, which gives the property a second, flexible source of revenue.

This property is one of three parks in our Meeker MHP Collection, with River View MHP and White River MHP, offered together as a 75-unit package for $3,350,000 or separately. Meeker sits on the White River on Colorado's Western Slope and draws hunters, anglers and outdoor visitors, while its affordable housing supply remains tight. Contact David Barocas, Andy Monette or Corey Sandberg of Pinnacle Real Estate Advisors for details.