Immediate upside through billing back the water, sewer & trash. Roughly $86K to recapture. All lot rent. Near downtown Denver. Rents are below market.
Very well located, stabilized pair of mobile home communities with great up-side in the Denver MSA. Located in a predominantly industrial area and only a 15 minute drive to downtown Denver.
The parks have a combined 73 lots with no park owned homes. All tenants are lot rent only with average lot rents in the parks at $535. There is 1 vacant lot in the park that is ready to be filled. The asset is currently 98% occupied with room to push rents.
The parks are both on city water and city sewer that can be sub-metered as soon as new ownership is in place. The privately maintained roads are paved and in average condition with no immediate need to improve. This park is not in a flood zone.
The parks are being offered together at a blended 4.61% cap rate on lot rent only and utilizing a 30% expense ratio based on actual financials. Non-recourse debt is available on these assets- quote from our in-house lender comes in at 4.25% interest, 30 YR AM, 10 YR term with a required 1.3 DCR. Listed price per lot is $94,520 and includes full infrastructure for each lot.
The information contained within this website is proprietary and strictly confidential. It is intended to be reviewed only by the approved party receiving it and should not be made available to any other person or entity without the written consent of the broker involved. This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. We have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained within has been obtained from sources we believe to be reliable; however, we have not verified, and will not verify, any of the information contained herein, nor have we conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE: Owners of this website and Marcus & Millichap REIS is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of the owners of this website & Marcus & Millichap REIS, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap REIS, and is solely included for the purpose of providing tenant lessee information.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTED AGENT FOR MORE DETAILS.