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Mobile Home Park

2 Park Portfolio - Hardin MT

836 2nd St S, Hardin, MT 59034

Listing Price: $1,500,000

Cap Rate
8.70%
Number of Spaces
42
Lot Size
5.08 acres
Occupancy
85.7%
Price/Space
$35,714
Spaces/Acre
8.27
Year Built
1990

Investment Overview

We are pleased to present an investment opportunity consisting of two adjacent mobile home parks that operate as a single entity located in Hardin, Montana. Hardin has approximately 3,754 residents, growing 10.5% YoY. Hardin is in Big Horn County, with a population of 13,198 and growing
substantially. Hardin is well-positioned for future development initiatives, due to its proximity to Billings, MT and Yellowstone National Park.

There are a combined total of 42 lots and 36 tenants with 1 tenant owned home (TOH, 22 rented park owned homes (POH, 13 rent to owns units (RTO, 4 vacant POH, and 2 vacant MH lots. The average lot rental rate per month is $413, the average home rent above lot rent is $332, and the average RTO
payment above lot rent is $325. The park owned homes are an average of roughly 1977 and the 4 vacant homes are in below average condition.

The parks are serviced by public water and sewer. This is billed back to tenants at Alpine Meadows and included in the rent at Willow Springs. Electricity is public and billed directly to tenants. Trash is serviced by dumpsters which are paid for by the park and included in the property taxes. The roads are paved and in below average shape.

The parks are being offered at an asking price of $1,500,000. At asking price and upon entry, an investor should cash flow at an 8.7% lot rent only CAP rate and a 12% gross CAP rate.

Investment Highlights

  • Public water/sewer
  • 12% CAP Rate DAY 1
  • 17%+ cash on cash DAY 1

Exclusively Listed By

  • Glenn D. Esterson

    Senior Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

Broker of Record

  • Adam Christofferson

    Senior Vice President/Division Manager

    (801) 736-2600

    License(s) MT: RRE-BRO-LIC-15748

    Montana

Mobile Home Park

2 Park Portfolio - Hardin MT

Listing Price: $1,500,000

Cap Rate
8.70%
Number of Spaces
42
Lot Size
5.08 acres
Occupancy
85.7%
Price/Space
$35,714
Spaces/Acre
8.27
Year Built
1990

Investment Highlights

  • Public water/sewer
  • 12% CAP Rate DAY 1
  • 17%+ cash on cash DAY 1

Investment Overview

We are pleased to present an investment opportunity consisting of two adjacent mobile home parks that operate as a single entity located in Hardin, Montana. Hardin has approximately 3,754 residents, growing 10.5% YoY. Hardin is in Big Horn County, with a population of 13,198 and growing substantially. Hardin is well-positioned for future development initiatives, due to its proximity to Billings, MT and Yellowstone National Park. There are a combined total of 42 lots and 36 tenants with 1 tenant owned home (TOH, 22 rented park owned homes (POH, 13 rent to owns units (RTO, 4 vacant POH, and 2 vacant MH lots. The average lot rental rate per month is $413, the average home rent above lot rent is $332, and the average RTO payment above lot rent is $325. The park owned homes are an average of roughly 1977 and the 4 vacant homes are in below average condition. The parks are serviced by public water and sewer. This is billed back to tenants at Alpine Meadows and included in the rent at Willow Springs. Electricity is public and billed directly to tenants. Trash is serviced by dumpsters which are paid for by the park and included in the property taxes. The roads are paved and in below average shape. The parks are being offered at an asking price of $1,500,000. At asking price and upon entry, an investor should cash flow at an 8.7% lot rent only CAP rate and a 12% gross CAP rate.

Exclusively Listed By

  • Glenn D. Esterson

    Senior Vice President Investments

    (678) 808-2723

    Email Glenn

    License(s): NC: 272218, GA: 355850

    Charlotte Uptown

Broker of Record

  • Adam Christofferson

    Senior Vice President/Division Manager

    (801) 736-2600

    License(s): MT: RRE-BRO-LIC-15748

    Montana

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