Mobile Home Park

Town 'n Country Mobile Home Park

3105 Main St, Alamosa, CO 81101

Listing Price: $1,900,000

Cap Rate
8.00%
Number of Spaces
62
Lot Size
9.96 acres
Occupancy
96.8%
Price/Space
$30,645
Spaces/Acre
6.22
Year Built
1970

Investment Overview

The Town ‘N Country Mobile Home Park built in 1970 is an all-age 62 lot park consisting of 59 single wide lots and three double wide lots. The property spans approximately 10 acres and fronts on Highway 160 to the south and Clark Street on the north, across the street from a Super Walmart. The roads in the park are a composite gravel base and are wide enough to allow for homes to be brought into the park with ease. There is a recreation area and a fenced in playground for the tenants to use and are in adequate condition. Water and sewer is provided by the City of Alamosa and is individuality metered to the tenants. Gas and electric are provided by Xcel Energy and billed direct to tenants. Trash is included in the space rent and the service is provided by Waste Management. Alamosa lies in the heart of the San Luis Valley and is serviced by numerous daily flight from Denver. There are only four Park Owned Homes (POH) and four homes on Rent-to-Own (RTO) contracts all expiring within 24 months. Rental income from the RTO contracts is not included in the gross revenue, and therefore not part of the underwriting, however, the RTO contracts will be transferred to Buyer at no cost at closing. The historical occupancy at this park has been over 95 percent throughout the last decade due to the high demand for affordable housing in the area. There is a full time, daily on-site manager and part time maintenance person that takes care of all of the day-to-day operations and maintenance. The maintenance person lives on site and is on call 24/7. The average home price in Alamosa is $187,827 and apartment rents are more than double the space rents in comparison. Current ownership has consistently increased space rent every year since 2010 without any attrition. Alamosa is home to Adams State University, an accredited four year college with approximately 3,000 students. The Great Sand Dunes National Park which gets over 500,000 visitors a year is a short drive from Alamosa and is open 365 days a year.

Investment Highlights

  • Across the Street from Super Walmart
  • 95%+ Occupied Historically Last 10+ Years | High Demand for Affordable Housing
  • Great Location Surrounded by Hotels and Retail | Adams State University 3,055 Student Population within One Mile of Property
  • Very Experienced Management On-Site
  • Competing Apartment Rents are More Than Double the Lot Rental Rate
  • 10 Acres of Land with Access off Highway 160 | Six Spaces per Acre | Area for Five or Six Additional Spaces
  • City Water and Sewer Submetered by Metron
  • Old Laundry Building that can be Converted

Exclusively Listed By

  • Barry Higgins

    Senior Vice President Investments

    Email Barry

    License(s): CO: EA748415

    Denver

Mobile Home Park

Town 'n Country Mobile Home Park

Listing Price: $1,900,000

Cap Rate
8.00%
Number of Spaces
62
Lot Size
9.96 acres
Occupancy
96.8%
Price/Space
$30,645
Spaces/Acre
6.22
Year Built
1970

Investment Highlights

  • Across the Street from Super Walmart
  • 95%+ Occupied Historically Last 10+ Years | High Demand for Affordable Housing
  • Great Location Surrounded by Hotels and Retail | Adams State University 3,055 Student Population within One Mile of Property
  • Very Experienced Management On-Site
  • Competing Apartment Rents are More Than Double the Lot Rental Rate
  • 10 Acres of Land with Access off Highway 160 | Six Spaces per Acre | Area for Five or Six Additional Spaces
  • City Water and Sewer Submetered by Metron
  • Old Laundry Building that can be Converted

Investment Overview

The Town ‘N Country Mobile Home Park built in 1970 is an all-age 62 lot park consisting of 59 single wide lots and three double wide lots. The property spans approximately 10 acres and fronts on Highway 160 to the south and Clark Street on the north, across the street from a Super Walmart. The roads in the park are a composite gravel base and are wide enough to allow for homes to be brought into the park with ease. There is a recreation area and a fenced in playground for the tenants to use and are in adequate condition. Water and sewer is provided by the City of Alamosa and is individuality metered to the tenants. Gas and electric are provided by Xcel Energy and billed direct to tenants. Trash is included in the space rent and the service is provided by Waste Management. Alamosa lies in the heart of the San Luis Valley and is serviced by numerous daily flight from Denver. There are only four Park Owned Homes (POH) and four homes on Rent-to-Own (RTO) contracts all expiring within 24 months. Rental income from the RTO contracts is not included in the gross revenue, and therefore not part of the underwriting, however, the RTO contracts will be transferred to Buyer at no cost at closing. The historical occupancy at this park has been over 95 percent throughout the last decade due to the high demand for affordable housing in the area. There is a full time, daily on-site manager and part time maintenance person that takes care of all of the day-to-day operations and maintenance. The maintenance person lives on site and is on call 24/7. The average home price in Alamosa is $187,827 and apartment rents are more than double the space rents in comparison. Current ownership has consistently increased space rent every year since 2010 without any attrition. Alamosa is home to Adams State University, an accredited four year college with approximately 3,000 students. The Great Sand Dunes National Park which gets over 500,000 visitors a year is a short drive from Alamosa and is open 365 days a year.

Exclusively Listed By

  • Barry Higgins

    Senior Vice President Investments

    Email Barry

    License(s): CO: EA748415

    Denver

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