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Mobile Home Park

Alder Acres

1800 S 28th Ct, Coos Bay, OR 97420

Listing Price: Request For Offer

Number of Spaces
138
Lot Size
41.00 acres
Occupancy
95.0%
Spaces/Acre
3.37
Year Built
2000

Investment Overview

Marcus and Millichap is pleased to present the opportunity to acquire a manufactured housing and RV community located in Coos County, Oregon. Alder Acres is a community comprised of a 55+ Senior Manufactured Housing Community and an All-Ages long-term RV community in one setting. In addition to the housing, the property features a 315 RV, boat, and vehicle storage area to the south of the property. The total property covers an approximate 41 acres of land in Coos Bay, OR. The mobile home portion of the park was built in the late 1960s/early 1970s, and the first RV lots were added in 1998. Improvements, including the addition of RV storage, have been ongoing throughout the life of the park. This community offers investors the opportunity to acquire an asset offering diversified income streams and a significant number of improvements which have been completed over the past several years. In addition, there are multiple opportunities for a new investor to take advantage of scale, while making some key additions that could significantly increase the net operating income. The property currently averages $455 rent for the manufactured home sites. Included in the rent are public water, public sewer, and garbage expense. All the sites except four have covered parking and every resident owns their home. The current owners have been submetering every home with the intent to pass through the water and sewer costs to the resident in hopes that this will reduce usage and increase efficiency. They anticipate a reduction in water by more than 10% after completing the submetering. There is room for an additional 8-12 manufactured homes depending on size. The current owners had a plan to add 12 park model homes for additional revenue, however some utility work would need to be completed. Current long-term RV rents average $405 per space. This includes all of the utilities mentioned above. Each space is sub-metered for electricity and the owners bill this back monthly. 40 Sites have a storage shed that is rented for an additional $25-$30 per month. Historically the owners have rented out approximately 70 spaces as long term and reserved 18 or so spaces for transient. However, due to the pandemic in 2020, most of the spaces were converted to long-term stays. This provided more stability in the revenue and less turnover within the park. There are 18 spaces that are considered “premium” sites because of their location and the privacy in the park. These could be rented for a higher rate due to their popularity. On the south side of the property there is a large, secure storage area for boats, RVs, trucks, and motorhomes. There are approximately 315 sites, the majority of which have electricity. In addition, the owners recently completed a brand new 36 covered parking bay which has the ability to section off private storage and includes electricity. These were finished as of 5/1 with one unit already rented at $300/month, and the owners are projecting an additional monthly revenue of $10,500 when fully occupied. The storage yard is fully fenced and has security cameras. There is a security patrol service that monitors the yard nightly. A new investor can take advantage of several potential value-add opportunities. First, the owners have plans approved and permitted by the city to build another row of 30-40 covered parking bays which will increase the rent significantly. Second, there is a row of land to the south of the mobile home park that is ready to place 12 new park models for more housing. Third, the owners have been submetering the homes and are approximately 50% finished with the project. Since Coos Bay water goes up 6% each year, this would be advantageous to optimizing efficiencies. In addition, rents are below market in all three areas of the property creating enormous potential to improve revenue immediately.

Investment Highlights

  • 10 Acres of Secure, Long-term Boat and RV Storage
  • Room to Add Additional Park Models
  • City Sewer and Water
  • Mobile Home Portion of Park is an Age-Restricted 55+ Community
  • RV Portion is Mix of Long-Term and Transient
  • Fantastic Amenities

Exclusively Listed By

Listing Price: Request For Offer

Number of Spaces
138
Lot Size
41.00 acres
Occupancy
95.0%
Spaces/Acre
3.37
Year Built
2000

Investment Highlights

  • 10 Acres of Secure, Long-term Boat and RV Storage
  • Room to Add Additional Park Models
  • City Sewer and Water
  • Mobile Home Portion of Park is an Age-Restricted 55+ Community
  • RV Portion is Mix of Long-Term and Transient
  • Fantastic Amenities

Investment Overview

Marcus and Millichap is pleased to present the opportunity to acquire a manufactured housing and RV community located in Coos County, Oregon. Alder Acres is a community comprised of a 55+ Senior Manufactured Housing Community and an All-Ages long-term RV community in one setting. In addition to the housing, the property features a 315 RV, boat, and vehicle storage area to the south of the property. The total property covers an approximate 41 acres of land in Coos Bay, OR. The mobile home portion of the park was built in the late 1960s/early 1970s, and the first RV lots were added in 1998. Improvements, including the addition of RV storage, have been ongoing throughout the life of the park. This community offers investors the opportunity to acquire an asset offering diversified income streams and a significant number of improvements which have been completed over the past several years. In addition, there are multiple opportunities for a new investor to take advantage of scale, while making some key additions that could significantly increase the net operating income. The property currently averages $455 rent for the manufactured home sites. Included in the rent are public water, public sewer, and garbage expense. All the sites except four have covered parking and every resident owns their home. The current owners have been submetering every home with the intent to pass through the water and sewer costs to the resident in hopes that this will reduce usage and increase efficiency. They anticipate a reduction in water by more than 10% after completing the submetering. There is room for an additional 8-12 manufactured homes depending on size. The current owners had a plan to add 12 park model homes for additional revenue, however some utility work would need to be completed. Current long-term RV rents average $405 per space. This includes all of the utilities mentioned above. Each space is sub-metered for electricity and the owners bill this back monthly. 40 Sites have a storage shed that is rented for an additional $25-$30 per month. Historically the owners have rented out approximately 70 spaces as long term and reserved 18 or so spaces for transient. However, due to the pandemic in 2020, most of the spaces were converted to long-term stays. This provided more stability in the revenue and less turnover within the park. There are 18 spaces that are considered “premium” sites because of their location and the privacy in the park. These could be rented for a higher rate due to their popularity. On the south side of the property there is a large, secure storage area for boats, RVs, trucks, and motorhomes. There are approximately 315 sites, the majority of which have electricity. In addition, the owners recently completed a brand new 36 covered parking bay which has the ability to section off private storage and includes electricity. These were finished as of 5/1 with one unit already rented at $300/month, and the owners are projecting an additional monthly revenue of $10,500 when fully occupied. The storage yard is fully fenced and has security cameras. There is a security patrol service that monitors the yard nightly. A new investor can take advantage of several potential value-add opportunities. First, the owners have plans approved and permitted by the city to build another row of 30-40 covered parking bays which will increase the rent significantly. Second, there is a row of land to the south of the mobile home park that is ready to place 12 new park models for more housing. Third, the owners have been submetering the homes and are approximately 50% finished with the project. Since Coos Bay water goes up 6% each year, this would be advantageous to optimizing efficiencies. In addition, rents are below market in all three areas of the property creating enormous potential to improve revenue immediately.

Exclusively Listed By

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