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Mobile Home Park

Springfield Mobile Home Park

1263 Main St, Springfield, OR 97477

Listing Price: $5,200,000

Cap Rate
5.00%
Number of Spaces
84
Lot Size
4.05 acres
Occupancy
100.0%
Price/Space
$61,905
Spaces/Acre
20.74
Year Built
1965

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Springfield Mobile Home Park, located at 1263 Main Street in Springfield, OR. The property is situated on a total of 4.05 acres, which is nestled in the heart of Springfield and Eugene. The listing price is $5,200,000, which is underwritten at a 36.05% expense ratio. The park is serviced by city water & sewer services. Based on the financial summary, an investor can expect to purchase the property at a 5% cap rate with rental upside. The pro-forma cap rate is 7.35% based on comparable market rents. There are several value-add opportunities for a prospective investor including: passing through utilities and increasing the quality of housing stock by gradually adding newer park model homes.

Investment Highlights

  • 84-Space MHP in a strong MSA with ideal unit mix (permitted for 88 spaces) - All tenant owned homes except for one park owned home, duplex, and house. Park is serviced by city water & sewer
  • Day-1 Cash Flow + Value-Add Opportunity - Going in Cap Rate of 5%, pro-forma 7.35%
  • Market Growth - Average home value in Springfield is $342,500. Springfield home values have risen by 14.5% over the past year.

Exclusively Listed By

Broker of Record

  • Adam A. Lewis

    Vice President/Regional Manager

    (503) 200-2000

    License(s) OR: 201209561

    Oregon

Mobile Home Park

Springfield Mobile Home Park

Listing Price: $5,200,000

Cap Rate
5.00%
Number of Spaces
84
Lot Size
4.05 acres
Occupancy
100.0%
Price/Space
$61,905
Spaces/Acre
20.74
Year Built
1965

Investment Highlights

  • 84-Space MHP in a strong MSA with ideal unit mix (permitted for 88 spaces) - All tenant owned homes except for one park owned home, duplex, and house. Park is serviced by city water & sewer
  • Day-1 Cash Flow + Value-Add Opportunity - Going in Cap Rate of 5%, pro-forma 7.35%
  • Market Growth - Average home value in Springfield is $342,500. Springfield home values have risen by 14.5% over the past year.

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire Springfield Mobile Home Park, located at 1263 Main Street in Springfield, OR. The property is situated on a total of 4.05 acres, which is nestled in the heart of Springfield and Eugene. The listing price is $5,200,000, which is underwritten at a 36.05% expense ratio. The park is serviced by city water & sewer services. Based on the financial summary, an investor can expect to purchase the property at a 5% cap rate with rental upside. The pro-forma cap rate is 7.35% based on comparable market rents. There are several value-add opportunities for a prospective investor including: passing through utilities and increasing the quality of housing stock by gradually adding newer park model homes.

Exclusively Listed By

Broker of Record

  • Adam A. Lewis

    Vice President/Regional Manager

    (503) 200-2000

    License(s): OR: 201209561

    Oregon

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