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Mobile Home Park

Evergreen Estates MHC

765 W Cairns St, Ellsworth, WI 54011

Listing Price: $5,700,000

Cap Rate
3.60%
Number of Spaces
87
Lot Size
29.16 acres
Occupancy
100.0%
Price/Space
$65,517
Spaces/Acre
2.98
Year Built
1990

Investment Overview

Evergreen Estates MHC- a fully stabilized manufactured home community that is 100% occupied and located just 30 miles from the Twin Cities in Ellsworth, Wisconsin. On the outskirts of the Minneapolis-St. Paul MSA, Ellsworth offers a rural lifestyle with easy access to all the advantages of a big city. Evergreen Estates MHC and its tenants benefit from a lower cost of living but are still a part of the 16th largest metro area in the United States, according to the 2020 census estimates. The community is also strategically situated in the heart of Ellsworth and is within walking distance to local restaurants, the Pierce County Courthouse, Ellsworth High School, and the Ellsworth Country Club. Evergreen Estates MHC is comprised of 87 MH lots – 64 TOH’s, 13 POH’s and 10 homes on RTO contracts – and current homesite rents average $334. This are considerably below market rent, which is estimated to be between $475-$650 in the Minneapolis-St. Paul MSA, based on comparable rent surveys and current JLT Market Reports. The community is serviced by city water and city sewer, both of which are paid for by the landlord and included in tenants’ rent. At $5,700,000, we are offering investors the opportunity to purchase as a stabilized investment property with a 7-year IRR of 15.2% and cash-on-cash return of 10.1%, assuming market level debt financing and execution of multiple minor rent increases over a multi-year period.

Investment Highlights

  • Stabilized Asset with Upside
  • Public Water & Sewer (Included in Rent)
  • No Major Capex Required

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    Vice President/Regional Manager

    (262) 364-1964

    License(s) WI: 56163-90

    Wisconsin

Mobile Home Park

Evergreen Estates MHC

Listing Price: $5,700,000

Cap Rate
3.60%
Number of Spaces
87
Lot Size
29.16 acres
Occupancy
100.0%
Price/Space
$65,517
Spaces/Acre
2.98
Year Built
1990

Investment Highlights

  • Stabilized Asset with Upside
  • Public Water & Sewer (Included in Rent)
  • No Major Capex Required

Investment Overview

Evergreen Estates MHC- a fully stabilized manufactured home community that is 100% occupied and located just 30 miles from the Twin Cities in Ellsworth, Wisconsin. On the outskirts of the Minneapolis-St. Paul MSA, Ellsworth offers a rural lifestyle with easy access to all the advantages of a big city. Evergreen Estates MHC and its tenants benefit from a lower cost of living but are still a part of the 16th largest metro area in the United States, according to the 2020 census estimates. The community is also strategically situated in the heart of Ellsworth and is within walking distance to local restaurants, the Pierce County Courthouse, Ellsworth High School, and the Ellsworth Country Club. Evergreen Estates MHC is comprised of 87 MH lots – 64 TOH’s, 13 POH’s and 10 homes on RTO contracts – and current homesite rents average $334. This are considerably below market rent, which is estimated to be between $475-$650 in the Minneapolis-St. Paul MSA, based on comparable rent surveys and current JLT Market Reports. The community is serviced by city water and city sewer, both of which are paid for by the landlord and included in tenants’ rent. At $5,700,000, we are offering investors the opportunity to purchase as a stabilized investment property with a 7-year IRR of 15.2% and cash-on-cash return of 10.1%, assuming market level debt financing and execution of multiple minor rent increases over a multi-year period.

Exclusively Listed By

Broker of Record

  • Todd Lindblom

    Vice President/Regional Manager

    (262) 364-1964

    License(s): WI: 56163-90

    Wisconsin

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