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Kremmling Central Park
Mobile Home Park | 6.49% CAP
Listing Contacts
License: CO EA 748415
Active
Asking Price: $1,800,000
Address
1013 Park Ave, Kremmling, CO 80459
Show on MapDate Added
Feb 13, 2024
Days on Market
401 days
Time Since Last Update
15 days
Details
Property TypeMobile Home Park
Investment TypeValue Add
Square Footage33,541
Price/Sq Ft$53.67
Cap Rate6.49%
Pro-Forma Cap Rate7.46%
Occupancy100%
NOI$116,859
Pro-Forma NOI$134,333
Units18
Year Built2000
Lot Size (acres)0.77
Broker Co-OpYes
OwnershipFee Simple
Sale ConditionFor sale by owner
Marketing Description
The subject property, Kremmling Central Park, is an all-age 18 open mobile home park located in Kremmling, Colorado. With a population of approximately 12,000 people, Kremmling is located roughly halfway between Summitt County and Steamboat Springs.
Kremmling Central provides affordable housing for several residents who commute to Steamboat and Summitt county. Steamboat is one of the top 3 ski resorts in Colorado, while Summitt County is home to the Breckenridge, Copper Mountain, and Keystone ski resorts, all of which are popular all-season destinations in Colorado. The median home price in Steamboat is in excess of $1.1 million (relator.com). Kremmling is also known as a popular hunting and fishing destination for the serious outdoorsman.
All utilities are public and are directly billed to the tenants, including trash disposal. Rents are below market compared to all other forms of housing in the county MSA. There is minimal competition for housing alternatives in Kremmling and nearby cities.
Investment Highlights
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Extreme Lack of Affordable Housing in Kremmling/Steamboat MSA
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Several tenants Commute 52 Miles to Steamboat Resort (Top 3 Resort in CO)
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Median Home Price in Steamboat Springs Exceeds $1.1 Million (Realtor.com)
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Kremling Falls About Halfway Between Summitt County and Steamboat Springs
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19 Tenant-Owned Homes, 1 Park-Owned Home
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All Public Utilities, Directly Billed to Tenants
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Immediate Upside in Rents
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Kremmling is a Year-Round Tourism Destination for Hunting and Fishing
Valuation Calculator
Valuation Calculator
Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$116,859.00
$9,738.25/mo
Valuation Metrics
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0
DSCR
6.49%
Cap Rate
6.49%
ROI
Property History
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Due Diligence
Listing Contacts
- License: CO EA 748415
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Broker Information
Broker Information
Broker Name
Barry Higgins
Broker License
CO EA 748415
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