1800 2ND ST Havre MT 59501-3386

Gregg Schoh, Montana Broker of record, introduces Fairview Trailer Park is a 34-lot Mobile Home Community located within the City limits of Havre, Montana! Currently, 31 of the lots are occupied with income-producing mobile homes, with 28 being tenant-owned homes and 3 park-owned. All POHs will be transferred at the time of closing.

About the asset

• This community was purchased by the Sellers in 2005 by a local operator. The property is within the City limits and utilizes city water and sewer. Currently, the water/sewer/trash is billed and paid for by the owner and is included in the lot rent of the tenants.

• This MHC has 37 legal lots; 3 of the 37 lots are double occupied by 1 mobile home; see rent roll notes for additional information.

Proforma strategy

The property has the potential for lot rent increases and utility billbacks. The last rent increase was completed on September 1st, 2023, from $210 to $260, with a $25 discount incentive if lot rent is paid before the 5th of the month. Most tenants are utilizing this discount, which has lowered average lot rent income. See the due diligence vault for notice of the rent increase, including the proforma suggested increase.

Location details

• Havre is located in North Central Montana, approximately 45 minutes from the Canadian border and 2 hours North of Great Falls, Montana.

• The city population is 9,417 as of 2020; within Hill County, there is a population of over 16,000. Havre has a positive population growth since 2010.

• Average home prices are $239,000, the average rent of a 2-bedroom apartment is $830, and the average income per person is $27,323.

• There is a daily flight into the local airport through Billings, Montana.

Notable economic projects

• The largest employers in the market include BNSF Railways, Northern Montana Hospital, and Montana State University Northern.

• Havre’s largest industries are petroleum refining and the gambling industry.

• EPA has recently awarded $1M for clean up and redevelopment of the water/sewer infrastructure within the city.

• There is a large redevelopment/revitalization project for the city's Downtown area, with grants being issued to fund the project.

Non Disclosure form

Please complete our non-disclosure form on this Crexi page under the due diligence Tab. Documents include

• Rent rolls of current income

• Rent rolls with proforma assumptions

• Lot rent increase letter September 2023

• Lease agreement template for park

• Engineering plans for the property

• Infrastructure plans for the property

• Implement a proforma strategy for under-market lot rent costs

• 37 legal lots, 31 income-producing lots, 90% of mobile homes TOH

• 3 POHs to transfer with purchase of the community. 2 of the 3 currently occupied with tenants

• Local operator, stabilized historical income.