2nd Reduction - New 15-Unit MHC - 7.33% Cap - La Pine

BRING ALL OFFERS - GREAT CASH FLOW

PROPERTY DESCRIPTION

The Drafter Valley Modular Home Community is comprised of fifteen (15) total units completed in 2024.​ All units are currently park owned.​ All units are 2bd/1ba units manufactured by Fleetwood Homes based in Wilsonville, Oregon.​ All units are property owned and fully set on individual foundations.​ The site is master metered for water and tenants are billed by third-party billing for water usage.​ Tenants also cover garbage, gas and electricity.​ Each unit includes one exterior tandem space for two-car parking.​

Unit layouts provide an open kitchen plan with breakfast bar, large living room space, large utility room with full-size washer/dryer hookups and ample closet/storage space.​ The quality of construction is evident in the high-end finishes which include stainless steel appliances, LVP woodgrain flooring, quartz countertops and custom wood cabinetry.​

This opportunity represents a truly turn-key, low-maintenance property with great curb-appeal that is well-positioned to take advantage of one of the fastest growing rental markets in Central Oregon.​ La Pine has recently been attracting more developers and tenants alike due to its close proximity to Bend, local amenities, a more streamlined development process, and overall, more affordable rent levels.​

OPERATIONS

Drafter Valley is still currently in lease-up phase and occupancy is currently 87% with continued interest and traffic for remaining two units.​ Lease-up activity is being handled by Cobalt Management, one of Central Oregon’s premiere professional multifamily property management firms.​ Rents in this memorandum are annualized and based on average captured rents to date, asking rents are based on comparable projects in the subject properties market area.​

Expenses are estimated as final stabilization is nearly complete, expenses derived from comparable new builds, county estimates and have also been endorsed by Bratton Appraisal Group.​ Current capitalization rate is 7.33%.​

CONSTRUCTION AND AMENITIES

The Drafter Valley Modular Home Community are one-story manufactured units with concrete block and slab foundation.​ Construction is wood-frame on steel joist, roofing is gable with composition shingle.​ All horizontal lap siding elements, including full skirt, are cement fiber product.​ Windows and sliders are all double-paned vinyl.​ Units are individually metered for electricity and gas and the site is master-metered for water.​ All units have LVP flooring, stainless appliances, custom cabinetry, and quartz countertops in kitchens and baths.​ Appliances are electric, range is gas and heating is provided by forced-air gas furnace.​

• 2nd REDUCTION

• 7.33% cap with great cash flow

• Brand new construction

• All units 2 BD/1 BA with parking

• Tenants pay water, sewer, garbage and electricity

• Property-owned units

• Excellent curb-appeal