Applewood MHC

– Applewood MHC is ideally located in Sterling, CO and offers a

private country feel but in an urban market with city conveniences

nearby such as restaurants, malls, parks and more.​ The community

is adjacent to a Walmart Supercenter, Home Depot, and Bomgaars.​

– The city of Sterling is in Logan County in the northeastern corner

of Colorado situated just off Interstate 76, providing easy access

to other larger markets such as Fort Collins (92.3 miles), Denver

(88.0 miles), Colorado Springs (137.7 miles).​ Sterling has the largest

population of any municipality in Colorado east of Pueblo and is a

regional shopping destination for Northeast Colorado and

Southwest Nebraska.​

– Sterling is home to the highly rated RE-1 Valley School District,

featuring two high schools, one middle school, and three elementary

schools with a total enrollment of 2,104 students.​ The city is also

blessed with beautiful parks and miles of scenic walking trails.​ With

17 parks totaling 130 acres, Sterling has abundant options for anyone

looking for outdoor recreational opportunities.​

– The community is within close proximity to Sterling’s major

employers including the Department of Corrections, the Banner-

Sterling Regional Health Center, and Northeastern Junior College.​

Applewood MHC is an all-age, 155-site

community (plus 144 storage units)

located in a desirable market within a

two hour drive to Metro Denver and

1.5 hours to Fort Collins, Colorado.

There is significant value-add potential

and relatively low percentage of

park‑owned homes.

– The community is serviced by municipal water/sewer and

billed back to the tenants at a flat rate of $80 per month

for tenant owned homes and usage amount for the

home renters.

– Current owners purchased the community in December

2021 with 55 vacant sites. After their first home order, 34

empty sites remain. Demand has been impressive and they

have successfully rented most rent-ready homes within one

month of obtaining certificates of occupancy. Occupancy as

of January 2025 is up to 74% (115 sites), an increase of 13%

from October 2022.

– Along with strong demographics and lack of affordable

housing in the area, this presents a significant value-add

opportunity for a potential buyer. Increasing occupancy by

15% (23 sites) would add over $90,000 of annual site rental

revenue for a new owner.

– The offering includes 25 homes, of which 23 are 2022

homes that were recently brought in and two are ones that

were acquired from the RTO pool. 20 of the 25 homes are

occupied as of today.

– There are 31 home notes that will be sold with the

community with a current balance of approximately

$511,000 with an average interest rate of 10.84% and

remaining term of 4.34 years.

– The community has 144 storage units available for rent, of

which 132 are currently occupied paying an average of $53

per month.

– The community has an attractive layout with a subdivision

feel featuring off-street parking, paved roads, and

spacious lots.

– Within a five-mile radius of the community, the average

household income is $75,912 and expected to rise to

$88,131 by 2029. Average home values within the same

radius are $281,315 and expected to rise to $286,578

by 2029.

– In 2020, Colorado passed a bill requiring a park owner to

provide tenants an effective right of first refusal to buy the

park. The bill was updated in 2024 to include additional

provisions. The Owners notified the tenants on Feb 1, 2023

when the listing agreement was executed and Owner

never received an offer from the residents. Another notice

will need to be sent after going under a purchase and sale

agreement. Please click here for further details:

https://cdola.colorado.gov/mobile-home-park-sales.