Springtide Trailer Park
Recent Price Adjustment! 41-Units on the Oregon Coast with Below-Market Rents
Marketing description
Springtide Mobile Home Park is a 41-unit all-age community located in the supply-constrained coastal market of Coos Bay, Oregon. The property features a desirable unit mix of 38 tenant-owned homes, one park-owned home, one park-owned RV unit, and a (SFR) single-family residence, all situated on approximately 2.95 acres on city water & sewer
The community maintains strong occupancy and offers immediate value-add upside, with current rents estimated to be approximately 25% below market and the last rent increase completed 6 years ago in 2020 with the opportunity to charge back for water, sewer, and trash through implementation of a RUBS program.
Additional revenue growth opportunities include the monetization of the currently unmonetized large on-site laundry facility, and expanding on-site tenant storage
Recent capital improvements include $20,000–$30,000 in major electrical infrastructure upgrades, with recent major repair improvements done at the single-family residence including a new roof. Positioned in Coos Bay market coastal market with consistent demand for affordable housing.
Investment highlights
- Rare Opportunity to acquire a 41-unit All-Age Mobile Home & RV Community in a supply-constrained coastal market
- 100% Occupancy
- Attractive price per space relative to comparable coastal assets
- City Services: Public water and sewer
- Below-market rents with clear upside through rent growth and renting the vacant single-family residence (SFR) to current market rent.
- Additional upside potential through implementation of a RUBS program for water, sewer, and garbage.
- Well-located in Coos Bay, near retailers, schools, parks, and major employment centers
- Favorable unit mix with a majority of tenant-owned homes, reducing ownership repair and maintenance responsibilities
- On-site amenities, including a office building and a large laundry facility currently un-monetized with ability and upside to install new coin-operated machines making available to residents.
- New roof installation recently done at the single-family residence
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