Shady Oaks Mobile Home Park
100% Occupied Mobile Home Community in Cresco IA | City Utilities | Below Market Rents
Marketing description
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The MHP Value Team is pleased to offer for sale Shady Oaks Mobile Home Park, a 33-site mobile home community located in Cresco, IA.
This offering represents a rare opportunity to acquire a fully occupied, stabilized asset comprised entirely of lot renters, delivering immediate and consistent in-place cash flow.
Currently operating at 100% occupancy, all 33 sites are tenant-owned homes paying $277 per month in lot rent. This property benefits from city water and sewer services, minimizing operational complexity and reducing infrastructure risk for a new owner. With rents being ~$125
below market, the park presents a clear and executable path to revenue growth through gradual rent adjustments.
The investment strategy includes maintaining the park’s strong occupancy while implementing measured rent increases to bring current rents in line with the market. Given the stability of the tenant base and full occupancy, this upside can A new investor has the opportunity to acquire a 100% lot rent community with rents way below market. Doing a $100 rent bump will bring cash on cash returns north of 12% year 1 community, while potentially having redevelopment opportunity down the road as the city needs wants to greenlight a multifamily development in one of the parcels.
Important Note to Prospective Buyers from Pace Morby: Congrats to all new members of the Pace Morby “Creative Finance” and “Subto” communities. We appreciate your interest and enthusiasm. Please note that we work exclusively with qualified, verified buyers. Our clients are not seeking first-time purchasers attempting to acquire mobile home parks with no capital investment. We will also not share proprietary Seller information with any intermediaries, including, but not limited to, scouts, “bird dogs,” or third parties.
Investment highlights
- Clear path to 12% COCR by implementing$100 rent increases in year 1
- Fully occupied community with 100% lot renters and city utilities; making for an operationally simple asset
- $125 - $150 below market rents
- $110k Top Line Income and 50k NOI with the opportunity to take it to $150k Top Line Income and 85k NOI with just a year 1 rent bump (Pro-forma cap rate of 10%)
- Strategically located next to Evans park, providing access to tennis / pickleball and activities for the community
- Opportunities to develop a portion of the park into multi-family pending city’s CUP if this a route that buyer wants to take
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