Wisconsin Portfolio
3-Park Portfolio | 134 MH Sites
Marketing description
Sunstone Real Estate Advisors is pleased to present the Wisconsin Portfolio, consisting of Cozy Acres Mobile Village, Huntington MHP, and Riverside MHP, a 134-site manufactured housing portfolio located across Eau Claire and New Richmond, Wisconsin. The portfolio is currently operating at approximately 89% occupancy (119 occupied sites) with a weighted average lot rent of approximately $400 per month, providing stable in-place cash flow with immediate upside. The assets feature a simple operating structure with a primarily tenant-owned home base and limited operational complexity. Cozy Acres Mobile Village represents the stabilized component of the portfolio at ~98% occupancy, while Huntington and Riverside offer additional upside through both rent growth and occupancy gains. The portfolio also includes 22 storage units, providing ancillary income and additional revenue diversification.
The underwriting reflects a value-add strategy centered on rent alignment and lease-up of remaining vacant sites, with a clear path to stabilization at full occupancy. Current rents across the portfolio are meaningfully below market, with adjusted rents of approximately $280–$351 compared to market averages of $449–$462, supporting substantial rental upside. Total revenue is projected to increase from approximately $571,000 to ~$809,000 by Year 3, driven by rent increases and occupancy growth. Net Operating Income is projected to grow from approximately $374,000 to ~$545,000, reflecting both revenue expansion and improved operating efficiency. Expense ratios improve from approximately 34% to ~32%, demonstrating operating leverage as the portfolio stabilizes. This offering presents a compelling opportunity to acquire scaled, cash-flowing assets with multiple levers for NOI growth in supply-constrained Midwest markets.
Investment highlights
- Scaled Wisconsin Portfolio (134 Sites + Storage Units) – Three communities across Eau Claire and New Richmond totaling 134 sites and 22 storage units
- Strong In-Place Cash Flow with Upside – ~89% occupied with ~$48K/month total revenue, providing immediate income with value-add potential
- Balanced Risk Profile – Stabilized assets (Cozy Acres & Huntington) combined with lease-up opportunity at Riverside drive both yield and upside
- Meaningful Lease-Up Opportunity – 15 vacant sites (11.2% vacancy) provide a clear path to increased revenue through infill
- Below-Market Rents Across Portfolio – Average rents (~$402) trail market comparables, supporting continued rent growth strategy
- Clear Path to NOI Growth – Financial projections show NOI increasing from ~$374K to ~$545K through rent increases and occupancy gains
- Attractive Rent Growth Profile – Underwriting assumes ~8% annual rent growth with strong market support
- Utility Reimbursement Opportunity – Water, sewer, and trash currently included in rent, creating opportunity to implement RUBS or direct billing
- Ancillary Income Stream – 22 storage units generate additional income and diversify revenue (Huntington MHP)
- Strong Midwest Location – Proximity to the Minneapolis–St. Paul MSA supports demand for affordable housing
- Compelling Yield Expansion – Projected cap rate expansion from ~5.65% to over 8.0% as operations are optimized
- Favorable Expense Profile with Optimization Potential – Opportunity to improve operating efficiencies while maintaining essential services
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