Englewood & Cheney
2-Park Portfolio in Wichita, KS | 186 MH Sites
Marketing description
Sunstone Real Estate Advisors is pleased to present the opportunity to acquire a two-park, 186-site manufactured housing portfolio offering a diversified mix of tenant-owned homes, community-owned rentals, and RV sites. Overall, the portfolio is currently approximately 63% occupied with average lot rents of approximately $427/month, providing a balanced profile of in-place cash flow and value-add potential. With an established operating base and multiple revenue streams, the asset offers both immediate income and scalability through lease-up. The portfolio also presents an opportunity to convert community-owned homes into Lease-to-Own agreements, preserving tenants’ existing rent obligations while shifting maintenance responsibilities and generating an attractive yield on cost.
This offering features substantial upside through the infill of 40 vacant sites, enabling a phased lease-up strategy without the need for additional development. Projected occupancy is expected to increase to nearly 82% by stabilization, supporting meaningful revenue growth. Additional upside is driven by below-market rents, with consistent annual rent increases positioning average rents to grow from approximately $427 to $487/month. Ancillary income streams, including utility reimbursements and other charges, further enhance total revenue and operational leverage.
Financially, this portfolio offers a compelling blend of current yield and forward-looking growth. In-place operations generate positive cash flow today, with Net Operating Income projected to grow from approximately $44K to over $740K by year 3, driven by occupancy gains and rent growth. Expense ratios are expected to compress significantly—from approximately 93% currently to ~39%—as fixed costs are spread across a larger occupied base.
Overall, this is an attractive opportunity to acquire a scaled manufactured housing asset with meaningful infill potential, below-market rents, and multiple operational levers to drive NOI growth, making it well-suited for investors seeking both durable income and long-term value creation.
Investment highlights
- Two-park, 186-site manufactured housing portfolio offering meaningful scale with a diversified mix of tenant-owned, community-owned, and RV sites
- Opportunity to convert community-owned homes into Lease-to-Own agreements, preserving existing rent obligations while reducing maintenance burden and enhancing yield on cost.
- Substantial infill opportunity with 40 vacant sites, allowing for phased lease-up and organic revenue growth without the need for expansion
- Below-market rent profile relative to stabilized projections, supporting a clear path for rental increases as occupancy improves
- Strong in-place cash flow with immediate upside, providing a balance of current income and forward-looking growth
- Multiple revenue levers including occupancy gains, rent adjustments, and utility reimbursement, enhancing overall income potential
- Operational efficiencies improve with scale, as fixed costs are spread across a growing occupied base, driving margin expansion
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