Glendale Trailer Court
26 Units offered at $680k - With day one returns of 9.68% | Below Market Rents | Infill Opportunity
Marketing description
TO VIEW FINANCIALS, CLICK **VIEW OM” OR “SEE DUE DILIGENCE”, SIGN THE CONFIDENTIALITY AGREEMENT, AND YOU WILL HAVE IMMEDIATE ACCESS. CONTACT JAMARI RIDORE WITH ANY QUESTIONS [email protected]
The MHP Value Team is pleased to offer for sale Glendale Trailer Court, a 26-site mobile home community located in Potosi Missouri.
The property is currently operating as a mixed tenant-owned home and park-owned home community, consisting of two tenant-owned homes paying an average lot rent of $175/M, seventeen occupied park-owned homes paying an average of $500/M, six vacant park-owned homes, and one vacant lot with utility infrastructure already in place. Of the vacant homes, one is considered to be in poor condition, a couple are rent ready, and the remaining homes require moderate rehabilitation before occupancy. This community presents investors with a value-add opportunity through operational improvements, rehab of existing vacant inventory, infill of the vacant lot, and implementation of structured management practices. Current ownership has also maintained below-market lot rents, with market research indicating the area can support ~$350/M lot rent levels, providing future upside as homes are sold off or converted into tenant-owned occupancy. A new investor has the opportunity to acquire a community with immediate cash flow, substantial vacancy upside, and long-term potential through improved collections, strategic home renovations, and gradual rent increases toward market rates.
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
- Potential to Transition Additional Homes to Tenant-Owned Occupancy Over Time
- Attractive basis compared to replacement cost
- 1 Vacant lot already equipped with infrastructure
- Immediate cash flow with entry COCR of 9.68%. Clear path to $114k NOI year 1 through gradual rent increases
- Homes ready for infill day one with remaining vacant homes needing moderate rehab (1 Home is in rough shape)
- Lot rents ~$150 below market
- Ability to Improve Collections & Operational efficiency through stronger management
- Potential to Transition Additional Homes to Tenant-Owned Occupancy Over Time
- Attractive basis compared to replacement cost
- 1 Vacant lot already equipped with infrastructure
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