Heartland Estates MHP
Mobile Home Park
Marketing description
The Wilmer & Danny Group of Marcus & Millichap is proud to present Heartland Estates, a rare opportunity to acquire a value-add manufactured housing community located in Torrington, the economic and commercial center of Goshen County in eastern Wyoming. The property consists of seventy-six (76) total manufactured housing sites, including three (3) brand new park-owned homes, offering investors the opportunity to acquire a community with significant occupancy upside and long-term rental growth potential in one of the Mountain West region's most supply-constrained affordable housing markets.
Originally developed in 1972, Heartland Estates currently operates at approximately 65% occupancy, presenting investors with a clear path toward value creation through continued infill, lease-up, and operational stabilization. The property benefits from all city utility services, providing long-term infrastructure reliability and operational simplicity.
The community operates with a flat monthly utility reimbursement structure, with residents contributing toward electric, water, sewer, trash, and tax expenses. Current utility billbacks are approximately comprised of 33% electric, 27% water, 17% sewer, 22% trash, and 1% tax reimbursement, creating operational efficiencies and expense recovery for ownership.
Existing in-place rents remain below competing housing alternatives within the market, providing investors with the opportunity to capture continued organic rent growth over time. Additionally, the recent addition of three brand new park-owned homes further enhances the property's long-term income potential and overall community appeal.
Investment highlights
- Strategic Wyoming Property with Immediate Scale - The property consists of 79 manufactured housing sites in Torrington, offering investors immediate presence in the established Wyoming market with strong demand for affordable housing and limited competing supply.
- Efficienct Market Operational Footprint - The asset benefits from a concentrated regional footprint, allowing for streamlined management, operational efficiencies, shared vendor relationships, and reduced overhead across the community.
- Value-Add Potential Through Occupancy & Rent Growth - The property offers clear upside through continued occupancy stabilization, strategic infill opportunities where applicable, measured rent increases, and operational optimization, creating a path for enhanced NOI and long-term yield growth.
- Growing Demand for Affordable Workforce Housing - Torrington, Wyoming continues to experience demand for attainable housing options driven by rising housing costs, steady employment bases, and limited inventory, positioning manufactured housing as a resilient and increasingly essential asset class.
- Limited New Manufactured Housing Supply - Restrictive zoning, entitlement challenges, and elevated development costs continue to limit new manufactured housing development throughout Wyoming, strengthening the long-term competitive position of existing communities.
- Stable Cash Flow with Long-Term Upside - The property presents durable in-place cash flow supported by consistent tenant demand and the opportunity to further improve operations through professional management, infrastructure enhancements, and future site optimization initiatives.
- Investment Aligned with Housing Affordability Needs - In addition to attractive financial fundamentals, the property provides investors the opportunity to deliver quality affordable housing within underserved Wyoming markets while benefiting from stable long-term demographic trends.
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