Annandale Trailer Court
33 Unit MHP | 7.82% Entry CoC Return | 90.91% Occupied | Below-market Rents
Marketing description
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The MHP Value Team is pleased to offer for sale Annandale Trailer Court, a 33-site manufactured housing community located in Annandale, Minnesota, approximately one hour northwest of the Minneapolis–Saint Paul MSA.
The community is primarily a tenant-owned home community consisting of 24 lot renters averaging $378/month, four Rent-to-Own homes paying $775/M, two apartment units occupied at $1,380/M, two RV sites bringing in $740/M combined, one vacant lot with infrastructure, and one vacant Park-Owned Home. Ownership has professionally operated the property since acquisition, resulting in strong occupancy and no current collection issues.
The investment opportunity is centered around below-market lot rents. Comparable communities in Annandale are achieving ~$625/month, while ownership believes the property can support rents of at least $525/month, providing investors a clear path to increase NOI over time. Additional upside includes leasing the vacant Park-Owned Home and the potential to create approximately three additional sites utilizing excess land within the community. The property is serviced by HDPE water lines, well water, septic sewer, and individually sub-metered electric and gas, with several infrastructure improvements completed by current ownership.
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
- 7.82% Entry CoC Returns with a clear pathway to 11.55% in year 3 through gradual rent increases towards market rates
- Below market rents; research shows this market can support ~$600+ in lot rent
- Stabilized community with ~90% occupancy
- Located in the Minneapolis–Saint Paul– Bloomington MSA; with over 3.8M residents and average home prices north of $400k
- Recent infrastructure upgrades including the replacement of Septic Pumps, and new wiring for the Well on-site
- Expansion opportunity for ~3 extra sites
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