Oaks Mobile Home Park is a Class C community that could be converted to a Class B through a focused repositioning. It is an All Age community developed in the 1950s with 67 total sites consisting of 60 park owned homes, 5 lot rentals & 2 storage lots. The park is well maintained with recent renovations done on over 50% of the park units. It is serviced by city water and sewer.
The park has a very solid history of high occupancy rates and stabilized income. Actual NOI is at $282,800. An investor with a future vision of value will recognize Oaks MHP value could potentially be in the $3M range which is referenced in the Underwriting.