- Lots: 101
- Cap Rate: 4.64%
- Acreage: 15.57 AC | 13.23 acres | 2.34 acres
- Investment Type: Value-Add
- Total Tenants: 73
- MSA/St: Breckenridge CO
- Utility: Mixed
- POH: 2
Executive Summary
Located along the Middlefork River in Fairplay, Colorado, Fairplay MHP & Gold Pan MHP are nestled in the middle of the Rockies with picturesque mountain views near Breckenridge Ski Resort.
Fairplay MHP has 85 MH lots, with 56 TOH’s, 2 POH’s, 3 RTO’s, 4 abandoned homes and 20 vacant lots. The park is on city sewer and has a professionally serviced pump house, as well as curbside trash pick-up.
Gold Pan MHP has 16 MH lots, with 4 vacant pads and 12 tenant-owned homes. The park is on city sewer/water and also has curbside trash services. All utilities are billed back to the tenants and the 2 parks have a combined acreage of approximately 15.57 acres. Both parks are within 1,500 feet of each other and are operated as one park.
1.5 hours from Denver and 30 minutes from Breckenridge Ski Resort, Fairplay is the ONLY FULL-SERVICE TOWN to serve the Breckenridge workforce within a reasonable distance. The communities are also uniquely positioned within Fairplay, just a short walk to all city amenities.
We are asking that investors submit offers at or above $7,400,000, which represents a 4.64% cap rate on current lot rental income. The portfolio should qualify for conventional recourse bank financing at a 4% interest rate, 75% LTV, 25-year amortization, with a 12-month IO period and 10-year balloon. Assuming an investor can infill the vacant lots and raise rents to market, they can expect to exit around a 5.5% cap once fully stabilized and expect to sell the parks at about $12,444,642.
Investment Highlights
- Huge upside with infill
- Rents well below market – easy upside
- Strong MSA & local demographics
- Strong tenancy – desirable community
- Strong demand – high quality homes
- Public Sewer at both parks
- Affordable housing 30 minutes from Breckenridge
Known Issues
- Gravel roads, but in excellent condition
- Fairplay MHP is on well water – public is available
- 2 POH’s, 3 RTO’s, 4 Abandoned Homes
- Currently at 72.3% occupancy
Park Overview
- Cap Rate: 4.64%
- Lots: 101
- MHP Lots: 101
- Tenants: 73
- Occupancy Rate: 72.3%
- Current Average Lot Rent: $512.12
- Gross Income (All Income Sources): $568,580
- Lot Rent Income: $448,620
- Gross POH Income: $13,140
- Utility Income: $107,706
- Water Info: FP: Private | GP: Public
- Sewer Info: Public
- Flood Zone Info: Not in flood zone
The information contained within this website is proprietary and strictly confidential. It is intended to be reviewed only by the approved party receiving it and should not be made available to any other person or entity without the written consent of the broker involved. This information has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. We have not made any investigation, and make no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained within has been obtained from sources we believe to be reliable; however, we have not verified, and will not verify, any of the information contained herein, nor have we conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE: Owners of this website and Marcus & Millichap REIS is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of the owners of this website & Marcus & Millichap REIS, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap REIS, and is solely included for the purpose of providing tenant lessee information.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTED AGENT FOR MORE DETAILS.