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Trails End Mobile Home and RV Park consists of 30 mobile home sites, 11 RV sites and 3 street front commercial units with ample customer parking. Two of the
commercial units are rented by the same tenant, The Moose Lodge and consists of two buildings of 1,550 Sqft and 1,400 Sqft. The third commercial unit is 880 sqft and
is rented to Investor Properties, LLC. The asking price includes six (6) newer (2015 – 2019) single-wide mobile homes and four (4) newer (2018 – 2019) Park Models. The
park owned homes rent for $280 to $380 above the site rents. The site rents effective February 1, 2020, will be $300 to $395. Trails End Mobile Home and RV Park is
100% occupied. Trails End is located in a federal Opportunity Zone and may be eligible for preferential tax treatment.
The three commercial units are on initial three (3) year leases. The Moose Lodge has been in this location since October 12, 1996 and has just extended the lease to 2022
at $2,000 per month. Investor Property LLC is a property management company and has been at this location for two years. Copies of the leases are available on the due
diligence portal.
The total income of $263,110, is composed of $223,710 from the commercial and site rents, utility income, laundry and pet fees. The park owned home revenue is
$39,400. The expense load from the Real Property income is $118,923 (53.74% at $2,702 per unit) and the Personal Property expenses run $12,094 (30.7% at $1,209 per
unit). The combined net income of $132,093 offers a 5.52 cap rate and a total return of 5.57%.
The demand for affordable rentals is strong and is based on employment created by the Reno-Tahoe Industrial Development and the city of Fernley. The site rents and
park owned home rents are under market and the potential for rent growth is positive. The community is professionally managed by a local property management
company and is both organized and well maintained. Trail’s End RV & Mobile Home Park is a good fit for both a seasoned or experienced investor looking for a
community in a strong rental market.
