122 US Highway 20 S
Thermopolis, WY 82443
Grandview Mobile Home Community · Multifamily Property For Sale

Introducing Grandview Mobile Home Community located in Thermopolis, Wyoming. Consisting of 62 lots, 58 lots are occupied, and 45 of those are tenant owned homes. Park is located on city water and sewer that is billed back to the current tenants through Metron meters that were installed in October of 2019. Each tenant pays for their electricity and gas. Community comes with 13 POH's starting at ages as new as 2001. Current income - 2019 income shows $128,500 of lot rent and POH income plus $45,000 in utility reimbursement for a grand total of $174,000. With all expenses included there is a 67% expense ratio for an NOI of $57,329. As of the end of 2019, 26 TOH's were 1 month or more behind on payment. Proforma model - Running at full capacity of 58 lots at $250 per month plus water and sewer of $50 per month is $210,000 gross income. Using a 45% expense ratio your pro forma NOI is $116,000 which at $1,041,000 purchase is an 11.14% CAP. Current delinquency factors 8 of the Park owned homes are not collecting any income due to ineffective management. According to updated rent roll as of May of 2020, 15 TOH tenants are 1 month or more delinquent on the rent due to ineffective management. Water expenses run $65,000 a year which is $93 per unit, this is far too high from the normal and leads me to believe there is a leak in the infrastructure. Documents available in due diligence vault 2017, 2018, 2019 bank statements 2016, 2017, 2018, 2019 Schedule E 2018, 2019, and 2020 rent rolls 2018, 2019, and 2020 P&L's Improvements Made - In October of 2019 the owner signed up with Metron Meters to make bill back easier for his tenants. The new owners will acquire that contract upon closing. In 2009 they added an additional 20 sites onto the park and added the water, sewer, and infrastructure in for that. One of the major employers for the town is the Bentonite mine. Bentonite is a powder that is used in many things from everyday cosmetics and drilling purposes. Thermopolis is also considered a tourist attraction during the summer and is known for its local hot pools as well as many other attractions. The population of Thermopolis is just over 3, 000 with a median income of $41,000. The median age is 48 years, old with an average house cost of $131,000. Listing provided by Jackson Hole Sotheby's International Realty