3020 E College Way - Skagit Valley Mobile Manor 29.88 Acres of Commercial Land Offered at $25,800,000 in Mount Vernon, WA 98273
PROPERTY FACTS
| Price | $25,800,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Manufactured Homes or Mobile Home Park |
| Total Lot Size | 29.88 AC |
1 LOT AVAILABLE
Lot
| Price | $25,800,000 |
| Price Per AC | $863,453.82 |
| Lot Size | 29.88 AC |
DESCRIPTION
Skagit Valley offers 172 manufactured home lots which are connected to public water and sewer. It was constructed in 1986 and 1992 and has never been for sale. The lots are 100 percent occupied and have remained so in recent history. Rents range from $695 to $740 per month, with the tenants paying an additional charge each month for water, sewer and trash removal. Skagit Valley's 2024 Revenues are $1,801,743, and are budgeted at $1,853,343 with this year's rent increase. NOI for 2024 was $1,113,303. In place NOI with the 2025 rent increase is $1,164.093 (4.5 CAP on 2024's expenses). There is a DropBox of financial and due diligence records that are available for review upon signing of a Nondisclosure Agreement.
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CONTACT
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Walt Olsen - Olsen Properties, LLC
