31108 3rd Ave
Black Diamond, WA 98010
Collective Communities Diamond Valley MHC · Multifamily Property For Sale · 150,000 SF

Cedarbrook is a quiet family community located in the City of Black Diamond in the Southeast part of the Puget Sound. Although Black Diamond has been more rural in nature, this town’s location with a relative abundance of developable land has created the ability for development in close proximity to urban centers. A recent proposal for the addition of 6,060 homes has divided the City council. Now lying on the very edge of suburban sprawl, Cedarbrook is well positioned to be a significant source of affordable housing for the entire area. There are 122 spaces, 18 of which are non-performing-vacant, 3 park owned homes to be demolished, 9 RV occupied spaces and 1 park owned manager's home. Current rents range from $505 to $660 which includes water, sewer and garbage.   The access to this property is one driveway fronting on State Route 169. A driveway from Black Diamond-Ravensdale Road allows for emergency access via a locked gate. Cedarbrook lies in a bioswale, along a very small stream, Ginder Creek, with a low point about 2/3 of the way toward the east edge of the property; there is a gradual rise north. The FEMA Flood Insurance Map (Comm. Panel # 53033C0480D) shows the subject property lying within Zone X: Areas of minimal flooding, outside the 500 year flood area. There have not been any problems in the past in that regard.   Very rarely does a manufactured housing community of this size within King County ever come on the market. It will not escape the attention of investors that the recapitalizing of the utility systems (sub-metering of utilities after re-plumbing the water system) filling of vacant spaces and gradually bringing rents to market levels would provide for a significant upside in both the future asset value and cash flow of Cedarbrook.