3391 Avalon Dr 3391 Avalon Dr 7 Unit Mobile Home Park $799,000 ($114,143/Unit) 4.50% Cap Rate Hood River, OR 97031

Infill development opportunity in a quiet Hood River neighborhood. Located out of the fray, but with easy access to all the amenities of town, this unique parcel offers over an acre of level land with approximately 495' of frontage on Avalon Drive. With the generous frontage and municipal utilities in the road, preparing this property for development will be relatively cost effective. Currently operated as a mobile home park, the property hosts 7 manufactured homes; 3 owned by the seller and included in the property sale, and 4 tenant owned. With gross monthly rents totaling $3247, the current use makes a nice placeholder as you craft your development plans. Zoned UR1 and located just outside the city limits in the urban growth boundary, this property is ready for its next era. With annexation into the city, R1 zone density appears to allow up to 7 single family home lots, while much greater density could likely be achieved under the Middle Housing Ordinance. Buyer to do their own due diligence regarding development. Developable property with significant current income is a rarity in the Hood River market. Take a close look at this one!