Wallace River offers 64 rental units with public water (Startup Water District) and private septic system. The 41 manufactured home lots in the community are 100 percent occupied and have remained so in recent history. 16 of the 23 RV spaces are currently rented.
Wallace River has about 1,000 feet of frontage along the north side of the Wallace River (there is a large common area/park next to the river), and roughly 1,200 feet of frontage along the south side of SR-2 that includes three access points off the two-lane highway.
Rents:
Lot rents range from $760 to $915 per month including water. Tenants separately pay for garbage removal. Rents for manufactured home lots have increased by $75/month for each lease renewal date through August 2025.
Financials:
Wallace River’s 2024 Revenues are $598,502, and are budgeted at $647,012 with this year's rent increase. In place 2024 expenses are $220,334.32 (37% of Revenues). In place NOI for 2024 is $378,168 (4.7 CAP).
In place NOI with the 2025 rent increase is $647,012 (5.3 CAP on 2024's expenses). In place NOI for 2025 if 7 RV Lots are rented by May 2025 is $684,567 (5.8 CAP on 2024's expenses).
There is a DropBox of financial and other due diligence records that are available for review upon signing of a nondisclosure agreement. There is also more information and a drone video at wallacerivermhrvpark.com.
Walt Olsen
