Pipestone Estates Value-Add
904 Industrial Rd, Pipestone, MN 56164
41-site manufactured housing community with value-add potential.
Type:Mobile Home Park
- Added:
- Jan 29, 2026
- Days on Market:
- 104
- Last Refresh:
- Mar 17 at 1:14 pm
Property Features for 904 Industrial Rd
General Information
- Standard status
- Active
- Property subtype
- Mobile Home Park
Listing agent Kolman Bubis License #IL 475173212
Listing office Sunstone Real Estate Advisors
Listing date Jan 29, 2026
Source Crexi
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HighLights
- Value‑add opportunity through lease‑up of 10 vacant sites and rent growth.
- Significant projected increase in Net Operating Income (NOI) from approximately $26,000 to $106,940 by Year 3.
- High potential return with a projected 13.37% cap rate and 10.02% cash‑on‑cash return by Year 3.
- Straightforward operating structure with utilities billed back to tenants.
- In‑place revenue of approximately $139,000 with current average lot rent of $505 per month.
- Opportunity to improve operational efficiency and reduce expense ratios from 81% to 61% by Year 3.
Overview
Pipestone Estates is a 41-site manufactured housing community located in Pipestone, Minnesota. The community is operating at approximately 49% physical occupancy, with 20 occupied units. The community includes 17 resident-occupied sites, 14 community-owned homes, and 10 vacant sites. The property presents a value-add opportunity driven by lease-up, rent growth, and operational normalization. Current average lot rent is approximately $505 per month, with in-place revenue of approximately $139,000 under the current rent roll with adjusted expenses. Utilities are billed-back to tenants. Total revenue is projected to increase from approximately $139,000 at current operations to $276,500 by Year 3, driven primarily by occupancy gains and contractual rent growth. Net Operating Income is projected to increase from approximately $26,000 currently to $106,940 by Year 3, as the community approaches stabilized occupancy levels. Expense ratios improve from approximately 81% at current operations to 61% by Year 3, reflecting improved scale efficiency as revenue expands. By Year 3, the asset is underwritten to achieve a 13.37% cap rate and a 10.02% cash-on-cash return.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Mobile home & RV ...
Location Insight
- Map
- Local Demand
- City
- Pipestone
- County
- Pipestone
- State
- Minnesota
- Longitude
- -96.293438
- Latitude
- 43.988922
FAQs
What type of property is this?
Mobile home & RV park - 41-site manufactured housing community with value-add potential.
Where is this mobile home & rv park located?
The property is located at 904 Industrial Rd Pipestone, MN.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Value‑add opportunity through lease‑up of 10 vacant sites and rent growth.; Significant projected increase in Net Operating Income (NOI) from approximately $26,000 to $106,940 by Year 3.; High potential return with a projected 13.37% cap rate and 10.02% cash‑on‑cash return by Year 3.
