Pipestone Estates Value-Add
For Sale
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904 Industrial Rd, Pipestone, MN 56164
41-site manufactured housing community with value-add potential.
Property SizeContact for details
Days on Market195
Property Features for 904 Industrial Rd
General Information
Standard status
Active
Property subtype
Mobile Home Park
Building Details
Units
41
Listing Agency:
Sunstone Real Estate Advisors
Listed By:
Kolman Bubis · License #471.001148
Source:
Crexi
Added: Jan 29
Changed: Aug 8
Last Checked: Aug 11 at 7:40AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sunstone Real Estate Advisors
Investment Insights
Based on property information with market context.
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.
Key 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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
144
Businesses Nearby
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Business Placement
Demographics for 56164, MN
5,678
Population
2,634
Households
2.2
Avg Household Size
41
Median Age
23%
College-Educated
93%
High-School Grad
240.5 sq mi
ZIP Area
24
Density / Sq Mi
$71,550
Median Household Income
$40,420
Median Earnings
$727
Median Rent
$133,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
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.
