1900 Broadway Ave Hoquiam, WA 98550-1147

Rosewood Manor, a 10.4-acre mobile home park in Hoquiam, Washington, presents a compelling investment opportunity. This established community boasts 46 occupied pads, currently generating $565 per month in rent per pad, as of May 1st, 2024. The property features a total of 453,024 square feet and is zoned High Density Residential (R-2). Its prime location offers convenient access to downtown Hoquiam, featuring local restaurants, a Grocery Outlet, Home Depot, and the Harbor Regional Health Emergency Department. Nearby Aberdeen provides additional amenities such as Safeway, Rite Aid, and a Walmart Supercenter. The park's strong performance is reflected in its 100% occupancy rate and a 6.50% cap rate. The asking price is $3,500,000, translating to $76,086.96 per pad and $7.73 per square foot. Further enhancing its potential, the property includes undeveloped land at the northeast corner, offering the possibility of developing an additional 16 sites, which could generate an estimated $108,000 in annual revenue based on current rental rates. The park benefits from Washington State's income tax-free status and lack of rent control, coupled with a favorable supply-demand imbalance in the local affordable housing market. Its proximity to the Grays Harbor National Wildlife Refuge, parks, hiking trails, and the Kurt Cobain Childhood Home and Under the Bridge Memorial adds to its appeal. This property offers a unique blend of stable income and significant growth potential.