51386 Huntington Rd La Pine, OR 97739

Property Details for 51386 Huntington Rd

Lot size

1.22 lot acres

Property type

Mobile home & RV parks

APN

115023

Description

This stabilized, 14-unit mobile home park in La Pine, Oregon, presents a compelling investment opportunity. Situated on 1.22 acres (APN 115023) with Commercial/Residential Mixed Use zoning (LPCRMU), the park offers significant upside potential. The property includes 13 mobile home spaces and a stick-built, 2-bedroom, 1-bathroom home (616 sq ft, built 1948) with a small studio. One mobile home (1982 Liberty, 728 sq ft) is park-owned; the remaining units are tenant-owned. Recent improvements include exterior painting of all units (2022) and road maintenance (2023). Rents were increased by 9.9% on November 1, 2023. The park enjoys city services, including a public sewer system. Current NOI is $106,716, yielding a 6.47% cap rate. Pro-forma NOI is projected at $122,653, resulting in a 7.43% cap rate, based on a 7% rent increase and a 3.1% expense increase. The park's location in La Pine's commercial center, near future developments like Starbucks, AutoZone, and Walgreens, further enhances its value. Low common area maintenance keeps operating costs manageable. The asking price is $1,650,000, or $126,923.08 per pad. This property offers a rare opportunity to acquire a well-maintained, cash-flowing mobile home park in a rapidly growing Oregon market. The park currently operates efficiently with off-site management. Ground lease is not applicable.