Oregon Trail Mobile Estates
Oregon Trail Mobile Estates
31599 West Park Road Sutherland NE 69165
$900,000
List Price
2.39 %
Cap Rate
27.27
GRM
91
Number of Permitted Pads
Current Summary
  • Oregon Trail Mobile Estates Currently consists of 26 developed lots with a total of 8 homes on site. Current ownership brought in a few homes in the late 2000s but has not focused on further developing the property. There are currently 5 park owned homes, one of which is occupied by current ownership. There are also three Tenant Owned homes paying a lot rent of $225 to $275. Comparable properties in the area are charging lot rents of $275-$325, leaving current upside of $50-$100 per lot for new ownership. Current POH rents are $550-$800, indicating contract sales of homes would be possible in the community. Due to the current vacancy rate of the property, seller financing will be available to qualified investors.
Development
  • The property is zoned and approved for a total of 91 sites, with 26 currently being fully developed, making this a great opportunity for an experienced investor to redevelop the property into a large affordable housing community. Given the properties proximity to North Platte and Ogallala, NE this property would help bring affordable housing to the region once redeveloped. Similar parks in North Platte boast high occupancy and high Tenant ownership rates, displaying a need for affordable housing in the area.
Park Infrastructure
  • Roads:Park roads are currently Gravel
  • Utilities: All utilities are public and water and sewer lines are high pressure PVC. The remaining lots currently needing redeveloped have active sewer and gas and will only require electric and water to be rerun to each lot.
Location
  • Sutherland is a village in Lincoln County, Nebraska, United States. It is part of the North Platte, Nebraska Micropolitan Statistical Area. The Village of Sutherland is located 2o minutes from the City of North Platte, and 30 minutes from the Lake town of Ogallala, NE. The Village is located along the historic Oregon Trail Route, and is located on the I-80 Corridor. The town is North of 3500 acre lake that brings recreation tourism to the area.
  • The area has a high number of blue collar and industrial jobs, making affordable housing a key factor in the surrounding communities. With the City of North Platte denying new developments in affordable housing, the Village of Sutherland and this property would be a great option for new ownership to fill the current need for affordable housing in the area.
Local Employers
  • Area employers include GM, Pepsi, Walmart Distribution, Midwest Renewable Energy, Union Pacific, and several large food processing plants, as well as a strong and diverse agricultural industry. The Village of Sutherland is a 20 minute drive on I-80 to the City of North Platte, (Population 24,000) making the village of Sutherland as well as this property a more affordable option for local workers.
FOR MORE DETAILS CONTACT
Jason Bergan
Broker
(563) 880-9679
jbergan@c21sre.com