Elms MHC and RV is an all age community located near I-80 in York, Nebraska. The property features 43 lots with 14 homes currently on site, as well as 27 RVs. Of the 14 homes, 12 are currently occupied, with two abandoned homes on site. Both abandoned homes are salvageable offering new ownership the ability to increase economic occupancy within the first six months. The majority of the RV tenants are long term tenants, and work as contractors in the area.
Lot rent is currently $300 per month, with similar properties in the area charging $425-$450 per month. This offers new ownership the ability to raise rents to market rates over time.
The property also features on site laundry and shower facilities for RV residents.
New ownership could infill the property with additional mobile homes over time, or they could continue operating the property as a mixed RV and Mobile Home Park. Infilling the property with mobile homes would be attainable, as there is a Champion Homes manufacturer and Retail Center located within the City of York, NE.
Utilities
The property is currently served by city water, and a private sewer lagoon. City sewer is located at both the North and the West end of the property, making the transition to city sewer realistic and cost effective for new ownership.
Current ownership also pays for and bills back for electric in the community. The local utility board has expressed interest in taking over the electrical infrastructure within the community, offering new ownership the ability to have utility costs directly billed to the mobile home park residents.
The park roads are asphalt and gravel, with the majority being asphalt. The asphalt portion of the roads were last redone in 2020, and are in good condition.
Vacant Lots/Homes
The majority of the lots are home ready, with a few needing minor electrical repairs.
Lot 18 has been abandoned by the tenant, and the home should only need minor work in order to be sold to a new tenant.
Lot 31 has been abandoned by the tenant. The home will require a new roof and plumbing repairs prior to being sold to a new tenant.
Financial Analysis
The financial analysis was based on rehabbing and selling the two homes on site and adjusting lot rent to $350 in year two. For years three, four, and five, lot rent was adjusted up by $25 per lot per month on mobile home tenants only. Each year thereafter, a 5% increase was used.
The financial analysis also assumes allowing the electric company to take over the park infrastructure, eliminating the need for electric bill back.
York, NE
York, NE is the county seat of York County and has a population of 8,000 residents. The community is located just off of I-80 and is 45 minutes west of Lincoln, NE.
York has a diverse employment sector with major employers including; Cornerstone Bank, Champion Home Builders, Collins Aerospace, Bayer, as well as many Agriculture, Healthcare, and Manufacturing jobs.
Subject Property
Elms MHC and RV Park is located on the southern end of the town. The park is within the city limits of York, and has public sewer connections available at two intersecting roads of the property. The property is located less than a mile from the local Walmart and Interstate 80. The community offers an easy commute and affordable housing for the residents.
