Lee's Mobile Home Park

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1664 N Cedar Street, Laramie , WY 82072
Lee's Mobile Home Park
Lee’s Mobile Home Park in Laramie, Wyoming is comprised of 89 sites, most of which are tenant-owned homes and structures. Of the 89 sites, 20 are double-wide spaces and 69 are single-wide spaces. Occupied, tenant-owned homes comprise 66 of the sites. Lee’s also features a total of 14 park-owned homes, 12 of which are vacant and 2 are occupied. There are 9 vacant spaces that would support a new tenant bringing their manufactured home to the community. The park is situated on three parcels of 0.05, 2.43, and 13.44 acres totaling 15.92 acres. Tenants have yards, dedicated parking, and some spaces feature mature trees and shrubs. The park has been well-taken care of over the years, with some minor signs of deferred maintenance. Roads to the park are paved asphalt. The city maintains about half the total road area along W Mitchell Road and N Cedar Street, with the park responsible for the other portion. Lee’s features a playground for children and is located along the Laramie River within a short distance of the University of Wyoming. The park is near many ideal tenant amenities and boasts a bike score of 75, “Very Bikeable.” Many tenants had rent increases effective June 1, 2022, bringing rents up to $420 per month. Currently, tenants have water, sewer, and trash service included in their rent. This provides a new owner the opportunity to charge for these utility services and substantially improve cash-flow by implementing either a flat rate utility fee or installing meters for usage. There is additional upside in renting the park-owned home units and filling the vacant mobile home spaces. Lee’s MHP has room to grow rents compared to similar properties in the immediate area. For additional information regarding rental comparable, please see page 14. Wyoming is an income tax-free state and is also a non-rent control state. This allows an owner to increase rents as the market can command, while also benefiting from additional potential tax savings. The investment opportunity offers a savvy owner the ability to acquire an 89-space manufactured housing community in a strong rental market with no rent control. Further, it offers the ability to increase cash-flow through utility reimbursements/usage charges and filling vacancies. There are two park-owned homes that are being rented and three on “rent to own” agreements included in the sale.
Lance Sasser
Senior Broker (Commercial)
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