Ocean Pines RV Park + Expansion Opportunity

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69262 Wildwood Rd, North Bend , OR 97459
Ocean Pines RV Park + Expansion Opportunity
Ocean Pines RV Park is located at 69262 Wildwood Road, North Bend, Oregon. Constructed in 1968, the asset is a 60-space long-term RV park situated on 18.20 acres. The Park has strong historical occupancy, with current occupancy of 85% due to recent improvements to the tenant mix. The Property is entitled to add 50 additional spaces, and is currently going through planning to add 40 more, for a total of 90 additional spaces. This would bring the total space count to 150. Additionally, the Property is working with the Coos County planning department to add 120 uncovered RV and boat storage sites. The Park is serviced by private well water and a private sewage treatment facility. There is an opportunity to connect to public water if desired, as there is a water hookup available at the street level. Ocean Pines has recently undergone significant improvements including upgrading of sites, clearing debris and trees, upgrades to the well system, road improvements, adding a playground, and improving tenant mix. On-site amenities include a park office, open area/park, a playground, coin-operated laundry, and more. Many of the sites are metered for electric, but are currently not billed for it. With the current infrastructure, the Park can be expanded to support an additional 50 RV sites. Additional sites would require another sewage treatment facility to be installed. There is limited housing in the area, creating strong demand for long-term, monthly tenants. The area’s recreational draw creates an ideal opportunity to expand Ocean Pines to include a transient component able to capture patrons visiting the nearby casino, dunes, and other attractions in the area. Ocean Pines is ideal for an investor looking to benefit from a high-demand rental market that is constrained by a lack of housing supply. A savvy investor can significantly improve cash flow by developing the approved additional spaces and storage sites, and increasing rent upon turnover. With the additional RV spaces, there is opportunity to continue to run the Park as on a fully long-term basis, or to mix in transient/daily users as well.
Tyson Cross
Director, Manufactured Housing
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Anja Jauregui
Senior Broker (Manufactured Housing)
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