5900 NE 131st Avenue, Vancouver , WA 98682
Sifton Gardens & Sunrise Acres
The Opportunity presents an investor the ability to acquire 69 spaces between two mobile home parks less than one mile from each other located in Vancouver, WA - a prime, quickly emerging market within the Portland MSA. Sifton Gardens, constructed in 1985, is a 31-space park situated on 3.67 acres. It is zoned light industrial and is a legal, non-conforming use. Sunrise Acres, originally constructed in 1966 and renovated in 1990, is a 38-space park situated on 4.67 acres zoned R-18, and use is permitted outright. Both parks are comprised of almost all tenant-owned homes, where the tenant owns the structure and pays lot rent and some utilities. There is one park-owned home at Sunrise Acres. Both properties have had substantial demand and strong historical occupancy for space. The parks are well-maintained and serviced by city water and sewer. Currently, the parks include sewer, partial water, cable, and phone in their rental rates, creating a tremendous opportunity to increase cash-flow by discontinuing park-sponsored phone and cable, and charging back for increased utility usage. Currently, the park has a partial reimbursement established for water use, but not for sewer. Tenants are billed directly for electricity use and garbage. Rents are well-below market for similar properties of this quality and location. Sifton Gardens is located at 5900 NE 131st Avenue, Vancouver, WA. The park has paved roads, dedicated parking, some with carports, and on-site storage/sheds, as well-as paved visitor parking. Tenants have lush, well-cared for lawns, and mature trees and other attractive park vegetation. The park is fully fenced, and many of the homes have pitched composition shingle roofing which demonstrates a quality tenant mix. Sunrise Acres is located at 6912 NE 131st Avenue, Vancouver, WA. The park has paved roads, dedicated parking with carports for tenants, as well as visitor parking. Many of the tenants have lush, well-cared for lawns and the community is adjacent to a park for greenspace and activities. Many of the homes are quality, with pitched composition shingle roofing, updated paint on some units, and other signs that demonstrate pride-of-ownership in the park. The assets are located in Washington, an income tax free state. Additionally, the state of Washington, unlike its West Coast neighbors of Oregon and California, does not have rent control in-place that restricts the amount a landlord or owner is able to raise rents by. Both parks are well-located near several attractive amenities including major retailers for grocery, shopping, restaurants, public services, parks, recreation, and more. Notable area retailers include Fred Meyer (half a mile from the sites), 24 Hour Fitness, Walmart Supercenter (less than 1 mile), Safeway (less than 1 mile,) restaurants, fast food, the Vancouver Mall (3 miles), and much more. Vancouver is part of the Portland Metro Area. Portland International Airport is less than 20 minutes away by car. The opportunity is ideal for an investor looking to acquire a well-located, dependable, secure investment in a strong rental growth market with no rent control in an income tax-free state.
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