Tingley Lake Estates
40 Unit Mobile Home Park | $3,550,000 ($88,750/Unit) | 7.02% Cap Rate | Klamath Falls, OR 97603
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
Asking Price $3,550,000
- Property Type
-
Multifamily
- Square Feet
- 1,000 SF
Listing Contacts
William Jackson
Verified Profile
Saundra Price
Verified Profile
- Property Info
Property Overview
PROPERTY DESCRIPTION:
Tingley Lake Estates is a well-cared for 55+ Community located in Klamath Falls, Oregon. The Property consists of 40 mobile homes sites (all tenant owned), 14 monthly RV Sites and sits on a 39.09-acre lot.
Current Space rents are $480-$520, with all mobile sites tenant owned. Lot rent includes water (well) and sewer (septic) and garbage. Electricity and cable are directly billed to tenants. The last rent increase was for $40 that went into effect January 2024. The 14 RV spaces are currently rented on long-term monthly basis at $495/month with electricity sub-metered and billed monthly.
Upside includes raising rents, advertising RV storage area as it is currently offered for tenants use at no charge and potential expansion of RV as sellers have approved plans for additional 15 RV spaces.
LOCATION:
Located in the south-central region of Oregon and bordering northern California, Klamath Falls sits on the eastern slopes of the Cascade Mountains and enjoys nearly 300 days of sunshine each year. The City of Klamath Falls has a population of approximately 42,000. Once known for timber, the economy of Klamath County has diversified. Healthcare, including Asante Health System and Providence Medical Center.
Tingley Lake Estates is a well-cared for 55+ Community located in Klamath Falls, Oregon. The Property consists of 40 mobile homes sites (all tenant owned), 14 monthly RV Sites and sits on a 39.09-acre lot.
Current Space rents are $480-$520, with all mobile sites tenant owned. Lot rent includes water (well) and sewer (septic) and garbage. Electricity and cable are directly billed to tenants. The last rent increase was for $40 that went into effect January 2024. The 14 RV spaces are currently rented on long-term monthly basis at $495/month with electricity sub-metered and billed monthly.
Upside includes raising rents, advertising RV storage area as it is currently offered for tenants use at no charge and potential expansion of RV as sellers have approved plans for additional 15 RV spaces.
LOCATION:
Located in the south-central region of Oregon and bordering northern California, Klamath Falls sits on the eastern slopes of the Cascade Mountains and enjoys nearly 300 days of sunshine each year. The City of Klamath Falls has a population of approximately 42,000. Once known for timber, the economy of Klamath County has diversified. Healthcare, including Asante Health System and Providence Medical Center.
Property Details
- Year Built
- 1980
- Stories
- 1
- Property Subtype
- Manufactured Housing/Mobile Home
- Lot Size (sq. ft)
- 1,702,760 SF
- Units
- 40
Highlights
- Residents have Private waterfront access to Tingley Lake
- $65,000 Per Space Pricing with approved permits for 15+ RV Expansion
- Features: RV Storage & Workshop
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