Bowman Hilton Mobile Home Park
No. Spaces: 76
Property Type: Family Park
Cap Rate: 7.15%
Net Operating Income: $339,828
Lot Size: 29.65 Acres
~IN CONTRACT~Bowman Hilton Mobile Home Park is a quality 76 space family community located in Puyallup, Washington. The space mix consists of 45 primarily doublewide mobile homes, 31 RV sites and one completely renovated single family 1840 sq. ft. residence. Property covers 29.65 acres and is served by Public water and upgraded private septic.
Mobile home Rents range average $642-$680, RV rents at $470-$480 and the single family home at $1,600/month. Additional income sources include RV/Boat/Car storage as well as fees collected by Laundry facility. Mobile Home tenants are responsible for Water usage which is sub-metered and billed to Tenants by managers monthly. RV tenants are billed for electricity usage monthly in addition to space rent. There is a 2017 rent increase goes into effect per Tenants lease anniversaries at 5% increase for mobile spaces and $10 for RV sites.
The Sellers have spent a significant amount of money over the last years upgrading the septic systems and improving the overall appeal of the park including new clubhouse roof, exterior clubhouse paint, new fencing at main Entrance, completely renovating single family home, etc.
Access to the park is from Pioneer Way, the main arterial leading east from Highway 512 through Puyallup becomes Bowman Hilton Road to the east of Highway 162. Primary access to Puyallup is off WA-512 from WA-167 that connects to Interstate-5 which runs north and south. Puyallup is less than 45 minutes from Seattle and 2 hours from Portland. Property lies in unincorporated Pierce County, which is the second-most populous county in Washington state behind King County with population of 795,225 as of 2010 census.
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