Enchantment Village MHP

Property Description:

All-ages coupon clipper mobile home park located in Bloomfield, New Mexico. The City of Bloomfield is a part of the Farmington Metropolitan Statistical Area. The park is in great condition, with many new mobile homes in the community and requires incredibly low maintenance. The streets are owned by the City of Bloomfield but are maintained by the owner of the park. All streets are wide and paved, in great condition. The property features an attractive number of dwellings per acre. Water/Sewer/Gas/Electric are all direct billed by local providers which offers ease of management and lower maintenance costs. There is a water pump house on the northeastern portion of the property that is only used for irrigation and not for potable water. There is no laundry room or amenities on the park, which leads to minimal common area maintenance costs. The property is managed by a 3rd party management company based out of Albuquerque . Broker believes that the rents are well below market value based on large spread between space and home rents. Rent increase to $250 per space was recently sent out to residents, effective September 1st. There are only 4 site vacancies and seller will keep 14 park-owned units and pay the space rents to the buyer. Seller will agree to not move park-owned mobiles as a part of the Purchase Agreement. Broker removed the park-owned maintenance cost on pro forma, as the 14 park-owned mobiles are not included. Many of the tenants are long term tenants, having resided in the park since 2006. The park is conveniently located within 2 miles of Bloomfield High School and Rio Vista Elementary School. Bloomfield has a Median Household Income of $55,372 and a Median Housing Value of $143,000 (source: 2013-2017 American Community Survey). Estimated new loan information is below. Reach out to broker with any additional questions regarding the park.

NM BROKER OF RECORD – MATT ROMERO – 45 REALTY