36010 US 2 - Wallace River Mobile Home and RV Park

Wallace River offers 64 rental units and a single-family home which are connected to public water (Startup Water District) and an onsite septic system. The 41 manufactured home lots in the community are 100 percent occupied and have remained so in recent history. 17 of the 23 RV spaces are rented. The single-family home is rented, as are 20 of the 21 additional parking spaces.
Wallace River has about 1,000 feet of frontage along the north side of the Wallace River (there is a large common area/park next to the river), and roughly 1,200 feet of frontage along the south side of SR-2 that includes three access points off the two-lane highway.
Rents:
The current rent roll shows that the base lot rents range from $690 to $820 per month with an average of $738 per month, and the tenants pay an additional charge of $70 per month for water. Tenants separately pay their utility provider for garbage removal. Rents will increase by $75 beginning October 2024 as each lease is renewed over the next 12 months.
Financials:
Wallace River’s projected NOI is $430,164, on $682,625 in revenues and $256,461 in expenses.
Invitation to Offer:
There is a DropBox of financial and other due diligence records that are available for review upon signing of a nondisclosure agreement. There is also more information and a drone video at wallacerivermhrvpark.com. The seller is inviting offers until 5 p.m. on September 30, 2024 subject to the residents’ statutory opportunity to compete.