Stonegate Mobile Home Park

Highlights:

• Water frontage
• Close-in location
• 100% occupied
• All tenant owned homes
• Public utilities
• Well below market rents - $530 contract rents (including water and sewer) vs. $975 market rents (excluding water, sewer, and trash)
• Irrigation water - lower tenant utility cost

Description:

TOK Commercial, as exclusive advisor is pleased to present the opportunity to acquire Stonegate Manufactured Housing Community, a 57-space community 100% occupied with tenant owned homes. The site is located within the City limits of Boise and adjacent to the Boise River and Esther Simplot Pond. Contract rents are approximately half of market rents ($530 gross vs. $975 net) and are eligible for an immediate rent increase. Current billing includes water and sewer which could be billed separately. The property also includes a former laundry building which has been partially converted to a studio apartment (58-units total). Estimated remaining conversion costs are approximately $50,000.

Located 2 miles from downtown Boise, Stonegate is ideally situated along major traffic arterials, adjacent to the Boise River Greenbelt and within walking distance to retail services. The site is adjacent to the former Idaho Department of Transportation campus which is poised for redevelopment into a vibrant mixed-use destination.

The site’s R2 zoning allows a mix of high density single and multi-family uses presenting an unparalleled redevelopment opportunity.

The idyllic setting close to downtown and along the river, coupled with the below market rents make Stonegate a generational investment opportunity.

Off State St & Whitewater Park Blvd, on Esther Simplot Pond.

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