For Sale - The Meadows / La Junta, CO

Mueller & Hoffman, as exclusive agent for the owner, is pleased to present the opportunity to purchase The Meadows of Santiago in La Junta, CO. The Meadows is an 85% occupied, all age community with 100 mobile home sites. The property is offered at $3,900,000 equating to a 6.24% cap rate on current income. With proposed financing, a new owner may achieve a 14.17% cash return in year one. In addition to the asking price, there are 28 park-owned homes offered at $15,000 per home for a total of $420,000. The park owned home and rent-to-own rent grosses an additional $83,738 per year, which was not used in the calculation of the park NOI. The Meadows sits in an Opportunity Zone, which offers preferential tax treatment on capital gains for prospective investors. Also included in the asking price for the park is a 3.88 acre parcel zoned as a mobile home park district.