Fairview Estates Manufactured Home Community 10515 – 103 Ave., Fairview, AB
The Property: This park sits on 7.9 acres and has 50 fully serviced lots built in 1973. Located 550km NW of Edmonton. The tenants are mainly in the 45 to 60 year age group. Their work is local businesses, long term care lodge, welding, oil fields & IGA supermarket. Currently there are 18 vacant sites but each is fully serviced ready to be occupied.
Electrical: Each mobile home site has 100-amp service.
Equipment: None, all landscape maintenance is contracted out.
Services: This park has 50 fully serviced lots with city sewer, water and power. Streets are good gravel. Garbage PU. Water is to one main meter in the park however, the tenants are now billed separately for water. This is over and above the monthly pad.
Expansion: This park is fully developed. Note that once the 18 vacant pads are occupied the cap rate increases to substantially. The rental market is currently strong. These pads could be filled with new homes purchased at wholesale prices and sold at retail for considerable profit. It might even warrant obtaining a mobile home dealer license from a nearby manufacturer.
Management: The property is currently self-managed by the owners, but they have a tenant onsite that can look after all rent deposits. The lawn care is contracted out. The expenses have an allowance for a full-time manager. All rent payments are made by e-transfer or Auto Collect one tenant is paying with post-dated cheques.
Zoning: RMHP – Residential Mobile Home Park. City Hall is also very favorable of rezoning all or a portion of this property to a higher density zoning, preferably Multi Family use. They also have an excellent tax rebate program for any developer as follows.
– 100% rebate in year one
– 75% rebate in year two
– 50% rebate in year three
Formally listed with Grand Realty & Management Ltd, Calgary AB
Contact: Jim Walker
Cell: (403) 336-7653