Four Seasons MH Park 551 – 1st Ave, East, Shaunavon, Saskatchewan, S0N 2M0
Four Seasons MH Park is situated on 3.66 acres in the town of Shaunavon, Saskatchewan. There are 17 pads with full city services on water and sewer. The park is in excellent condition and well cared for. The owners live onsite in one of the 6 park owned homes in a 3 bedroom, 1,680 sq. ft. mobile with double garage and is valued at about $220,000. It could be rented out for $1,500 per month. One other home is valued at $100,000 and the remaining 7 homes have a market value of approximately $30,000 each. Each home is complete with quality furnishing including appliances, air conditioning and paneled skirting.
Management: The owners manage the park themselves but have a tenant who looks after all operations when on vacations. The current owner is willing to continue management for at least 6 months after a sale in exchange for free pad rent. The owners are also willing to move into the mobile home on pad #8. Those tenants would likely then move into the owner’s home on pad #17 and could be rented for approximately $1500/month thereby increasing the income stream.
The park owns 6 of the homes and each is rented on a monthly basis. The tenants are mainly short to medium term gas and oil pipeline workers and therefore the vacancy factor fluctuates depending on the work season and cycle. Utilities of water and sewer for the park owned homes are paid for by the park owners to insure there are no late payments. Hydro and gas are paid by the tenant. In prior years, gas and hydro were paid for by the park owners. The taxes portion is remitted to the government on a scheduled basis. This model has worked best for the current owners as it generates the most income.
However, any owner has the option to sell off the park owned homes to permanent tenants and collect simple monthly pad rents. This would greatly reduce the operating costs and simply park operations and still generate a healthy income and cap rate.
The pad rents for the tenant owned homes are $275 per month.