Greater Burlington is located on the west bank of the Mississippi River nestled in the southeastern corner of Iowa. It is 200 miles west southwest of Chicago and 200 miles north of St. Louis. Other nearby metropolitan areas include the Quad Cities (Davenport and Bettendorf, Iowa; Moline and Rock Island, Illinois); Des Moines, Iowa; Cedar Rapids and Iowa City.
Sister communities, Echo Valley I and Echo Valley II, are tucked quietly in West Burlington, Iowa, just west of the Mississippi River. Developed in 1970, with 71 total sites combined, these 2 star all age communities offer a great value add opportunity in “One of America’s Best Cities” for business. Echo Valley I is a 30-site park with 6 occupied resident owned homes, 22 vacant sites and 2 abandoned homes. Echo Valley II is a 41-site park with 17 occupied resident-owned homes, 1 vacant park owned home, 11 vacant sites, and 12 abandoned homes. With an eye towards growth, and attractive job market, and endless recreational opportunities along the river, these are communities of tomorrow.
The big brother to the Echo Valley communities, Timberline Estates is a 3 star, 205 site all ages community developed in 1980’s with all the same upside potential. In this 205-site community, there are 86 resident-owned homes and the inventory homes make up only 16% of the park. Of the inventory, there are 23 leased homes, 1 rent to own home, 2 installment contracts, 1 home used as an office, 1 employee park owned home, and 7 vacant homes. The rest of the site mix is made up of 73 vacant sites and 11 abandoned homes. In 2015 and 2016, Timberline housed temporary RV residents that were working on a fertilization camp nearby, which was a huge benefit as it dramatically increased the income. Over the past three months, the park has stabilized back to normalized occupancy level which brings in approximately $24,164 monthly site rent income. With a strong tenant base already in place, Timberline is positioned to be a hotspot for millennials and young entrepreneurs looking for a forward thinking, business friendly community without the congestion of a big city.
This 3-property portfolio is a perfect opportunity for an investor who has the ability to bring in new homes and capitalize on the demand for affordable housing and growth in the West Burlington Market. In addition, to adding new homes an investor should immediately acquire the titles to the abandon homes and immediately renovate them or sale them “As-Is”.
Echo Valley I & II, Timberlilne Estates
West Burlington, Iowa 52655
For detailed information on this property please contact: Enon Winkler (407) 616-0250.
|Land (Acres) +||112.76|
|PROPERTY TYPE||All Age|
|STAR CLASSIFICATION||2 & 3|
|Price per Site||$11,957|
|Price Occupied per Site||$24,265|