Property Detail
404 1st Avenue NW, Hillsboro, ND 58045
Commercial For Sale Active
Year Built: 1968
Total SqFt.: 287932
Public Remarks:
Turnkey manufactured housing investment with immediate cash flow and significant upside. Midway Mobile Home Park, located at 404 1st Ave NW in Hillsboro, ND, offers 38 total sites, with 26 currently income-producing and 12 vacant sites providing a clear path for future revenue growth.
The current income-producing mix consists of 17 standard tenant-owned homes, 3 contract-for-deed homes, and 6 park-owned rental homes. New lot leases are at $450/month, while the park-owned homes provide additional rental income. Based on the current rent structure, scheduled annual rental income is approximately $195,600, producing a seller-adjusted park-only NOI of approximately $133,965.
The property benefits from a highly visible and accessible location near Interstate 29, with convenient access from 1st Ave NW and proximity to the interstate interchange. The park includes established internal roadways and existing water and sewer infrastructure.
With nearly one-third of the park's sites currently vacant, the opportunity is not dependent solely on rent increases--the larger upside comes from filling existing sites and increasing occupancy without having to acquire additional land.
Offered at $1,550,000, Midway Mobile Home Park provides an attractive combination of existing cash flow, established infrastructure, and substantial occupancy upside in an established North Dakota community.
Investment Highlights: 38 total sites " 26 income-producing " 12 vacant sites " 68% occupied " 6 park-owned rental homes " 3 contract-for-deed homes " $450/month new lot leases " Approximately $195,600 scheduled annual rental income " Approximately $133,965 seller-adjusted NOI " 8.64% cap rate at asking price " Convenient I-29 access.
