Elden Shadows MHC

Property Description:

Located in an unincorporated area of Flagstaff (Coconino County), Elden Shadows is a clean family park with a
near 100% historical occupancy and rental upside. Every other comparable park in Flagstaff has rents over
$400 per month while Elden only just put in increase of to $320 per month. The sellers would like to finance
the property and approximate terms are below however can be negotiated. The park contains 51 large sites
all capable of housing 3 bedroom singlewide units. The park is on a local water system (not a well) and has
two large septic tanks which are maintained monthly. Seller will complete ADEQ required inspection and
transfer during escrow. Every space is direct-billed by local utility provider for electric, all sites are on
propane and there is no common area gas. The only common area maintenance other is the roads (ABS) and
playgrounds. The park was built in the 1960’s however most of the underground lines have been replaced.
The park operates under a use permit that is valid through 2020 and the sellers have had no issues with the
county. The managers do not plan on staying long-term but will help with a transition, however this could
alleviate the bottom line with any buyer as they are currently being paid $24,000 plus free rent. The park has
never had more than one vacant site in the last 9 years. The park is mostly working families however there
are a few snowbirds who live in the park only in the summer. Huge rental upside in a market with very
limited affordable housing and steady employment.