Star Vale MHC

Property Description:

Located in Payson near two high-end vacation home golf destinations for Phoenicians escaping the summer heat at an altitude of 5000 feet Star Vale offers investors the opportunity to acquire 55+ designated community with low rents and high vacancy upside. The owner took ownership of the property via a mechanic’s lien and is not an experienced operator which is the largest factor in the occupancy being low. Broker has arranged four transactions in the Payson area in the last 18 months and every property has been above 90% occupancy so this property despite being a higher quality is an outlier in the market. Broker recommends utilizing 21st Century CASH program to fill spaces or bring in new homes to sell. Median home cost in Payson is $243,678 per Zillow. The park is on an artesian well however has city water access and the Town of Star Valley has been acquiring private wells around the municipality. The park is served by a Rainco irrigation drip treatment system which was installed in 2009. The lower portion of the park was built in the 1980’s and the addition was built in 2009 so all infrastructure is newer. All sites can house doublewides and are direct-billed for electric, cable, and phone. There are no park-owned homes on the community however there are two cabins which can be rented or used by owners as they are tucked into the park next to a fishing pond away from the mobile spaces. Six spaces attach to a septic system on an adjoining property and an easement is in place for access.