Broadway Manor MHP

2010 Broadway Ave, Hoquiam, WA, 98550, US

Asset description

JLL, as an exclusive advisor, is pleased to present the opportunity to acquire Broadway Manor (the "Property"), a 11.1-acre living community located in Hoquiam, WA. The offering consists of a manufactured housing community with 44 sites conveniently located next to downtown Hoquiam, which hosts popular local restaurants and has a Grocery Outlet, Home Depot, and the Harbor Regional Health Emergency Department nearby. In the adjacent town of Aberdeen, there is a Safeway, Rite Aid, and Walmart Supercenter.

This value-add opportunity features an asset currently at 61% occupancy, presenting significant upside potential through targeted lease- up initiatives and infill development. There is potential to infill an additional 17 homes, which would generate $80,580 in annual revenue based on current rents. Broadway Manor commands strong rental revenue given the superior coastline lifestyle and limited housing supply.

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Attributes

Units

Occupancy

61%

Land area gross

11.11 acres

Parcel

518103632002

Media

Investment highlights

The Property presents an attractive value-add opportunity with its current below-market rents compared to nearby parks, offering significant potential for revenue growth through strategic rental rate adjustments
Potential for an additional 17 homes presents value-add potential through infill and lease-up
Located within close proximity to the Grays Harbor National Wildlife Refuge
Lack of affordable housing creates a supply/demand imbalance, positioning the Property favorably
Close to tenant-friendly amenities including the harbor, parks, hiking trails, local restaurants, shopping centers, and the Kurt Cobain Childhood Home and Under the Bridge Memorial