Another Central Okanagan mobile home park is likely catching the eye of developers after hitting the market.
Green Bay Mobile Home Park is listed for sale by Steve Neil of Macdonald Realty for sale for a price of $7,250,000.
The 6.25-acre property, located near Okanagan Lake just west of Kalamoir Regional Park, currently consists of 38 mobile home pads and the potential to add more.
“(The) current gross income has significant upside when adding 10-12 additional rental units to the existing rent roll,” it explains.
However, the listing also admits that there’s a good chance that whoever buys the property will not be looking to keep it as a mobile home park.
“Exceptional future development potential,” it says. “Subdivide into 30+ single family residential lots with canal access to lake (or possibly multifamily) with excellent holding income in the meantime.”
According to BC Assessment, the property as a whole is worth just over $2,000,000, but the combined value of all 38 mobile home pads is higher than that.
They range from $48,700 to $264,000, with the majority falling between the $50,000 and $100,000 marks.
If sold to a developer, Green Bay Mobile Home Park could be eyeing a similar fate as parks like Hiawatha, Central, Shasta and others in the Central Okanagan have in recent years.
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