Apple Creek Mobile Home Park – New Investment
|Address||7117 Lincoln Rd. Bismarck, ND|
|Avg. Lot Rent||$360|
|Market Lot Rent||$385|
|W/S Billing||Water paid by property (plan to submeter)|
|MSA Median Home Price||$260,000|
Apple Creek consists of 208 lots across 54.60 acres. The property was built in two phases: phase I in the 1970’s and phase II in 2015.
The property is located in Bismarck, ND which is the state capital of North Dakota. Unlike many ND cities, Bismarck’s economy is not dependant on oil production. Bismarck has a strong health care presence and has demonstrated a stable employment base. The state of North Dakota is Bismarck’s largest employer.
The Bismarck MSA population is over 130,000 and population growth within the city of Bismarck surpassed 17% from 2010 to 2017. The MSA’s unemployment rate averaged 3.1% over a more than 10 year period ending in August 2018, which is 360 bps below the national average of 6.7% over the same time span.
We love to see public, education and healthcare companies as the top employers in our markets. Below is a list of the top 10 Bismarck employers:
State of North Dakota (4,600); Sanford Health (3,284); Bismarck Public School District (2,187); CHI St. Alexius Medical Center (2,044); U.S. Government (1,200); City of Bismarck (988); Bismarck State College (719); Mandan Public School District (697); Aetna (660); University of Mary (642); Housing Industry Training (641); MDU Resources Group (592); Bobcat/Doosan Company (582);
Apple Creek has landscaping characterized by mature trees in a country setting. The property offers residents a quiet and traditional neighborhood experience. It has private, paved streets, and all lots are accompanied by paved, off street parking for multiple cars. Residents also benefit from a playground, basketball court, leasing office and curbside trash pick-up which the park pays for. It is serviced by public water / sewer which the park also currently pays for.
The business plan is bump rents to market and invest capital to start submetering for water in order to bill tenants for their respective usage.