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Trio of manufactured home parks sell over assessment

Small-town Interior parks sold for up to 71 per cent over the property's B.C. Assessment value during the fall of 2021.
Re/Max Penticton Realty, for Western Investor

Three recent examples provided by broker Vadim Kobasew of Re/Max Penticton Realty, Penticton, B.C., give an indication of what is happening in B.C.’s manufactured home park market.

“Smaller markets occasionally still offer opportunities to attain higher cap rates than larger centres,” Kobasew noted.

In Salmon Arm, a 12-site park on two acres, assessed at $526,000 was listed at $699,000 and sold for $685,0000, 30 per cent above the BC Assessment value.

In Oliver, a 12-pad site with seven additional rental cabins on 3.3 acres, assessed at $890,000, sold for $1.52 million, 71 per cent above the assessed value. The capitalization rate is 6.2 per cent.

In Greenwood, B.C. in the Kootenays, a manufactured home park with 12 home sites on 2.8 acres was assessed at $417,500 and sold for $478,000.