Manufactured Housing Investment in Las Vegas
Las Vegas manufactured housing plays hit different than most markets. You've got 130+ communities here, most built in the 80s and 90s when the city was exploding. Cap rates are tighter than they were three years ago - institutional money figured out that lot rent is recession-resistant income. The good news? Service workers need somewhere to live, and a $1,200 lot rent beats a $2,400 apartment payment. The bad news? City Council's paying attention to manufactured housing now, which means rent control conversations are coming.
Market Context
Cap Rate Range
5.5% to 7.2% depending on location and tenant mix. Class A communities with newer infrastructure trade at 5.5%-6.2%. Older parks with deferred maintenance push 7%+.
Current Vacancy
3.2% valley-wide, lowest it's been since 2019. Henderson communities running sub-2% vacancy, North Las Vegas seeing 4-5%.
Rent Trend
Lot rents up 8.2% year-over-year, with premium communities pushing $200+ monthly increases. Older parks limited to 3-5% by tenant pushback.
Absorption
New pads absorbed within 60-90 days when priced right. Biggest constraint is finding quality used homes to place - dealers can't keep inventory.
Price Per Unit Trend
$65K-$95K per pad for stabilized assets. Premium Henderson/Summerlin-adjacent properties hitting $110K+ per pad.
Transaction Volume
$180M in trailing twelve months, down from $240M in 2024. Fewer sellers willing to trade at current pricing.
Submarket Analysis
Henderson/Green Valley
5.5%-6.0% capVacancy
1.8%
Avg Rent (1BR)
$1,380 lot rent
Tightest market. Master-planned adjacency drives premiums.
OM Tip
Highlight proximity to established neighborhoods, newer infrastructure, tenant quality metrics.
Southwest Vegas
5.8%-6.5% capVacancy
2.5%
Avg Rent (1BR)
$1,250 lot rent
Steady performer. Mix of service workers and retirees.
OM Tip
Document tenant longevity, utility cost pass-throughs, expansion potential.
North Las Vegas
6.2%-7.0% capVacancy
4.2%
Avg Rent (1BR)
$1,150 lot rent
Value play with upside if area continues improving.
OM Tip
Address tenant screening policies, recent capital improvements, crime statistics if favorable.
East Vegas/Boulder Highway
6.5%-7.5% capVacancy
3.8%
Avg Rent (1BR)
$1,075 lot rent
Higher turnover but solid cash flow. Infrastructure concerns.
OM Tip
Be transparent about deferred maintenance, utility age, tenant mix breakdown.
Performance by Vintage
0
1
1
9
2
8
3
0
4
s
5
6
b
7
u
8
i
9
l
10
d
11
s
12
:
13
14
O
15
r
16
i
17
g
18
i
19
n
20
a
21
l
22
23
i
24
n
25
f
26
r
27
a
28
s
29
t
30
r
31
u
32
c
33
t
34
u
35
r
36
e
37
38
s
39
h
40
o
41
w
42
i
43
n
44
g
45
46
a
47
g
48
e
49
,
50
51
b
52
u
53
t
54
55
e
56
s
57
t
58
a
59
b
60
l
61
i
62
s
63
h
64
e
65
d
66
67
t
68
e
69
n
70
a
71
n
72
t
73
74
b
75
a
76
s
77
e
78
.
79
80
E
81
x
82
p
83
e
84
c
85
t
86
87
$
88
1
89
5
90
K
91
-
92
$
93
2
94
5
95
K
96
97
p
98
e
99
r
100
101
p
102
a
103
d
104
105
i
106
n
107
108
u
109
t
110
i
111
l
112
i
113
t
114
y
115
116
u
117
p
118
g
119
r
120
a
121
d
122
e
123
s
124
.
125
126
1
127
9
128
9
129
0
130
s
131
132
b
133
u
134
i
135
l
136
d
137
s
138
:
139
140
S
141
w
142
e
143
e
144
t
145
146
s
147
p
148
o
149
t
150
151
f
152
o
153
r
154
155
i
156
n
157
v
158
e
159
s
160
t
161
o
162
r
163
s
164
.
165
166
I
167
n
168
f
169
r
170
a
171
s
172
t
173
r
174
u
175
c
176
t
177
u
178
r
179
e
180
181
h
182
o
183
l
184
d
185
i
186
n
187
g
188
189
u
190
p
191
,
192
193
l
194
a
195
y
196
o
197
u
198
t
199
s
200
201
m
202
o
203
r
204
e
205
206
e
207
f
208
f
209
i
210
c
211
i
212
e
213
n
214
t
215
216
t
217
h
218
a
219
n
220
221
o
222
l
223
d
224
e
225
r
226
227
s
228
t
229
o
230
c
231
k
232
.
233
234
2
235
0
236
0
237
0
238
s
239
240
b
241
u
242
i
243
l
244
d
245
s
246
:
247
248
L
249
i
250
m
251
i
252
t
253
e
254
d
255
256
i
257
n
258
v
259
e
260
n
261
t
262
o
263
r
264
y
265
,
266
267
p
268
r
269
e
270
m
271
i
272
u
273
m
274
275
p
276
r
277
i
278
c
279
i
280
n
281
g
282
.
283
284
B
285
e
286
t
287
t
288
e
289
r
290
291
r
292
o
293
a
294
d
295
s
296
,
297
298
n
299
e
300
w
301
e
302
r
303
304
e
305
l
306
e
307
c
308
t
309
r
310
i
311
c
312
a
313
l
314
,
315
316
m
317
o
318
r
319
e
320
321
p
322
a
323
r
324
k
325
i
326
n
327
g
328
.
329
330
P
331
o
332
s
333
t
334
-
335
2
336
0
337
1
338
0
339
:
340
341
R
342
a
343
r
344
e
345
346
i
347
n
348
349
L
350
a
351
s
352
353
V
354
e
355
g
356
a
357
s
358
359
m
360
a
361
r
362
k
363
e
364
t
365
.
366
367
W
368
h
369
e
370
n
371
372
a
373
v
374
a
375
i
376
l
377
a
378
b
379
l
380
e
381
,
382
383
t
384
r
385
a
386
d
387
e
388
389
l
390
i
391
k
392
e
393
394
C
395
l
396
a
397
s
398
s
399
400
A
401
402
m
403
u
404
l
405
t
406
i
407
f
408
a
409
m
410
i
411
l
412
y
413
.
What Your OM Needs to Address
Tenant-owned vs park-owned mix
75% tenant-owned is market average. Higher tenant ownership means more stable cash flow but limited rental upside.
Data to Include
Exact breakdown, average home values, tenant tenure by ownership type, rental rates for park-owned units.
Utility infrastructure condition
Electrical and water systems in 1980s communities need major investment. Buyers want detailed engineering reports.
Data to Include
Recent utility assessments, capital improvement timeline, per-pad upgrade costs, utility pass-through arrangements.
Regulatory risk disclosure
Clark County reviewing manufactured housing regulations. Rent control discussions active in North Las Vegas.
Data to Include
Current rent increase limitations, pending ordinances, compliance history, legal reserves maintained.
Expansion and development rights
Many parks have unused land or conversion potential. Zoning changes could add significant value.
Data to Include
Unused acreage, zoning designations, development feasibility studies, entitlement status if applicable.
Management structure and costs
Third-party management running $300-$450 per pad annually. Self-management can improve NOI but requires systems.
Data to Include
Current management fees, on-site vs off-site arrangements, maintenance staff costs, management transition timeline.
Competition and market positioning
New apartment supply affects move-out rates. Track nearby multifamily development and pricing.
Data to Include
Competitive rent survey, tenant exit interview data, local apartment construction pipeline, value proposition analysis.
Investment Outlook
Short Term
Tight inventory keeps values firm through 2026. Interest rate environment limits financing options, favoring cash buyers. Rent growth moderating to 4-6% annually as tenant resistance builds.
Medium Term
2027-2029 sees continued institutional interest but regulatory pressure builds. Winners will be operators who invest in infrastructure and tenant relations. Losers are slumlords who deferred maintenance too long.
Long Term
Ten-year outlook depends on housing policy. If Las Vegas stays business-friendly, manufactured housing remains solid income play. If rent control spreads, look for value-add exits before implementation.
Buyer Profile
Regional operators with property management experience. Some institutional buyers for Class A assets over 200 pads. Family offices attracted to cash flow stability but concerned about regulatory shifts.
Marketing a manufactured housing property in Las Vegas?
DealDraft generates professional offering memorandums with market-specific data and property-type expertise built in.
Create Your OM