From the Bentonville Bulletin:
Fair Street Village, the only mobile home park in Centerton, is currently listed for sale at $1,100,000. The 1.5-acre site is home to 14 mobile homes, about half of which are owned by residents who rent their lots, while the other half are rental units.
The park is managed by Guy Torelli, a California-based real estate entrepreneur who specializes in apartments and mobile home parks. He says the ownership group he represents has received multiple offers but is undecided on selling, estimating the odds at “50-50.”
“Right now, actually, we're reevaluating it as to if we're going to do that or not,” he said. “So, you know, maybe it's even a little bit premature for you and I to be talking about it.”
With Centerton’s rapid growth — it has been the fastest-growing city in Arkansas in some years — redevelopment is always a possibility. In nearby Featherston Village, a new subdivision, houses on 1/10th of an acre are selling for $190,000-$240,000.
Torelli believes the park has more value as a mobile home park versus being redeveloped, given the renovations he’s made in the past three and a half years since purchasing it.
“I think it's worth more as a mobile home park than land because we've renovated it, right?” he said. “Normally the old mobile home parks that are not renovated, if they're in a good area, then often they're worth more as land.”
Fair Street Village is located in downtown Centerton, a short walk from a neighborhood park and multiple restaurants.
“The offers I have are all people that want to operate it as a mobile home park,” he said. “It’s possible, I guess, a developer might tear it all down … I haven't thought about this, but I think I should think about it.”
The Bentonville Bulletin stopped by to ask residents about the potential sale, but most declined to comment on the record. Jordan, a resident raising a young family, said she hadn’t heard it was for sale. She rents her two-bedroom home for $925, which she considers affordable — “especially for the Bentonville area.”
She enjoys being close to amenities, including the park across the street, and described a strong sense of community among residents. “Everybody’s very kind. You see people, you say hi,” she said.
If the park were to be redeveloped, residents who own their homes could face large bills for relocating.
Despite their name, “mobile” homes are rarely moved once placed — fewer than 5% ever are. Relocating one costs between $5,000 and $20,000, according to contractor services website Angi.
