CBRE's National Manufactured Housing & RV Specialty Practice is pleased to present Capital City Mobile Home Park, a manufactured housing community totaling 32 sites in Des Moines, Iowa, an established, supply-constrained southeast-side submarket of metropolitan Des Moines. The community sits at 1424 E Virginia Ave in Polk County, offering a buyer the operational simplicity of a compact, easily managed footprint within one of the Midwest's most supply-constrained housing markets that keeps replacement competition off the board and supports durable rent growth. The community is approximately 78% occupied, with 25 of 32 sites filled and 7 pads available, providing a clear, identifiable path to net operating income growth through vacant-pad lease-up. The resident base is predominantly tenant-owned, which minimizes turnover capital and home-maintenance expense while supporting stable, long-term tenancy. In-place average site-only rent of roughly $620 per month and average occupied home-plus-site rent of approximately $820 leave meaningful room to mark rents to market over time, which is already evidenced by the $750 rate the community quotes incoming tenants. Beyond vacant-pad lease-up and mark-to-market rent growth, the community offers a substantial expense-normalization opportunity: the trailing-twelve operating expense ratio of approximately 40%+ normalizes toward the 35% range under stabilized, market management, driving a material lift in net operating income. Together, vacant-pad lease-up, rent mark-to-market, and water/sewer recapture correction underpin a compelling value-add thesis in a market where new manufactured housing supply is effectively prohibited, ensuring the community's income stream compounds against a fixed competitive set. The community operates as a legal nonconforming manufactured housing use within the City of Des Moines' NM (Neighborhood Mixed-Use, legacy county designation) zoning district, with the right to rebuild following casualty preserved under the City's nonconformity provisions, reinforcing the scarcity value of an irreplaceable infill land position while preserving long-term optionality that supports both income durability and a defensible land basis. PLEASE DO NOT VISIT OR CONTACT ANYONE IN THE COMMUNITIES WITHOUT PRIOR APPROVAL FROM THE LISTING BROKERS.