AGM Closes on 33-Unit Covered Land Syndication with Strong Cash Flow and Development Potential

AGM Capital is excited to announce the successful acquisition of Country Manor, a 33-unit mobile home park located in Maltby, Washington. This acquisition represents a targeted covered land syndication—providing immediate income alongside long-term land value appreciation within a rapidly evolving industrial corridor.

The 174,000 SF site sits on level, light-industrial-zoned land, just off State Route 522, one of the Eastside’s primary commercial arteries. With industrial land becoming increasingly scarce throughout the region, this acquisition positions our investors to benefit from both cash flow and eventual redevelopment or repurposing upside.

Investment Highlights

• Asset Type: Mobile Home Park (33 units)

• Location: Maltby, WA – Eastside Light Industrial Market

• Lot Size: Approx. 4 acres / 174,000 SF

• Zoning: Light Industrial

• Acquisition Price: $4,050,000

• Equity Raised: $1.3 million (Syndicated)

• Close Date: November 2022

Income + Appreciation | AGM’s Strategy in Action

This asset produces reliable income from day one, with annual rent increases programmed into the leases. Over the 5-year hold, we project the following performance:

• Starting Cash-on-Cash Return: 6%

• Cash Flow Growth: Increasing to 10%+ during hold period

• Accelerated Depreciation: $800,000 via 2022 cost segregation

• Low-Risk Structure: Seller-financed acquisition + diversified tenant base

• Future Upside: Industrial yard lease potential or full redevelopment

The acquisition aligns with our broader investment thesis of unlocking unrealized value through zoning, location, and shifting regional demand.

Why This Matters

The Maltby acquisition illustrates AGM’s ability to identify and execute under-the-radar land banking strategies in core Pacific Northwest corridors. Here’s why investors should take note:

• Scarcity Advantage: Industrial-zoned land near major corridors is rare—demand is increasing while supply disappears.

• Covered Land Strategy: Tenant income covers hold costs while we plan long-term upside.

• Tax Efficiency: Investors benefit from immediate depreciation benefits—critical in high-income tax years.

• Risk Mitigation: Diversified income, seller financing, and long-term market drivers lower downside exposure.