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Photo of Mobile Home Park
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Mobile Home Park Details

  • Purchase Method: New Loan
  • Cap Rate: 6.0%
  • Listing ID: 649695
  • Posted On: Mar 29, 2016
  • Updated On: Oct 3, 2016

Description

Marcus and Millichap is pleased to exclusively present Wishing Well Mobile Home Park located at 13063 5th Street, in the city of Yucaipa. Wishing Well Mobile Home Park is a senior community built in 1946. The property sits on 6.15 acres and has 73 spaces of which the majority are single-wide with a few double-wide spaces. There is also a four-bedroom, one-bathroom house. The house has a two car garage that is currently being used by owner as storage, but could potentially be used for additional income. The park is conveniently located near all urban amenities within an established residential neighborhood. The park includes a clubhouse that has a large dining facility, kitchen (refrigerator, stove), TV, piano, and billiards table. Next to the clubhouse is recreation area and swimming pool. Residents also have the convenience of a laundry facility with two sinks and a folding counter. Next to the laundry facility are two separate showers for resident use. There are five guest parking spaces as well as RV storage for residents.

The property has sub-metered electrical, natural gas, and city water. All sub-metered services are handled by a local meter reading and billing company. The community has asphalt roads and has been re-sealed in the last six months. Asphalt abuts each homes frontal green space and driveway. There is mature landscape around the clubhouse, home, and spaces. The property is subject to the city of Yucaipa's Rent Stabilization Ordinance.

Yucaipa is a mature, well-established community nestled in the foothills of the San Bernardino Mountains. Residents enjoy cleaner air and cooler temperatures as a result of the higher elevations, and a comprehensive approach to community safety has produced one of the lowest rates of crime for comparably sized cities anywhere in the State. Yucaipa’s community assets include its many schools, parks, faith-based organizations, civic groups, and other organizations that make a positive contribution to community life. The Yucaipa planning commission recently approved several new development projects including a new retail stores, single residential homes, new condos, as well as a new housing development.

Amenities

  • Laundromat
  • Pool
  • Club House
  • Storage
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Park Information

Community Type: 55 And Over
Number of MH Lots: 74
Year Built: 1946
Size: 6 acre(s)

Financial Information (Actual)

Gross Income: $384,476
Operating Expense: $203,810
Net Operating Income: $169,100
Expense Ratio: 53.0 %

Utility Information

Water: City
Water Paid By: Tenant - Submetered
Sewer: City

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