Contact Information

Todd Fletcher

Newmark

CONTACT BROKER

Price: Call for Price
Listing ID: 5549016
Posted On: May 8, 2024
Updated On: May 15, 2024

Description

Blythe Marina Estates is an all-age
60-site community on public utilities
with a strong economic occupancy of
85% and no park-owned homes (all
tenant owned once the remaining
vacant homes get sold).
– Opportunity to complete the buildout of the community
and add 67 expansion sites, bringing the total site count up
to 127 sites. The Owner is working with HCD to revise the
PTO to its original count of 127 spaces.
– The Owner has been able to bring in homes into the park
and sell them to residents. A total of 20 homes have been
brought in since 2015 and sold to residents within 4 months
after delivery. There are currently 4 vacant homes that the
Owner expects to sell in the next few months, which will
add another $28,000 in annual site rental revenue in Year 1.
– Value-add opportunity for a new owner to boost revenue by
filling the remaining vacant sites. Filling the current vacant
sites (5) would add nearly $38,000 in additional annual site
rental revenue for a new owner with minimal increases to
the expenses. There is also a storage area which can be
rented out.
– Another source of upside would be to raise lot rents up to
market. The community is not governed by rent control,
giving a new owner the opportunity to raise lot rents
annually without governmental restrictions. The current
Owner will increase the lot rent anywhere from $17.50 to
$50 in December 2024, which should add over $13,000 in
annual site rental revenue for the next Owner. This is not
included in our Proforma in the Financial Analysis section.
– Blythe Marina Estates should qualify for attractive debt
financing. Please contact Sam Rector for more details (see
page 6 for his contact information).
– The community features an attractive layout with off-street
parking and paved roads. The community also offers a
completely remodeled community clubhouse with full
kitchen, billiard table, refreshing swimming pool, whirlpool
spa, patio deck, picnic area and launching facilities directly
across the street at Quechan Marina. The community also
has storage for boats, RV, and motor homes.

Location

– Conveniently located off the Colorado River and Interstate 10, providing easy
access to other larger markets such as Phoenix (150 miles), San Diego (220
miles), and Los Angeles (225 miles).
– With its proximity to the Colorado River, Blythe is a center for water
sports and other outdoor activities. Hunting, hiking, off-road vehicle sports,
rock climbing are just a few of the recreational activities available in the
neighboring desert around Blythe.
– Blythe’s relative location to growing major markets makes it attractive for
manufacturing and distribution industries interested in the convenience to
Southern California, Arizona, New Mexico and Mexico. Blythe sits within
the 100 km free trade zone established by the North American Free Trade Agreement (NAFTA), which puts the Blythe Airport in a prime location as a hub for international trade.
– The community sits within the highly rated Palo Verde Unified School District employing approximately 300 people, featuring three elementary schools, one middle school, and one high school. There are also two state prison just west of the city, Ironwood and Chuckawalla, employing over 2,000 people.