Contact Information

Mobile Home Park Details

  • Price: $2,100,000
  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 7.3%
  • Property ID: 1004447
  • Posted On: Nov 3, 2018
  • Updated On: Mar 18, 2019

Property Description

The Lakefront view from Clearlake Marina and MHP is splended. Birds, boats, skiing, or just watching the view. The Relaxing 55+ Manufactured Home Park is on Main Street in Lakeport. The 51 pad sites are comprised of 15 doublewides, and 26 singlewides, currently 5 vacancies, of which 4 are dirt. There are 6 recreational vehicles. There is City Water and Sewer. The property was re-asphalted during the late summer months. The Single Family Residence was moved to the lakefront in the '70s. Public records show, 1341 SF, converted to 2500 SF, comprised of 3 bedrooms with office or sewing room, wtih attached bath, plus the carport. The office includes a security system. There are mulitple add-value opportunities - renting the SFR for $1500/month, saving on monthly waste cost $800/month, utilizing the large storeage area(s) to rehab MHs, filling the Marina and pad sites, to name a few. The capital costs for the new asphalt was $122,000. The Gross 2017 income is reported to be $278,855 plus the sale of a MH. There is an add value in increasing the Marina income from $11,036, to up to $25,740. The monthly covered cost is $70, and $55 for uncovered. There are 11 covered spaces and 25 uncovered spaces

Location

The Lakefront view from Clearlake Marina and MHP has beautiful sunsets, bird watching, and fishing. The Park is located in Lakeport, California on 5.25 Acres. The small town atmosphere provides for local bands, shops and fairs. Such bands as Kenny Rogers, Eddy Money play at Konocti Bay. The community trade population of 35,00 work in local stores such as UPS, Grocery Outlet, Dollar Store, Savings Bank of Mendocino, rental boat and bike shops. The small town character with local restaurants and activities such as the Pear Festival and Bass Fishing, Water skiing bring people from a distance to enjoy the lakeside community. The Combined Park and lakefront single family residence provide for a unique investment opportunity.

Amenities

  • Laundromat
  • Storage
  • Handicap Accessible
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Park Information

Community Type: 55 And Over
Number of MH Lots: 51
Total Occupancy: 92.7 %
Year Built: 1962
Average MH Lot Rent: $400
Size: 5.3 acre(s)

Financial Information (Actual)

Gross Income $293
Operating Expense $178
Net Operating Income $158
Expense Ratio 60.8 %
Debt Info 1,052,000

Lot Information

Singlewide Lots: 26
Doublewide Lots: 15

RV Information

Number of RV Lots: 6
Average RV Lot Rent: $400

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $1,450

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