Contact Information

Mobile Home Park Details

  • Price: $2,995,000
  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 7.7%
  • Property ID: 1271976
  • Posted On: Jun 15, 2020
  • Updated On: Sep 5, 2020

Property Description

Seller Carry Terms: $2,995,000 Purchase Price, $1,048,250 (35%) Down Payment, 5.50% Interest Rate, 30 Year Amortization, Monthly Payments of 11,053. Balloon Payment Due 3 Years From Close Of Escrow.

Burton’s Mobile Home and R.V. Park is an all age Community located in an OPPORTUNITY ZONE in Blythe, California. The Park was originally built in 1965 and sits on approximately 7.48 acres with an additional 2.72 Commercial acres included with the sale (approximately 10.2 acres total). The Park is comprised of 61 Mobile Home Sites, 42 RV Sites (89 fully operational Sites total), and one Studio Apartment. Fifteen of the Mobile Home Sites are fully plumbed for all utilities and need Electric and Gas Pedestals installed. Burton’s is on All City Services. The Mobile Home Sites offer 100 AMP electrical service to pedestal units and is Direct Billed to Tenants. The RV Sites offer 30/50 AMP electrical service to pedestal units and is sub-metered and Billed Back. Gas is direct billed to all tenants. There is monthly fee for Water. The Mobile Home tenants pay $11.93 plus an additional $2.22 per 1,000 gallons used. The RV tenants pay a flat monthly fee ($11.93). There is a flat monthly fee for Sewer ($49.53) for Mobile Home tenants only. There is a flat monthly fee for Trash ($20) for all tenants. There are 29 Park Owned Homes with 3 Homes currently Under Contract for Sale. Capital Improvements include the purchase and installation of 85% of the Park's electrical pedestals and the replacement of approximately 70% of the Park’s sewer lines. Half of the Park’s streets were recently sealed (December 2019) and the remaining half is scheduled to be completed in early 2020. The next scheduled rent raise will be implemented on March 1, 2020 ($7 for MH Sites and $18.73 for RV Sites). The Park offers Community Restrooms/Showers, RV/Boat Storage, and an Onsite Office attached to an updated Double Wide Mobile Home. Burton’s has experienced Onsite Management and the Park is conveniently located off Interstate 10 with Park frontage exposure and freeway sign exposure to approximately 25,400 cars per day. A must see opportunity!

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 104
Year Built: 1965
Size: 8 acre(s)

Financial Information (Actual)

Gross Income $415,018
Operating Expense $183,956
Net Operating Income $231,061
Expense Ratio 44.3 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 29

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