Contact Information

Mobile Home Park Details

  • Price: $4,500,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 7.0%
  • Property ID: 1276978
  • Posted On: Jun 23, 2020
  • Updated On: Jun 23, 2020

Property Description

This offering presents the opportunity to acquire a highly-occupied and stable all-age community in a seasoned MH market servicing the Greater Palm Springs, Coachella Valley Market.
This all-age community is HCD permitted for 88 sites and consistently maintains full occupancy year-round (98.8% occ. currently). The 88 sites are comprised of 70 MH sites and a newer 18 RV site expansion built in 2005. The fully occupied 18 site RV expansion is submetered electric. Of the 18 expansion RV sites, 4 are owned by residents and 14 are occupied park rentals placed and leased up in 2016-2017. All of the 70 MH sites are direct-billed electric/gas and 64 of the 70 homes are resident-owned with one vacant site. This MHC is serviced by city water and is passed through to residents, while the MHC’s amenities/grounds are served by the on-site mineral spring well. Current average monthly rents are $488 and trash is passed through at approximately 90%. Within 10 miles of the subject, all-age market occupancy is 90%+ with an average market rental rate of $578 and an average rent-controlled rental rate of $505 - only 5 sites are currently applicable to Riverside County rent control.

INVESTMENT HIGHLIGHTS
- City Water w/ All Direct-Billed & Pass-through Utilities
- All-Age Community in Seasoned Location
- Well Maintained with Recent Upgrades

PLEASE CONTACT LISTING BROKERS FOR ADDITIONAL INFORMATION

Amenities

  • Laundromat
  • Pool
  • Club House
Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Community Type: All Age
Number of MH Lots: 88
Total Occupancy: 99.0 %

Financial Information

Debt Info Agency Finance Eligible (Attractive rates 10%+ COC Year 1)

Utility Information

Water: City
Water Paid By: Tenant - Individual Service

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