Contact Information

Mobile Home Park Details

  • Price: $1,595,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 7.0%
  • Property ID: 1301826
  • Posted On: Aug 6, 2020
  • Updated On: Aug 28, 2020

Property Description

Boulevard Pines Mobile Home and RV Park is a 20 Site 55+ Community located in Boulevard, California.​ The Park is comprised of 10 Mobile Home Sites, 10 RV Sites and approximately 1.18 acres of Dry Dock Storage.​ Boulevard Pines was built in 1959 and sits on approximately 3.53 acres.​ Electric is provided by San Diego Gas & Electric and is sub-metered for a bill back program. The Sites offer 50 AMP (16 Sites) and 30 AMP (4 Sites) electrical service to pedestal units. There is one overflow Site that has 50 AMP electrical service. There is a flat monthly meter read fee ($8) for the MH Sites only. The Park is on Well and Septic. There is one tank and one leach field. The Well Water system is currently being upgraded by ownership. There is a flat monthly fee for Water, Sewer and Trash ($10) for the MH Sites only. Gas is Propane. There are 5 Park Owned Homes (4 MH and 1 RV). There are currently no Homes under contract for sale. Owners have all Titles. The most recent rent raise occurred in June 2018 for $100 (MH Sites only). The RV Sites have not had a rent raise in several years. Boulevard Pines has a Laundry Room with 1 Washer/1 Dryer. Recent capital improvements include a new roof on the Clubhouse in 2018 ($6K). The Dry Dock Storage area is approximately 1.18 acres and is zoned C36. Electric and Water is plumbed throughout. The Community offers a Clubhouse with billiards, a lounge area with a flat screen tv, restrooms/showers, swimming pool, and an onsite office. Boulevard Pines has experienced onsite management, including a maintenance shop. A quiet, must see pride of ownership opportunity in San Diego County!

Current ownership has partially completed the installation of a brand new Well Water system. Completed items include the drilling of the new well, installation of the permanent submersible pump, the full decommission of pre-existing wells (3), and the installation of individual water meters at Sites 1 through 10. Additional items that ownership has in progress for completion are Source Water Assessment approval, Title 22 approval, and the renewal of the Transient Non-Community Water licensing. With these requirements and approvals in place, prospective buyer will complete the final items listed below. It is proposed that the monies required for the full completion of the new well water system will be held in escrow and distributed with an agreed upon draw-down schedule. Items to be completed by buyer with estimated costs as provided by licensed professionals;

Amenities

  • Laundromat
  • Pool
  • Club House
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Park Information

Number of MH Lots: 20
Total Occupancy: 100.0 %
Year Built: 1959
Size: 4 acre(s)

Financial Information (Pro Forma)

Gross Income $166,883
Operating Expense $54,647
Net Operating Income $112,236
Expense Ratio 32.7 %
Debt Info

Utility Information

Water: Well
Sewer: Septic

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