Mobile Home Park Details

  • Purchase Method: New Loan
  • Cap Rate: 7.4%
  • Property ID: 1332479
  • Posted On: Sep 30, 2020
  • Updated On: Feb 2, 2021

Property Description

Lassen Mobile Home Park offers an investor a stable return with vacancy upside in a high demand rental market. Lassen consists of 28 MH sites plus two 3br and 2br homes which are currently rented. Two additional parcels which are zoned residential also included in the sale. Broker believes those parcels can be utilized for residential development however is doubtful and cannot guarantee additional MH expansion. Rents are either $445 or $495 based upon date of move in and there are five vacant sites (16% vacancy) which can be filled easily due to housing demand. The property consists of residents who work in service industries or at one of the three local correction facilities which offer a stable employment source and above average wages. Lassen MHP is serviced to each unit for gas by local provider and mostly direct-billed for electricity. Lassen has a low density of spaces per site which allows for large yards and private fenced lots. The streets are paved and offer one parking space per lot in front of each home. Most of the lot sizes are between 80-90 feet in length and 30-40 feet in width which will accommodate modern multi-bedroom mobile homes. The property is serviced by a well and septic tanks both of which have been properly maintained with records able to be provided in escrow. There are access points at the east and north end of the property.

Location

Susanville is the county seat for Lassen County and is located 90 minutes from Reno and three hours from Sacramento. Local population is approximately 20,000 and the main economy is the presence of three correctional facilities which offer a stable tenant base. Median home cost in Susanville is $185,155 and median salary is $49,770. Median gross rent is $850 for a studio.

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 30
Total Occupancy: 84.0 %
Average MH Lot Rent: $475
Size: 8 acre(s)

Financial Information (Actual)

Gross Income $168,782
Operating Expense $60,502
Net Operating Income $108,226
Expense Ratio 35.8 %
Debt Info

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

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