Mobile Home Park Details
- Cap Rate: 7.3%
- Listing ID: 1366907
- Posted On: Dec 10, 2020
- Updated On: Jun 17, 2021
Description
Marcus & Millichap is pleased to offer the opportunity to acquire a 27-space mobile home and RV park in Bakersfield, California. Located at 10075 S Union Ave, there are two one-bedroom apartments and 25 lots zoned for mobile homes per HCD. Currently, the owner operates the park as 23 long-term RV spaces and two mobile home spaces.
Located off CA-99, El Alamo is a 20-minute drive from I-5 and is just four miles away from Walmart Supercenter.
The community is currently on city water and has two large septic tanks for the 25 mobile home lots and individual smaller tanks for the two apartments. The current lot rents for the park are $325, which is below market for the area. New lots are being rented out at $350 with the opportunity to bring all tenants to $350 though a rent increase in 2021. Three tenants have moved out since October 2020, and two spaces have been filled at $350. The third space will be rented pending removal of the old single-wide unit, and there is already a waitlist. There are two tenants who are expected to leave by the end of 2021.
Location
CENTRAL CALIFORNIA LOCATION
An expanding transportation network provides convenient access to California ports and major cities and is growing the logistics and distribution sector.
NATURAL RESOURCES
Kern County is one of the most oil-productive counties in the nation and the Elk Hills field is the state’s top natural-gas producer.
LOW COST OF LIVING & DOING BUSINESS
Favorable home prices, relatively lower land costs than nearby markets and a pro-business environment attract employers and residents to the area.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 25 |
| Total Occupancy: | 89.0 % |
| Average MH Lot Rent: | $343 |
| Size: | 2 acre(s) |
Financial Information (Actual)
| Gross Income: | $84,209 |
| Operating Expense: | $19,540 |
| Net Operating Income: | $64,669 |
| Expense Ratio: | 23.2 % |
Lot Information
| Singlewide Lots: | 2 |
RV Information
| Number of RV Lots: | 23 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | Septic |