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Mobile Home Park Details

  • Price: Call for Price
  • Purchase Method: Assumable Loan
  • Property ID: 1390607
  • Posted On: Feb 8, 2021
  • Updated On: Feb 8, 2021

Property Description

Downtown Terrace is one of the most unique multi-family properties ever developed in the highly sought after Central Coast community of San Luis Obispo. The sixty (60) unit project is on the site of a former mobile home park. Because of this fact the development approvals were secured from the State of California not the City of San Luis Obispo. Downtown Terrace has several advantages over traditional multi-family developments. Among them are:
• California Department of Housing and Community Development has jurisdiction over the development of the site-not the City of San Luis Obispo
• The sixty (60) units is comprised of thirty (30) two (2) story modular buildings.
• The improvements are classified as “personal property” instead of real estate which results in lower property taxes.
• The central downtown San Luis Obispo location provides the tenants with numerous amenities within walking distance of the project.
• The 2020 completion date exempts the property from rent control for fifteen (15) years
• From completion to full occupancy was accomplished in ninety (90) days
• Current Rents are at least 6% below market
• All the units have stacked washer/dryer hook-ups included
• Each unit has an efficient tankless water heater
• Picnic area with gas barbecue grill is provided
• Security gate provides controlled access for tenants and their visitors
• Downtown Terrace is located in one of the most popular regions of California-The Central Coast
• The City of San Luis Obispo is a vibrant diverse area that includes the location of one of the States most well-respected universities-Cal Poly San Luis Obispo.
Downtown Terrace provides the sophisticated investor with a long term stable investment that will appreciate in value substantially over the coming years. Its unique history as a redeveloped mobile home park adds to its unique nature. The fact that it is new modular construction will limit maintenance and repair expense for many years.

Location

Downtown Terrace is in one of the most desirable areas of California-The Central Coast. This area stretches from the affluent area of Santa Barbara/Montecito, through the emerging wine country of Paso Robles. In between are such destination resort areas of the Santa Ynez Valley, the coastal communities of Pismo Beach, Los Osos and Avila Beach and culminating in the widely popular cities of San Luis Obispo and Paso Robles.
This entire region has expanded dramatically during the past 25 years. There are several reasons for its universal appeal:
• Weather: The regions enjoys a nearly year-round temperate climate with maximum high temperatures in the 80’s and lows in the 60’s. The region enjoys over 300 days of sunshine each year
• Job Growth: San Luis Obispo county has led the entire state of California in the creation of net new jobs over the past several years
• Despite the effects of the Covid-19 pandemic, unemployment in the region is 17% below California’s overall rate.
• For the 25th consecutive year Cal Poly San Luis Obispo was named the West’s best public master’s-level university by U.S. News and World Report
• San Luis Obispo County has more than 80 miles of Pacific Ocean coastline
• World Famous Hearst Castle is only 45 minutes from downtown SLO
• The Thursday Night Farmers’ market in downtown SLO is a long-standing traditional event that highlights the amazing array of street food, crafts and live entertainment in the area
• The ever expanding and thriving wine country of SLO County is within minutes of downtown
• The nearly 300,000 people living in SLO County are well educated with a household income of over $72,000
• The location of San Luis Obispo is equidistant to the two largest population centers in California-Los Angeles and San Francisco. This location affords easy access to both mega-populated areas.
• National Geographic has called San Luis Obispo the “Happiest City in America”
• San Luis Obispo has been rated as one of the Top 10 Cities in which to retire
• The barriers to entry for new multi-family developments in this area contributes to the desirability of Downtown Terrace as a preferred place to live.
The Central Coast and the city of San Luis Obispo will continue to be one of the most desirable areas in all the Western states to live, work and vacation into the foreseeable future.

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Park Information

Number of MH Lots: 60
Total Occupancy: 100.0 %
Year Built: 2020
Average MH Lot Rent: $1,700
Size: 1 acre(s)

Financial Information (Actual)

Gross Income $1,234,000
Operating Expense $317,994
Net Operating Income $854,305
Expense Ratio 25.8 %
Debt Info $12,417,000 loan amount, 3.16% Ten Year Fixed rate, Thirty Year Amortization Period

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 60
Average Rent for Park-owned Homes: $1,700

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