Contact Information

Mobile Home Park Details

  • Price: $1,850,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.3%
  • Property ID: 1399815
  • Posted On: Mar 1, 2021
  • Updated On: Mar 11, 2021

Property Description

Wagon West Mobile Home Park Community (All ages) features 27 homesites/spaces with full hook-ups comprised of (18) manufactured housing sites, (6) RV sites, and (3) Single-Family Residences. Situated on a 3.20 acre site the improvements were built in 1975 plus the community is serviced by public/city water, a septic sewer system, and an onsite laundry-facility. Seven (7) of the MH spaces plus the (3) SFRs are direct billed for electrical/gas by the providers; the remaining (17) spaces have a master meter which is read monthly by the onsite manager then given to 'Park software company' and then each tenant is billed their share of the utilities. Tenants reimburse the ownership for water and electrical.

Wagon West boasts 100% occupancy with full rent collection. The majority of the tenants have resided at the park for between 7-20+ years with no turnover in several years. The rents are below market and there's no rent control in Porterville. With modest annual rent increases this represent a solid cash-flow investment.

Location

Located in the city of Porterville, Wagon West MHC, is situated in close proximity to most major commercial employers, retailers, and amenities such as Walmart Distribution Center, Grocery Outlet, ALDI grocery store, Starbucks, Home Depot, Lowe's, Harbor Freight, plus several franchised hotels, and drive-thru food restaurants. Porterville is serviced by two (2) general hospitals plus Porterville Jr. College.

In addition, Wagon West is in the path of development of new construction homes plus has highway visibility which is provides an excellent potential for billboard income as well.

The main economic industries within Tulare county are agriculture/forestry, healthcare, social assistance, and retail trade. It is the most productive agricultural economy in the state based on revenues.

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 27
Total Occupancy: 100.0 %
Year Built: 1975
Average MH Lot Rent: $475
Size: 3 acre(s)

Financial Information (Actual)

Gross Income $189,391
Operating Expense $81,179
Net Operating Income $115,810
Expense Ratio 42.9 %
Debt Info

Lot Information

Singlewide Lots: 18
Park Model Lots: 3

RV Information

Number of RV Lots: 6
Average RV Lot Rent: $400

Utility Information

Water: City
Water Paid By: Tenant - RUBs
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 3
Average Rent for Park-owned Homes: $937

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