Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 5.8%
  • Property ID: 1415372
  • Posted On: Mar 30, 2021
  • Updated On: Apr 15, 2021

Property Description

Forest Glen MHP is situated in the city of Boulder Creek located within Santa Cruz County, approximately 30 minutes from downtown Santa Cruz, 1 hour from San Jose, and under 1.5 hours from San Francisco. This desirable location is centrally located between three major metros with a highly sought-after year-round climate between 40-76 degrees. Santa Cruz County is one of California's most expensive counties, resulting in high demand for low-income housing. Forest Glen MHP is a rare opportunity to acquire a stabilized cash-flowing asset in the attractive Santa Cruz market.

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 16
Total Occupancy: 100.0 %
Year Built: 1960
Average MH Lot Rent: $396
Size: 2 acre(s)

Financial Information (Actual)

Gross Income $137,859
Operating Expense $62,823
Net Operating Income $75,036
Expense Ratio 45.6 %
Debt Info

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 4
Average Rent for Park-owned Homes: $1,685

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