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Mobile Home Park Details

  • Price: $925,000
  • Purchase Method: Cash, Seller Financing, New Loan
  • Cap Rate: 7.8%
  • Property ID: 1500873
  • Posted On: Aug 20, 2021
  • Updated On: Aug 20, 2021

Property Description

Great Investment Property! This unassuming, pleasant country mobile home park close to Bass Lake & Yosemite has 15 double wide lots with trees that make this park somewhat shaded, and very nice to live in, that give tenants more room for parking, storage, outdoor furniture, gardening, etc. Two of the units are more recent models, and most are older double wides. Sellers pay for water, trash, and septic servicing; Tenants pay for all other utilities. Metered propane is available onsite. Tenancy tends to be very stable and vacancy rate almost non-existent. Two of the mobile homes are owned by the sellers and are included in the sale, for additional rental income. At this price and at current rental rates, with proforma expenses (since current owners do much of the work themselves, reducing costs), it is estimated that a new owner would realize 7.8% cap rate. The property consists of 3 parcels, for a total of 8.57 ac. The two front parcels are .94 ac each, and this area is where the septic area is and the propane tanks are located. It also provides a nice setback from Road 224 and occasional road noise. The third parcel, where the park is located is 6.69 ac that slopes up to a ridge and then down to an undeveloped back area, estimated at approx. 3 acres. This area has lovely distant views of mountains that are snowcapped in winter from the top, and a rolling, treed, very pretty feel to it. This is where the well is located. A Conditional Use Permit would be required to expand the mobile home park or to do some other related business such as putting in an RV Park. Due to the RMS zoning it may be possible to build a single family home back in this area; Buyer to confirm with the County. A sizeable grant to add a solar water filtration system to the property is several years into the process and can be transferred to a new buyer. Relatively recent upgrades have been made to the park, including road patching & repair, water system upgrades and electrical system upgrades. Are you looking for a good income-producing property? Call the listing agent or your own agent to see this soon!

Location

Off of Bonnie B Road (also called Road 224) in North Fork, CA. The front half of the property is gently sloping, the undeveloped back half of the property is rolling with views. 3 parcels are included. It does not include the red house in the center of the park.

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Park Information

Community Type: All Age
Number of MH Lots: 15
Total Occupancy: 100.0 %
Average MH Lot Rent: $540
Size: 9 acre(s)

Financial Information (Pro Forma)

Gross Income $104,040
Operating Expense $31,130
Net Operating Income $72,910
Expense Ratio 29.9 %
Debt Info

Lot Information

Singlewide Lots: 15

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 2
Average Rent for Park-owned Homes: $825

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