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Mobile Home Park Details

  • Price: $5,200,000
  • Cap Rate: 5.9%
  • Property ID: 1686746
  • Posted On: Jun 7, 2022
  • Updated On: Sep 23, 2022

Property Description

120-SITE MODESTO PARK ASSEMBLAGE

The subject properties represent an opportunity to purchase a three-park portfolio in unincorporated Modesto, California totaling 120 sites. The parks were built by the Army Corps of Engineers, per the current owners. The parks are adjacently located at 637, 649, and 709 River Road in Modesto, California.

Built in 1950, and situated on 2.37 acres, 637 River Road is commonly known as Terrace Trailer Park. It is comprised of 36 RV spaces and 8 mobile home spaces, for a total of 44 sites. Currently, only 43 of the spaces are occupied, but there is room to add another space at the park entrance by placing a home on a vacant site and working with the power company to resume services. Water, sewer, and gas are already available.

Built in 1946 and further expanded in 1962, 649 and 709 River Road are commonly referred to as Driftwood Mobile Home Park(s). Driftwood is situated on 5 acres of land. The site breakdown of the combined Driftwood Mobile Home Parks is 65 RV spaces, 9 mobile home spaces, a duplex, a parkowned mobile home, and two single-family homes. This creates a total of 76 fully-occupied sites. The parks are on public water and septic. Rents currently include water, sewer, and garbage and rents are well under market compared to similar properties in the Modesto area. All the tenants own their homes with the exception of one manufactured home and the stick-built structures. The roads are asphalt, in fair to good condition.

There are seven septic tanks at Driftwood, two of which were replaced in 2015. There are six septic tanks at Terrace Trailer Park. Amenities at the parks include on-site coin operated laundry, storage, office, and manicured green space with beautiful river frontage on the Tuolumne River.

Location

Modesto, California is a growing city offering rich farmland, a colorful downtown, and ample access to big city shopping & amenities. Midway between San Francisco and Yosemite National Park, Modesto is a relatively affordable place to live within the Golden State.

The current population of Modesto is approximately 212,000 and is expected to grow by about 4,000 people by 2026. Approximately 45% of Modesto residents rent their homes. Median household income in the city sits at around $62,000. Modesto has a “Housing Affordability Index” (HAI) of 101, indicating that median income is sufficient to qualify for a loan on a home valued at the median home price. In contrast, the HAI for California as a whole is 73. The Modesto MH & RV Park Portfolio is situated in an unincorporated part of Modesto with no rent control restrictions.

The employment tapestry of Modesto is comprised of 57.5% white collar workers, 26.2% blue collar workers, and 16.3% service workers. E. & J. Gallo Winery, a major area employer, is just across the Tuolumne River from the Modesto MH & RV Park Portfolio. Modesto is located in Stanislaus County, home to major employers like Bronco Winery, Del Monte, Frito Lay, Foster Farms, ConAgra Brands, Blue Diamond Growers, Pacific Southwest Container,
Stanislaus Food Products, Boyd Corporation, Plastipak, Georgia Pacific, and International Paper.

With year-round farmers’ markets, proximity to the Bay Area and Yosemite, performances at The Gallo Center for the Arts, and plenty of public parks, Modesto is a great place to live with no shortage of things to do, see, and enjoy.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 120
Total Occupancy: 99.0 %
Size: 8 acre(s)

Financial Information (Actual)

Net Operating Income $307,920
Debt Info

Utility Information

Water: City

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