Mobile Home Park Details

  • Cap Rate: 6.4%
  • Listing ID: 17048
  • Posted On: Oct 4, 2010
  • Updated On: Oct 19, 2010

Description

Storybook Park is a 15 space permitted Mobile Home Park located on 11.5 acres in Leona Valley, California. The park sits on approximately 1.5 acres providing 10 additional acres for redevelopment, expansion, or agricultural use. This is the only affordable housing in Leona Valley and sustains a historically low vacancy factor by providing housing to the agricultural workers and their families in the valley.

All utility expenses are passed to the tenants making this a low maintenance-low expense park to operate. The owners manage the park and have done an excellent job of keeping tenant payments current.

Rents have kept consistently low while the owners passed expenses to the tenants. New owners will have an opportunity to raise rents.

Location

Leona Valley is an unincorporated town located in the geographic Leona Valley of northern Los Angeles County, California, in the transition between the Sierra Pelona Mountains and Mojave Desert, 10 miles west of Palmdale and the Antelope Valley. The town has a population of about 2,200.

Leona Valley is best known for its agriculture, particularly cherries and wine grapes. The town of Leona Valley holds its annual Leona Valley Cherry Festival in honor of its agricultural heritage.

Amenities

  • Storage
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Park Information

Community Type: All Age
Number of MH Lots: 15
Total Occupancy: 98.0 %
Year Built: 1950
Average MH Lot Rent: $350
Size: 12 acre(s)

Financial Information (Actual)

Gross Income: $78,000
Operating Expense: $22,000
Net Operating Income: $56,000
Expense Ratio: 28.2 %

Lot Information

Singlewide Lots: 15

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 1
Average Rent for Park-owned Homes: $650

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