Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 8.2%
  • Property ID: 1905963
  • Posted On: Oct 10, 2022
  • Updated On: Jan 6, 2023

Property Description

8.22% Cap Rate on Actuals! Rarely will you find this type of return on actual income plus with significant upside on loss-to-vacancy rent.

James Court Mobile Home Park is comprised of a total of 5 single-wide mobile home park spaces plus 17 RV lots with drains, 6 apartment units, plus a single-family home. This paved park is serviced by public city water and city sewer, electrical is sub-metered and all but one unit is direct metered for gas. Currently 8 of the MH / RV lots plus (1) of the apartments is vacant providing real value-add upside for a new owner. There's approximately $3,500-$3,800 per month in gross rent loss-to-vacancy that a new owner could obtain. The majority of the mobile homes / RVs are tenant owned, except one park - owned unit plus stick built apartments.

The ownership has completely replaced all the gas meters, house has undergone a full interior remodel including new roof within the last two years, and interior remodel to 1 Bedroom apartment. New asking space rents are $400 per month plus tenants reimburse sub-metered electrical / gas to the ownership which direct bills the residents.

Overall, the park is in generally good condition, well maintained with longer-term tenants (5+ and 10+ years).

Location

112-124 McCord Ave is located in the Oildale sector of Bakersfield. This area of Bakersfield has experienced significant growth due to its close proximity to employers such as Amazon, FedEx, and the municipal airport. The subject property is in close proximity to major anchored commercial amenities such as the WalMart Center, Family Dollar, along with restaurants and other essential daily needs services.

Amenities

  • Laundromat
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Park Information

Community Type: 55 And Over
Number of MH Lots: 22
Total Occupancy: 69.0 %
Year Built: 1950
Average MH Lot Rent: $350
Size: 1 acre(s)

Financial Information (Actual)

Gross Income $133,548
Operating Expense $59,977
Net Operating Income $73,571
Expense Ratio 44.9 %
Debt Info

Lot Information

Singlewide Lots: 5
Doublewide Lots: 0
Triplewide Lots: 0
Park Model Lots: 0

RV Information

Number of RV Lots: 17
Average RV Lot Rent: $350

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 6
Average Rent for Park-owned Homes: $650

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