Mobile Home Park Details

  • Purchase Method: Cash, New Loan
  • Cap Rate: 5.1%
  • Listing ID: 1924066
  • Posted On: Nov 1, 2022
  • Updated On: Dec 19, 2022

Description

West Coast MHP is an all-age community comprised of 6.31 acres on two separate parcels in Redway, CA. This 3.5-star community consists of 33 tenant-owned mobile homes that are 100% occupied. The property has a track record of being fully occupied, which reflects the demand for affordable housing in the Humboldt County area. It is also the highest quality MHP in the area, surrounded by redwood trees and mountainous scenery. The property is 1h 28min (83 mi) from California Redwood Coast-Humboldt County Airport, 3 min (0.8 mi) drive to downtown Redway, 5 min (2.3 mi) to Redway Highway 101, and 7 min (2.5 mi) to Garberville. This turnkey property has directly billed utilities for city water, sewer, electric and gas (PG&E), and trash, providing ease of management. Additionally, the South Fork of the Eel River wraps around Redway and is walking distance from the property, providing outdoor entertainment, including but not limited to fishing, kayaking, swimming, and more! There are local shopping centers, retail stores, and restaurants within a 1-mile radius. West Coast MHP is a rare opportunity to acquire a stabilized turnkey asset with directly billed utilities in a tranquil northern California market.

Location

Call For Offers: Wednesday, Nov. 16th, 2022.

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Park Information

Community Type: All Age
Number of MH Lots: 33
Total Occupancy: 100.0 %
Average MH Lot Rent: $340
Size: 6 acre(s)

Financial Information (Actual)

Gross Income: $144,506
Operating Expense: $48,498
Net Operating Income: $96,008
Expense Ratio: 33.6 %

Utility Information

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