Contact Information

Mobile Home Park Details

  • Price: $5,250,000
  • Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
  • Cap Rate: 3.1%
  • Property ID: 2017299
  • Posted On: Jan 19, 2023
  • Updated On: Jan 19, 2023

Property Description

8345 Trout Ave is a rare opportunity to acquire a 12-space mobile home park spread across (2) two ideally situated parcels right by the north shore of Lake Tahoe in Kings Beach, California.

The subject property comprises of two parcels that are zoned for MU-MTC: "Mixed-Use Mountain Town Center", giving developers the flexibility to take advantage of the variety of residential and non-residential uses with focus on ground-level active storefronts along
North Lake Boulevard. The zoning allows for hotels, motels, timeshare facilities, and "other transient development units" with approval of a Conditional Use Permit with a maximum density of 40 units per acre. Currently, two of the existing mobile home parks
are master leased to the nearby Ritz Carlton for their employee housing. In addition, operators can greatly improve returns by improving the sites for an estimated $400,000 and adding another 9 units for an estimated $700,000.

Lake Tahoe is a beautiful vacation getaway with dozens of beaches spanning across two states, massive granite peaks, dozens of hiking trails, world-renown downhill and Nordic skiing, all types of snow sports, and 39 trillion gallons of water. Being a prime vacation destination and getaway, approximately 15 million people come to Lake Tahoe a year to enjoy the relaxing scenery and enjoy the various activities and communities.

The investment appeal of this asset is driven by Kings Beach's strong vacation appeal and low vacancy levels. With a world-class location along North Lake Tahoe, 8345 Trout presents an attractive choice for renters due to close proximity to major transportation corridors, close proximity to the lake, and easy access to a myriad of shopping, dining, and entertainment options.

Location

Lake Tahoe is a beautiful vacation getaway with dozens of beaches spanning across two states, massive granite peaks, dozens of hiking trails, world-renown downhill and Nordic skiing, all types of snow sports, and 39 trillion gallons of water. Being a prime vacation destination and getaway, approximately 15 million people come to Lake Tahoe a year to enjoy the relaxing scenery and enjoy the various activities and communities.

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 12
Total Occupancy: 100.0 %
Year Built: 1959
Average MH Lot Rent: $1,829
Size: 1 acre(s)

Financial Information (Actual)

Gross Income $290,491
Operating Expense $127,180
Net Operating Income $163,311
Expense Ratio 43.8 %
Debt Info

Utility Information

Water: City
Water Paid By: Park
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 7
Average Rent for Park-owned Homes: $1,829

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