Contact Information
Sam Neumark
Mobile Home Park Details
- Price: $3,450,000
- Cap Rate: 5.0%
- Listing ID: 2990229
- Posted On: May 24, 2023
- Updated On: May 24, 2023
Description
Northmarq is pleased to present the opportunity to acquire Brookside Mobile Home Park, a forty-five (45) space community in Bishop, California. The community is 100% occupied, with 42 TOH, 1 POH and 2 cabins. The unit composition includes 20 single wide, 23 double wide and 2 cabins at Brookside. The park is serviced by city sewer and a private well.
The well is supervised by the State Water Board. Bishop is the largest town in the Owens Valley, nestled between the Sierra Nevada to the west and the White Mountains to the east.
The property is listed at $3,450,000 underwritten with a 48.62% expense ratio. Based on the financial summary, an investor can expect to purchase the property at a 5.02% cap rate, with value-add opportunity to increase the in-place cap rate in year-1 to 5.76%.
Potential value-add opportunities include repaving the roads, gradually replacing older homes with newer SWs, DWs & park models, and upgrading the laundry room facilities.
Location
The park location is at the foot of Mammoth Mountain, a world class skiing and recreation area that attracts over 4 million visitors annually. Many residents of Bishop commute to the surrounding ski areas.
California has consistently ranked as one of the nation's hottest housing markets and continues to demonstrate year-over-year growth.
Amenities
- Laundromat
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 45 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1959 |
| Average MH Lot Rent: | $582 |
| Size: | 4 acre(s) |
Financial Information (Actual)
| Gross Income | $337,080 |
| Operating Expense | $163,877 |
| Net Operating Income | $173,203 |
| Expense Ratio | 48.6 % |
| Debt Info |
Lot Information
| Singlewide Lots: | 20 |
| Doublewide Lots: | 23 |
| Park Model Lots: | 2 |
Utility Information
| Water: | Well |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 1 |
