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Daniel Weisfield

Three Pillar Communities LLC

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Skyway Villa Mobile Home Park

Multi Family Housing for Sale in Paradise, California

7726 Skyway
Paradise, CA 95969

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Sale Price: $2,950,000

Contact Information

Daniel Weisfield
Three Pillar Communities LLC

Mobile Home Park for Sale

Number of MH Lots: 69
Size: 8.8 acre(s)
Cap Rate: 9.1%
Status: Active
Property ID: 903861
Posted on: Mar 07, 2018
Updated on: Mar 08, 2018
Price: $2,950,000

Property Description

FOR SALE BY OWNER. Highly profitable 69-unit mobile home park in Paradise, CA. Additional upside from building out 12 additional units (already partially approved). Attractive, affordable manufactured housing community with swimming pool, office, and workshop. Stellar location: Walking distance to grocery stores (Safeway, Grocery Outlet), restaurants, banks, churches, schools, and parks. Historically at 100% occupancy. Currently at 95% occupancy due to units turning over.

We would keep this property as a long-term investment, but we are in contract to purchase a larger park, and we need to sell Skyway Villa to fund the exchange.

Break-down of the 69 units is as follows: 23 park-owned manufactured homes, 5 resident-owned manufactured homes, 38 RV pads (RVs are mostly long-term residents), 2 stick-built homes, and 1 stick-built apartment. Sale price includes 23 park-owned homes at no additional cost. More than half of these park-owned homes have been renovated since 2015. Park-owned homes can be operated as rentals or sold to residents for additional upside.

Upside opportunities for the park’s buyer include building out 12 new RV spaces (already partially approved), installing new manufactured homes or new mini-homes to replace vintage homes, selling off park-owned homes, rationalizing operating expenses, and upgrading park aesthetics to command higher rents.

The property is served by city water. Sewerage is treated on-site (septic). Rent Manager software was implemented in 2017, enabling online rent payments and real-time rent tracking.

To learn more about Skyway Villa, please go to this link:

Park Information

Number of MH Lots:69
Total Occupancy:96.0%
Year Built:1960
Average MH Lot Rent: $402
Size:8.8 acre(s)

Financial Information (Pro Forma)

Gross Income$447,622
Operating Expense$201,427
Net Operating Income$267,973
Expense Ratio 45.0%
Debt Info

Lot Information

Singlewide Lots:28

RV Information

Number of RV Lots:38
Average RV Lot Rent: $402

Utility Information

Water Paid By: Park

Park-Owned Homes

Number of Park-owned Homes:23
Average Rent for Park-owned Homes: $706

Amenities and Other

Pool: Yes
Storage: Yes