Mobile Home Park Details

  • Price:
  • Purchase Method: Seller Financing
  • Cap Rate: 6.9%
  • Property ID: 999157
  • Posted on Oct 17, 2018

Property Description

The park is located in an industrial area but close to freeways, schools, shopping and employment. There is strong demand for resale homes and the site rents range from $344 to $380 (approximately $15 rent increase planned for 1/1/19, SFR's currently rent at $675 and $695), which are reasonable for the area. Bakersfield MHP has a history of stable occupancy and collections which have been maintained by the on-site park owned home rental and resale program.

The owner has consistently upgraded the park owned home resales that merit renovation and there are five (5) homes that can be renovated for rent or resale. Between 2004-2010 there were significant upgrades made to the park. The POH rental income/expenses and note income are not included in the net operating income or CAP rate of the real property.

There is ample opportunity to increase the income by filling the vacancy with POH rentals or resales. The investment offers a 8.50% return at current occupancy.

Priced at a 7.73% CAP with a 57.67% expense load ($2,975 per site), this investment offers stable cash flow return with incubation upside. Contact the listing broker for a complete Offering Memorandum.

Seller to carry a first of $1,000,000 at 6%, 30-year amortization, due in 10 years.

Please contact the listing broker to schedule a viewing of the property - do NOT disturb the tenants or current operations.


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Park Information

Community Type: All Age
Number of MH Lots: 60
Total Occupancy: 73.0 %
Year Built: 1950
Average MH Lot Rent: $389
Size: 4.6 acre(s)

Utility Information

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

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