Property details

Los Angeles Area MHP For Sale, Pacific West Region

Property Description

Los Angeles Area MHP For Sale

Located about 90 miles outside of Los Angeles

HCD permit for 57 MH spaces and 3 RV spaces plus 2 SFRs

15.32 acre parcel, zoned MP

Substantial frontage to a busy Blvd

No rent control in the County

On City water and sewer

Vacancy and new ownership/management upside

All age mobile home park

There are also two SFRs located on the property. Both homes are rented.

The property has a pool (not currently in service) and an office building.

The park is submetered for gas and electricity.

The park pays for trash service. v Recent capital improvements include asphalt sealing completed March 2017.

The property is located on the main thoroughfare in the City.

The park sits on one parcel of 15.32 acres, occupying the southerly portion, approximately 5 acres +/-, leaving 10 acres +/- for future development/use.

The parcel is flat. There are several new SFR housing tracts being constructed in the City.

Single family homes sell for high $200,000s to low $400,000s.

The area is busy and hard working.

Located in a city that has a population of approximately 18,000.

The current ownership and management team are located outlide of the area.

As a result, this park will benefit greatly from more hands-on, tighter controls/rules enforcement ownership/management.

The park currently charges $330 in space rent.

The last rent increase was in 2007, from $300 to $330. Space rent of $330 is lower than the surrounding areas in the area and other parks in the County.

Typical average space rent is in the $350 to $400 per month range.

Of the 60 spaces, there are 11 vacancies (17% economic vacancy).

There are 4 vacant park owned homes included in the sale, spaces 10, 43, 49 and 60.

There are 6 homes on RTO agreements, additional rent is not reflected on rent roll but included on the financial statements.

The manager lives at space 14B. The manager receives a rent concession of $210 plus $12 per hour for repairs and maintenance work at the park. List Price - $2,000,000

Price per space - $33,333

Current Cap Rate - 4.54%

Proforma Cap Rate 1 - 6.49%

Proforma Cap Rate 2 - 7.87%

Proforma Cap Rate 3 - 9.82%

Proforma Cap Rate 1 - Expense ratio adjusted to 55% on current income

Proforma Cap Rate 2 - 57 spaces at $380, plus SFRs and 7% vacancy/no adjust to expenses

Proforma Cap Rate 3 - 57 spaces at $380, plus SFRs and 7% vacancy/55% expense ratio current income






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Highlights

Status:
Withdrawn
Price:
$2,000,000
Cap Rate:
4.53%
 

Property Information

Property Type:
Mobile Home Parks
Industry Type:
Mobile Home Park
Units/Spaces:
62
Purchase Tenure:
Fee Simple
 

Existing financing information

N/A

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.