Beautiful Eastern Sierras MHP first time to market, Pacific West Region

Property Description

Beautiful Eastern Sierras MHP first time to market

Located in East / Central California, east of Fresno

74 space MHP/RV park

Long term tenants

Direct billed electric

Vacancy Upside

Reimbursement opportunity for trash and septic maintenance

Total Spaces: 74 (37 MH & 37 RV)

Tenant Owned Homes: 58

Park Owned Homes: 1 Owner/Mgr Double Section

Average Lot Rent: $337

Tenants direct billed for electric & propane

Well & Septic

Acreage: 9.62 acres

Available Pads: 15 (80% Occupancy)

Price per Pad: $14,865

This mobile home and RV park offering is a high occupancy, long term tenancy investment with room for revenue growth.

The park is permitted for 74 pads, half mobile home and half RV. It also has an onsite restaurant and a coin-op laundry building. This rural property is served by well and septic.

Rock roads are in good condition and spaces are large and well kept.

Coaches within the park are a mix of double and single section mobiles, RVs and park model cabins.

This park has been owner managed and operated by the same family since 1978 and has been a campground and housing since the 1940’s.

The park’s land is leased from LA county Department of Water and Power.

LADWP purchased the land in the 1920’s from the a family’s ranch holdings for water rights and subsequently leased the property for commercial use as a campground, RV park and mobile home park.

The current lease is for five years; however, LADWP has indicated that a new owner could receive a fifteen year lease as has been customary for this property.

Rents average $337 a month and tenants are direct billed for electric and propane.

Base rent includes trash, water and septic.

Two RV spaces are short term leases that include electric and gas for $650 a month.

Thirty-seven tenants are at $355 a month with 17 additional tenants paying between $191 and $312.

The area is a destination for hikers, fishermen and those who love the outdoors.

The park is occupied by tenants living year round and those who own and use their coaches as vacation homes.

Aberdeen Resort is located on 9.62 acres of land with the a creek bisecting the property.

The 74 space park is served by an upgraded well system and ten septic systems.

The following improvements and assets are included in the purchase of this leasehold interest: water system including pumps, piping, water storage tank, distribution lines and risers; waste water system including septic tanks, leach lines, waste water lines and connections; electrical pedestals; coin-op washers and dryer; fencing; sprinkler system, the Café furniture, restaurant equipment, supplies, furnishings, stained glass windows; along with personal property included with sale of a Single family manufactured home, garage, storage shed, boom lift, storage van; misc. electric, water, waste water fittings and tools.

All real property, including the underlying land, Café building, outbuildings, all mineral and water rights are owned by the Los Angeles Department of Water and Power.

The lease assignment for the real property and improvements requires approval from the LADWP.

This Resort is well kept, with fencing around most lots, clean yards and common areas.

The Café is currently operated seasonally and financials are not a part of this package.

The café shows a break even over the past few years.

It could continue to be operated as is, opened year round, or converted to an office and/or a retail store.

Per the LADWP lease, the park owner cannot own “for rent“ homes in the park.

The current owner is a cabin dealer and has been bringing in cabins, setting and selling them to fill vacant lots.

This is an ideal strategy for this park as most of the vacant spaces are RV spaces at this time.

This park is off the beaten path, which is why the tenants love it here.

The park stays full by catering to those looking to get away from the hustle of the coastal cities to an area with fresh air, clean water and beautiful views.

A new owner with some advertising and capital to purchase and sell additional cabins, could lever up an already attractive financial return.

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