Mobile Home Park Details
- Purchase Method: Cash, New Loan, Assumable Loan
- Cap Rate: 6.9%
- Listing ID: 1113567
- Posted On: Jul 31, 2019
- Updated On: Dec 6, 2020
Description
Sycamore Park is situated on 3.17 acres with plenty of room for expansion. Grand Terrace is a coveted place to live with a better performing school district than the surrounding cities. The Park is not in a rent control area and, given the high demand for rental units in Grand Terrace, we have produced a higher income as rentals versus collecting only space rent. The 10 park-owned homes show incredible remodeled interiors completed at the beginning of the year and average $1,280 in rent per space.
Sycamore Park has great rental income value and amazing multiple value-add opportunities with the ability to more-than-triple the existing mobile home spaces.
The Park has 21 spaces built-out but is zoned and approved for a total of 38 spaces. The additional 17 spaces, at $650 a month for space rent, would generate $117,000 more revenue for a total of $367,908 annually. This is very feasible since it only requires a conforming plan to be submitted and approved.
Location
The Park is located at the top of a hill with unobstructed views to the west, producing an amazing view all day and an even more incredible one at night. The Park boasts many mature trees, large open green spaces, and a miniature walking/sitting park at the entrance that lends to the park-like living experience.
Ownership recently finished improvements to the entrance of the Park that looks more appropriate for a mansion and signals to guests and tenants that this is not an ordinary mobile home park. The Park has attracted seniors, families, newlywed couples and singles, making this Park a true all-age community. There are 10 park-owned homes that have incredible remodeled interiors. The exterior of the homes have retained their aged patina and are complemented by lush gardens and drought tolerant landscapes.
The Park is connected to city water and sewer while all spaces are metered for gas and electricity. There is an on-site laundry facility that serves the mobile home community. Sycamore Park is an older well-maintained park that has great value and an amazing value-add with the ability to more than triple the existing mobile home spaces. The park is zoned and approved for 36 spaces and can be expanded up to 68 spaces with a zoning variance. This value-add potential will ensure the investor a sound investment.
Sycamore Park is located in Grand Terrace, California, just west of the 215 Freeway and a few miles south of the 10 Freeway adjacent to the city of Colton. Grand Terrace is a city located in San Bernardino County with a population of about 12,595. Overall, residents are professionals, sales and office workers, and service providers with a small percentage of retirees who appreciate the slower pace of life that this city offers. The median household income is $107,472 and the average rent is $1,735 per month, purported to be one of the highest in the state of California. City data source: NeighborhoodScout.com
Amenities
- Laundromat
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 21 |
| Total Occupancy: | 100.0 % |
| Year Built: | 1957 |
| Average MH Lot Rent: | $650 |
| Size: | 3 acre(s) |
Lot Information
| Singlewide Lots: | 15 |
| Doublewide Lots: | 5 |
| Triplewide Lots: | 0 |
| Park Model Lots: | 0 |
RV Information
| Number of RV Lots: | 0 |
Utility Information
| Water: | City |
| Water Paid By: | Tenant - Individual Service |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 10 |
| Average Rent for Park-owned Homes: | $1,280 |