Mobile Home Park Details

  • Purchase Method: Seller Financing
  • Cap Rate: 6.7%
  • Listing ID: 1222412
  • Posted On: Mar 4, 2020
  • Updated On: Jun 3, 2020

Description

21 spaces plus land. Current rent is $365/month, increasing to $400 July 1, 2020. New direct billed gas & electric systems. Water sub-metered. All permanent residents, all age. Has laundry building with park owned washers and dryers. Sewer is two septic tanks (serviced bi-annually), no charge to residents. Trash is billed at $20 per month per space. Also included: two vacant contiguous lots, each approximately 75'x140' (so total of 75'x280') running from city street to another city street. Three RV's are included in price (spaces 2,11 and 13). Owner will consider financing to approved purchaser.

Location

Near Palm Springs CA, about 10 miles north of I10 just off Highway 62 in Morongo Valley, along the way to Yucca Valley (nearest large city) and 29 Palms. Area is higher elevation than lower desert, so generally a cooler climate.

Amenities

  • Laundromat
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Park Information

Community Type: All Age
Number of MH Lots: 21
Total Occupancy: 100.0 %
Year Built: 1956
Average MH Lot Rent: $365
Size: 2 acre(s)

Financial Information (Pro Forma)

Gross Income: $91,980
Operating Expense: $36,792
Net Operating Income: $55,188
Expense Ratio: 40.0 %
Debt Info: free & clear

Lot Information

Singlewide Lots: 19
Doublewide Lots: 2

Utility Information

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

Park-Owned Homes

Number of Park-owned Homes: 3
Average Rent for Park-owned Homes: $585