The Villa De Oro Mobile Home Park is a 15 Space Senior Community located in East Las Vegas. All of the sites are wide enough to accommodate a double wide home and average site size is 100X50. At 2.41 Acres, Villa De Oro yields a density of 6.22 sites per acre giving the tenants a spacious feel. Well Located less than four miles from Downtown Las Vegas and the world famous "Las Vegas Strip" Villa De Oro has direct access to plentiful amenities in the area. Currently the park is 100 percent occupied. The park has historically maintained high occupancy due to demand for affordable Senior Housing, which the census bureau projects will be the largest segment of population growth in Nevada for the next ten years. There is a five percent vacancy/collection allowance included in the financial underwriting.
The city of Las Vegas provides water, trash and sewer which is included in the rent. Gas and electric service are currently direct billed to the tenants by NV Power Company. A small building on the property has a laundry room with one washer and dryer that generates additional income. The building also houses a monitor well which the water authority tests on a regular basis. It appears to be city owned. The center lot is asphalt with curbed and guttered cement sidewalk in front of the homes. Parking is assigned, two per site to the center asphalt lot with the.
The existing financing on the park is held by a private party (former owner). The note is held by the original owner of the park and is in the form of an Installment Note secured by a First Deed of Trust to
First American Title Company of Nevada as Trustee. There is approximately $362,000 of unpaid principalbalance payable in monthly installments of $2,796.87 principal and interest. The note continues until September 1, 2018. The current lending environment will make it hard to place new debt on the property
and the assumable debt makes this an attractive opportunity.
Villa De Oro is priced at an 8.12% Cap rate at $37,667 per site with $2,198 per site in expenses (41.82%) and NOI per site of $3,045. Villa de Oro (55+) Mobile Home Park provides positive leverage, stable cash flow and upside in the ability to pass through/submeter water costs. Increased demand for affordable senior housing give Villa De Oro a stable platform for the future.
