Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 6.8%
- Listing ID: 1399815
- Posted On: Mar 1, 2021
- Updated On: Jul 30, 2021
Description
*For Sale By Owner with Agent*
Wagon West Mobile Home Park Community (All ages) features 27 homesites/spaces with full hook-ups comprised of (18) manufactured housing sites, (6) RV sites, and (3) Single-Family Residences. Situated on a 3.20 acre site the improvements were built in 1975 plus the community is serviced by public/city water, a septic sewer system, and an onsite laundry-facility. Seven (7) of the MH spaces plus the (3) SFRs are direct billed for electrical/gas by the providers; the remaining (17) spaces have a master meter which is read monthly by the onsite manager then given to 'Park software company' and then each tenant is billed their share of the utilities. Tenants reimburse the ownership for water and electrical.
Wagon West boasts 100% occupancy with full rent collection. The majority of the tenants have resided at the park for between 7-20+ years with no turnover in several years. The rents are below market and there's no rent control in Porterville. With modest annual rent increases this represent a solid cash-flow investment.
Location
Located in the city of Porterville, Wagon West MHC, is situated in close proximity to most major commercial employers, retailers, and amenities such as Walmart Distribution Center, Grocery Outlet, ALDI grocery store, Starbucks, Home Depot, Lowe's, Harbor Freight, plus several franchised hotels, and drive-thru food restaurants. Porterville is serviced by two (2) general hospitals plus Porterville Jr. College.
In addition, Wagon West is in the path of development of new construction homes plus has highway visibility which is provides an excellent potential for billboard income as well.
The main economic industries within Tulare county are agriculture/forestry, healthcare, social assistance, and retail trade. It is the most productive agricultural economy in the state based on revenues.
Amenities
- Laundromat
Park Information
Community Type: | All Age |
Number of MH Lots: | 27 |
Total Occupancy: | 100.0 % |
Year Built: | 1975 |
Average MH Lot Rent: | $475 |
Size: | 3 acre(s) |
Financial Information (Actual)
Gross Income: | $189,391 |
Operating Expense: | $81,179 |
Net Operating Income: | $115,810 |
Expense Ratio: | 42.9 % |
Lot Information
Singlewide Lots: | 18 |
Park Model Lots: | 3 |
RV Information
Number of RV Lots: | 6 |
Average RV Lot Rent: | $400 |
Utility Information
Water: | City |
Water Paid By: | Tenant - RUBs |
Sewer: | Septic |
Park-Owned Homes
Number of Park-owned Homes: | 3 |
Average Rent for Park-owned Homes: | $937 |