Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 5.3%
- Listing ID: 1495736
- Posted On: Aug 12, 2021
- Updated On: Nov 29, 2021
Description
Marcus & Millichap is pleased to present the opportunity to acquire an 85 space two-park Northern California portfolio: Chateau Shasta Mobile Home & RV Park and Horizon Hills Mobile Home Park. The parks are located just 35 miles from each other in the heart of Siskiyou County, CA. Chateau Shasta is a 63-space park located in Mount Shasta, California. Horizon Hills is a 22-space park located in Montague, CA just 10 minutes east of Yreka, CA.
Chateau Shasta is located just off I-5 in the city of Mount Shasta. The Park is tucked among towering evergreens at the base of Mount Shasta and is just across the street from a beautiful meadow. With a total of 34 mobile home and 29 RV sites, Chateau Shasta is the larger of the two communities. The Park is serviced by city sewer and has two wells that provide water to the park. The Park currently offers transient and long-term sites for RV tenants and has 24 mobile homes on site.
Located in Montague, 10 minutes east of Yreka, Horizon Hills is a 22-space mobile home park situated in the heart of town. The Park is serviced by city sewer and city water and is located just steps from the Montague Community Center and pool. With recently paved roads and all tenant-owned homes, Horizon Hills is a turnkey asset.
With the opportunity to purchase both communities, an investor has the ability to acquire scale in Northern California. This two-park portfolio has upside in rents and operations in a low-vacancy rental market.
Location
Siskiyou is home to leading companies in food, agriculture, wood products, tourism, and manufacturing. Companies that choose to locate here do so because of the quick, easy access to the world’s largest consumer marketplaces, low cost of living, and a quality of life that is unparalleled.
Siskiyou is home to some of the leading agricultural producers in California. Siskiyou has been a leader in high-value agricultural products for decades. In recent years, Siskiyou has attracted a number of agricultural producers that are paving the way to provide high-value products to marketplaces along the West Coast and internationally. Siskiyou is home to a thriving local food economy including industry leaders such as Prather Ranch, Novy Ranches, and Belcampo Farms.
Park Information
Community Type: | All Age |
Number of MH Lots: | 56 |
Total Occupancy: | 85.0 % |
Average MH Lot Rent: | $400 |
Size: | 9 acre(s) |
Financial Information (Pro Forma)
Gross Income: | $460,737 |
Operating Expense: | $215,097 |
Net Operating Income: | $158,866 |
Expense Ratio: | 46.7 % |
RV Information
Number of RV Lots: | 29 |
Average RV Lot Rent: | $379 |
Utility Information
Sewer: | City |