Mobile Home Park Details
- Cap Rate: 6.5%
- Listing ID: 16355
- Posted On: Sep 13, 2010
- Updated On: May 12, 2015
Description
This beautiful Park consisting of 17 spaces lies near the shores of Lake Success, above Porterville in Tulare County, CA.. Situated on five acres, with plenty of room for expansion, this tidy little gem is kept neat as a pin and is very well-managed, with laundry facilities and new interior roads. The owners live on-site in a beautiful, 2200 sq. ft. home, with three bedrooms, two bathrooms, large custom kitchen, new hot tub and huge two-space garage with workshop. They have reached the age where they are ready to sell out, relocate and relax a little. Looking around the place, I think you'll agree they've earned it!
All 17 spaces are rented, with a reliable, long-term, on-site manager occupying one of them. The rents are very low at $295 per space (!!) and the Park grosses about $6,400 a month, bringing in a net income of about $64,000 per year. (Needless to say, there is plenty of potential to improve that figure, as one mobile home park we checked rents singles for $350 per mo. and another RV Park charges $485 with electricity included.) The gas is sub-metered but the electricity is billed directly by PG&E. There is a septic tank on-site. There are 60 RV storage spaces on the premises, with 35 now rented at $40 per month. The remaining 25 spaces have an income potential of $12,000 per year. The owner's house would rent for around $1,000 a month in this area, adding another $12,000 per year in income potential.
Location
This property is owned free and clear so there is room for flexibility on the financing and terms. The Seller may carry paper with $300,000 down. As always, please do not contact the Manager or tenants. To see this tidy little beauty, call me for an appointment at (559)999-9340
Amenities
- Laundromat
- Storage
Park Information
Community Type: | All Age |
Number of MH Lots: | 17 |
Total Occupancy: | 100.0 % |
Average MH Lot Rent: | $295 |
Size: | 5 acre(s) |
Utility Information
Water: | City |
Water Paid By: | Tenant - Individual Service |
Sewer: | Septic |