Mobile Home Park Details

Purchase Method: Cash, Seller Financing, New Loan
Cap Rate: 5.1%
Listing ID: 1658690
Posted On: Apr 29, 2022
Updated On: May 23, 2022

Description

Woodson Bridge MH & RV Park is a unique opportunity to add value to a fully operational, long term and transient River Front Community located in the Northern portion of the Sacramento Valley along the River just six miles from downtown Corning, California.

The property consists of two riverfront parcels totaling 8.05 acres with 1,234 lineal feet of river frontage. The HCD operative permit has 31 MH sites and 73 RV sites with drains and 7 RV sites w/o drains. There are also additional 16 RV sites w/drains (#118 – 152) in the permit process with HCD and are currently being rented. Sites 1 – 33 & 152 are river front and are rented monthly for $530, $300
weekly and $50 nightly. The off-river sites 34 – 151 are rented for $455 monthly, $240 weekly and $40 nightly. There is also a SFR that is rented for $1700, an RV Rental that can accommodate four adults and seven (7) storage units rented from $30 - $100 per month. As of February 2022. The resort has 101 long-term residents, 11 transient and 15 vacancies with 11 past due accounts totaling $8236.00.

The scheduled gross income potential from the community on a monthly basis is 1– 33 & 152 @ $18,000 monthly, 32-151 @ $42,315 and the SFR @ $1,700 and storage @ $430 for a total site rent of $62,465 per month. There is also RV Rental @ $19,200, Utility Billing of $123,600 annually, store revenue of $18,600 annually
and other income of $11,559 annually. This does not factor in the daily, weekly difference above monthly site rent. The current projected gross income is estimated at $922,359 before physical and economic vacancy and includes the 16 RV sites in the permit process.

The current underwriting total income of $784,363 is based on the trailing 12 collections from February 2021-January 2022 which indicated vacancy/collection loss of $61,302 or 8.85% from the MH/RV sites, storage, SFR and Park Owned RV rentals. The current owner has been at the helm since January of 2020. The total
collections in 2017 were $338,813. Current collections for 2021 were $776,789. This trend indicates that there is substantial operational upside for an experienced operator.

*Non-Rent Controlled Market
*Seller-Financing for Qualified Investor
*Sub-Metered Gas & Electric
*129 Income-Producing Sites
*34 RV Sites w/ Rare Sacramento River Frontage
*Seller-Financing for Qualified Investor
*Amenity Package
*Potential for Additional Sites
*Well-Trained On-Site Manager
*Well-Trained Maintenance Staff
*Link to Video Tour of Property: https://youtu.be/gLCv5UgTnAA

Location

Woodson Bridge MH & RV Park is located in a picturesque, Sacramento River front setting in Corning, California. The Park is situated just East of the Woodson Bridge Boat Ramp and State Recreation area, East of Interstate 5 and West of Hwy 99, six miles from downtown Corning. Chico and Redding are the closest major cities. There are miles of walking trails, wildlife viewing, boating, fishing, and hunting. The surrounding area also offers vineyards, nature sanctuaries, casinos and National Parks. The location has broad transient appeal and also offers long term affordable housing for locally employed residents.

The property is composed of two parcels (APN#’s 079-220-002 with 7.05 acres and 079-220-003 with 1.0 acre) totaling 8.05 acres with 1,234 lineal feet of River Frontage. The road surface is a mix of asphalt and gravel and is in fair condition. There is a
substantial tree canopy and significant lawn surfaces which is actively maintained by the on-site maintenance crew. The short-term Riverfront sites have picnic tables, gravel pads, and can accommodate full size RV & Travel Trailers. The interior RV sites have gravel pads and can accommodate full size RV’s & Travel Trailers.

The Park consists of 31 MH sites, and 73 RV sites with drains, and 7 RV sites w/o drains. There are also 16 RV sites with drains in the permit process with HCD and are currently available for rent. Apparently, these sites were in the permit process with Tehama County Planning in July of 1979. This file is posted on the Due Diligence Portal. There was a Negative Declaration filed on July 31, 1979, stating there was no significant adverse effect on the environment and will not increase the demand for county services. This project was for the addition of 25 RV sites to the existing 126 sites. This permit was delayed pending a review of the sewage disposal plan in October of 1970.

There is a large community lodge with a full kitchen, tables, shuffleboard, pool table and TV. The lodge is available to the residents and can be used for special occasions. The office has a general store which provides munchables, soda, bait, tackle and other supplies. There are two common area bathrooms and a RV rental that can accommodate four adults. There is also a 1,500 SQ’ 2/2 SFR on the second parcel that is rented for $1700 per month. A 2bd/1ba custom home unit composed of a storage container w/ a stick-built addition is situated to the north of the office/store and sits on a 4,000 SF lot and measures 460 SF. There are 2 parking spaces, and the unit is for sale for $123,500 with site rent of $530. The Park features a large picnic area with BBQ and a laundry room. The Park is pet friendly and has a children's play area.