Mobile Home Park Details
- Cap Rate: 6.2%
- Listing ID: 1687205
- Posted On: Jun 9, 2022
- Updated On: Jan 3, 2023
Description
The Willows MHP is an all-age mobile home community comprised of 22 total units on 14.1 acres of land that will have a parcel split to be reduced to approximately 4.1 acres of land. The community is conveniently located on the famous Avenue of the Giants in Humboldt County, CA, a scenic 31-mile road displaying some of the largest redwood trees in the world. The community is a short 5 min (0.1-mi) walk to downtown Miranda, CA, and less than 1 hour (57-mi) drive to Eureka, CA. In addition, the South Fork of the Eel River is also within walking distance from the property, providing outdoor entertainment, including but not limited to fishing, boating, swimming, and much more! The property has a waitlist and has historically been fully occupied, displaying the substantial demand for housing in this area. This mobile home community does have rent control, but the rent control does not apply to the park-owned homes. The Willows MHP is a rare opportunity to acquire a stabilized mobile home community in the high-demand rental market of the charming city of Miranda, Humboldt County, CA.
Location
The community is conveniently located on the famous Avenue of the Giants in Humboldt County, CA, a scenic 31-mile road displaying some of the largest redwood trees in the world. The community is a short 5 min (0.1-mi) walk to downtown Miranda, CA, and less than 1 hour (57-mi) drive to Eureka, CA.
Park Information
Community Type: | All Age |
Number of MH Lots: | 22 |
Total Occupancy: | 95.5 % |
Year Built: | 1956 |
Average MH Lot Rent: | $939 |
Size: | 14 acre(s) |
Financial Information (Actual)
Gross Income: | $258,417 |
Operating Expense: | $131,228 |
Net Operating Income: | $127,189 |
Expense Ratio: | 50.8 % |
Debt Info: | Debt Service reflects 5.00% Principal & Interest, 10-year Term, 30-year Amortization. |
Lot Information
Singlewide Lots: | 9 |
Doublewide Lots: | 8 |
RV Information
Number of RV Lots: | 1 |
Average RV Lot Rent: | $450 |
Utility Information
Water: | City |
Water Paid By: | Park |
Sewer: | City |
Park-Owned Homes
Number of Park-owned Homes: | 17 |
Average Rent for Park-owned Homes: | $939 |