Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 7.4%
- Listing ID: 17433
- Posted On: Oct 18, 2010
- Updated On: Oct 19, 2010
Description
West Lake Mobile Home Park is a small park currently approved for four mobile home spaces located on the 395 highway between Bishop and Ridgecrest California. The offering includes one 1700 square foot single family residence, one double-section mobile home, three single-section mobile homes, one large two story garage and several outbuildings located on five beautiful acres of land. Over three acres of flat, vacant land are available for development of additional spaces. The property is zoned R-3 providing at least an additional 11 units.
Location
This park is in a beautiful location backed up against the Eastern Sierra mountain range providing spectacular views and a quiet, peaceful environment for any owner.
The area is in desperate need of affordable housing as Crystal Geyser’s water bottling plant continues to expand. The plant currently employs over 150 and recently bought an adjacent ranch in order to increase their operations.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 4 |
| Total Occupancy: | 95.0 % |
| Average MH Lot Rent: | $400 |
| Size: | 5 acre(s) |
Financial Information (Pro Forma)
| Gross Income: | $31,500 |
| Operating Expense: | $9,327 |
| Net Operating Income: | $22,173 |
| Expense Ratio: | 29.6 % |
Lot Information
| Singlewide Lots: | 3 |
| Doublewide Lots: | 1 |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | Septic |
Park-Owned Homes
| Number of Park-owned Homes: | 5 |
| Average Rent for Park-owned Homes: | $650 |