Mobile Home Park Details
- Purchase Method: New Loan, Assumable Loan
- Cap Rate: 7.3%
- Listing ID: 454092
- Posted On: Jun 2, 2014
- Updated On: Dec 5, 2014
Description
Oakridge Mobile Home Park is an all-age community consisting of 70 manufactured home sites nestled on a 13.77 acre lot in the mountaintop community of Lebec on the Tejon pass. The park is located in an unincorporated area of Kern County with no rent control and the park is on city services.
At the present time, 27 of the sites are vacant and 10 of the homes are park owned. Taking this into consideration, the park has been priced with an initial cash on cash return of at least 6.6% based on current income and expenses, with the very realistic upside of a roughly 15% return using a projected 10% vacancy factor!
Location
Lebec is the headquarters of the Tejon Ranch Company which is currently undertaking 3 significant projects. The projects are Tajon Mountain Village, Centennial and Tejon Outlet Stores scheduled for a grand opening august of 2014 with approximately 500,000 sq. ft. and projected to employ roughly 1,000 people. Lebec is the closest area that can provide any housing for these employees.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 70 |
| Total Occupancy: | 64.0 % |
| Average MH Lot Rent: | $455 |
| Size: | 14 acre(s) |
Financial Information (Actual)
| Gross Income: | $466,908 |
| Operating Expense: | $122,577 |
| Net Operating Income: | $176,073 |
| Expense Ratio: | 26.3 % |
| Debt Info: | $910k existing of Buyer may get new. |
Lot Information
| Doublewide Lots: | 70 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 10 |
| Average Rent for Park-owned Homes: | $794 |