Mobile Home Park Details

• Purchase Method: Seller Financing
• Cap Rate: 7.9%
• Listing ID: 893336
• Posted On: Feb 7, 2018
• Updated On: May 1, 2019

Location

Located in an area without rent control with a high demand for affordable housing Lassen Mobile Home Park offers an investor a stable return with some rent and vacancy upside. Lassen consists of 28 MH sites plus a 3br and 2br homes which are currently rented. Two additional parcels which are zoned residential also included in the sale. Broker believes those parcels can be utilized for residential development however is doubtful and cannot guarantee additional MH expansion. Rental comparisons are below and the owner has already sent a letter to tenants raising rents to $400 plus $25 in utility costs. The property consists of residents who work in service industries or at one of the three local correction facilities which offer a stable employment source and above average wages. Lassen MHP is serviced to each unit for gas by local provider and mostly direct-billed for electricity. Lassen has a low density of spaces per site which allows for large yards and private fenced lots. The streets are paved and offer one parking space per lot in front of each home. Most of the lot sizes are between 80-90 feet in length and 30-40 feet in width which will accommodate modern multi-bedroom mobile homes. The property is serviced by a well and septic tanks both of which have been properly maintained with records able to be provided in escrow. There are access points at the east and north end of the property. Broker recommends annual rent increases to bring the property up to market and potential land development opportunities.

Amenities

• Storage