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RARE SAN DIEGO COUNTY SMALLER PARK SALES

The mobile home park for sale  in El Cajon, CA, San Diego County sold on November of 2005 for $875,000.  Vince Reynolds and Norman Sangalang of MHRV Advisors represented the Buyer and Seller in this transaction.

The park consists of 15 mobile home spaces and 1 SFR (16 total units). The property is situated on 2.28 acres and is serviced by city water and city sewer.  Average space rents are at $450.  Electric and Sewer fees are passed through to the tenants, and the park pays water and trash.   The park was 100% occupied during the time of the sale.

Although new mobile home park financing would easily be obtained for this mobile home park, the buyers purchased the park all cash.

Norman commented, “Clean smaller parks are continuing to be good investment for park investors. The price range is similar to a duplex apartment in San Diego County but with less maintenance and an income stream that is spread over several times the number tenants reducing vacancy loss.”

Reynolds commented, “The price range makes the possibility of an all cash transaction very likely as well.  With an all cash sale the Seller has a lot of flexibility for a 1031 exchange. In this sale the Seller’s intent was to exchange into a  property that was still under construction. The ability to extend the close date allowed the Seller a safe margin to close otherwise the replacement property may not have been completed in time to transfer invalidating the 1031 exchange.”

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