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ANOTHER SAN DIEGO COUNTY PARK SOLD BY MHRV

The mobile home park for sale in the city of Dulzura, CA, San Diego County sold on March 6, 2006 for $4,100,000.  Vince Reynolds and Norman Sangalang of MHRV Advisors represented the Seller in this transaction.

The park consists of 81 mobile home spaces and 10 recreational vehicle spaces (91 total units). The property is situated on 107 acres and is serviced by well water and a septic system.  Space rents ranged from $370 to $430.  Electric, water and propane are sub metered, and trash is billed at $6.35 per space.   Amenities include two pools, laundry facility, 2,000+ sq ft clubhouse and a large area for parking and storage.  The park has 30, 50 and 100 amp electric.  The mobile home and RV park was 100% occupied during the time of the sale.

There was new mobile home park financing of $3,700,000 @ 5.82% fixed for 10 years.

Norman commented, “Because of the rural location of a park valued above $4 million it was difficult   finding a buyer that could get comfortable with the combination of park, area and price, even though it is located in San Diego County.  The park is the only form of multifamily in the area so no one could determine whether it was a good thing or bad thing to be the only game in town.  Once the buyers became comfortable with the area they realized this was one of the best cap rates to be seen in San Diego County in quite some time.”

Reynolds commented, “There is no rent control in the county of San Diego so this property does have some upside potential.  In addition,  there is the possibility of adding some additional sites and trading some of the extra acreage for mitigation land.  We went in and out of escrow a couple of times on this park and each time the market got stronger and stronger.  This park needs some TLC, but will continue to maintain great occupancy because of its location.” 

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