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Clean Senior MH & RV Park sells in Eastern San Diego County

The mobile home park for sale in the city of Borrego Springs, CA, San Diego County sold on January 3, 2006 for $1,675,000.  The buyer placed new financing of $1,100,000. Vince Reynolds and Norman Sangalang of MHRV Advisors represented the Seller in this transaction.

The mobile home and RV park is a very clean Senior park located on the Eastern border of San Diego County.  The park consists of 78 total spaces(37 mobile home & 41 RV + 3 Park Owned Homes) situated on 6.02 acres serviced by city water and a septic sewer system.  The park has sub-metered electric, water and propane. Amenities at the park include a pool, RV Storage and restaurant right next door.   Average space rents were $289 for MH spaces and $275 for RV spaces at time of sale.

There was new mobile home park financing placed on the park of $1,100,000.

Norman Sangalang, “We have watched Borrego Springs real estate continue to increase in value.  Currently most of the lots available for development have been snapped up and all of the cheap condos and SFR’s are gone. Borrego Springs is seeing a large influx of residents relocating from the Palms Springs and the entire Coachella Valley due to the cheaper housing, less traffic/congestion and better weather.  Snowbirds are also finding Borrego Springs to be a great alternative to other Southern California and Arizona locations.”   

Reynolds stated, “At $21,474 per space this is one of the lowest price per space deals that we have seen in San Diego County in a long time.  The park is in good condition and maintains good occupancy, it just took getting an investor that was familiar with Borrego Springs comfortable with area to wrap up the deal.  We had several buyers go in and out of escrow, all liked the park and the return on investment, but could not get comfortable with Borrego.  The buyers liked the park, stayed in Borrego for a weekend and have never looked back.”

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