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 Recently Renovated Park in Expanding Market

The sale of a San Diego County mobile home park for sale was completed on November 22, 2006 for $900,000.  Vince Reynolds and Norman Sangalang of MHRV Advisors represented the Seller in this transaction. 

The mobile home park consists of 26 MH spaces and 1 site for a SFR or managers residence on 3.22 acres and is serviced by the local water district and city sewer.  The park is located in the expanding retirement community of Borrego Springs, located in Northeast San Diego County. As the senior market and San Diego population continue to grow the Anza-Borrego region is predicted to be one of the largest areas of percentage growth by SANDAG (San Diego Association of Governments)  The park was built in 1998 and went through a $300,000 rehab in 2005. Amenities in the mobile home park include an office/ clubhouse and resort style pool. Electric is direct billed to tenants on 100 amp service.  Water, sewer, trash and propane are sub-metered.  The seller bought the park in Oct. 2004 and removed 7 older mobile homes and is filling the park with new Santa Fe style homes.  The park has a brand new gated entrance and concrete streets, this park is in excellent condition.  

Mobile home park financing was not needed for this park as the buyer purchased the park all cash.

Vince Reynolds commented, “It was tough getting investors to become comfortable with Borrego Springs, for so long Borrego has struggled with being a small town just for retirees and snowbirds.  Investors would love the park and its infrastructure but balk at Borrego Springs.  It now seems that the other snowbird and retirement areas in Southern California have become too expensive and Borrego is great alternative.  Same weather, less congestion, lower prices.”    

Norman Sangalang added, “The seller purchased the park in Oct. 2004 and spent the next year removing the homes that were onsite and renovating the clubhouse and pool area along with adding a security gate and desert landscaping to the entrance. The park truly wasn’t open for business until Oct 2005 and since that time the seller has taken on other bigger more time consuming projects.  So with not much time or effort 6 homes have been sold at the park in year.  We were really surprised that we did not have more interest in this property even with the hurdles of filling 20 or so spaces.  Every one is looking for new, 55+ park with direct bill utilities, this is it, its just going to take a couple years before it becomes a real coupon.”

 

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