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MHRV Advisors Sells Fourth 55+ Mobile Home and RV Parks in Five Months

A Yuma County mobile home park for sale was sold and was completed on February 12, 2008 for $2,400,000.  Vince Reynolds and Norman Sangalang of MHRV Advisors represented both parties in the sale of  this mobile home park.

This clean senior mobile home park  was built in the 1970’s.  The park has 91 mobile home spaces, 7 of those are smaller “RV Size” mobile home spaces.  There are 23 vacant spaces in a market area that is above 95% occupancy and parks on both sides of Mesa Terrace have higher rents.  Amenities at the park include a pool, clubhouse, laundry, shuffleboard and wide spacious streets.  The park is in good condition and has a brand new slurry seal coat for the streets and a recent tree trimming.  Rents in the mobile home section are well below market at $280 with water, trash and cable included.  RV’s occupy some of the vacant mobile home spaces during the snowbird season at $393 per month with all utilities included.  Electricity and Gas are directly billed.  The park is serviced by city water and sewer.  

A new mobile home park loan was obtained in the form of a private note for $2,000,000.

Vince Reynolds commented, “This Yuma market has been doing very well and steadily growing.  The fact that there is 23 vacancies might have scared some investors away, which is why it took the right investor ready to roll up their sleeves and bring new tenants in.  The investor knows the Yuma market and knew that with a little advertising his vacant spaces will soon be filled.  In addition he was able to see that parks in the same condition, as close as next door, were full with higher rents.”

Norman Sangalang stated, “The buyer closed escrow as quick as possible to start his advertising campaign and try to capture some new business before the end of the season.  Since the park was already in good shape with a new slurry coat on the streets, trees trimmed and no other deferred maintenance, all that was left to do is fill vacancies.”  

Mobile Home Park For Sale in Yuma County, Yuma AZ 

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