NEWER PARK IN GROWING AREA PRESENTS EXCELLENT OPPORTUNITY

The sale of the El Rodeo Villas Mobile Home Park at 2066 El Rodeo Road, Bullhead City, AZ was completed October 2, 2000 for $1,075,000. Vince Reynolds of MHRV Advisors and John Grant of Park Brokerage Inc. represented the seller in the transaction.

The five star, all ages community consists of 73 spaces and a 2-bedroom apartment. Included in the sale price were four newer manufactured homes and one park model. The park was built in 1993 and has large sites, a modern clubhouse with an office and kitchen, 20x40 pool, spa and security entrance. The community requires all of the homes to have dug-in or ground level foundations. Only 26 sites were occupied at the time of sale.

Space rents are $225 plus $25 for sewer, water and trash. The seller was offering a move in special of $99/month for two years. The park owned homes are rented for $400 - $600.

The park sold at a 5% cap rate based upon the 35% existing occupancy rate, but at a large discount from replacement cost at a very low $14,726 per space. The buyer paid all cash at the close of escrow without any financing.

"The seller had done very little advertising or promotion for the community in the last couple of years. He bought the park in 1995, set up his own dealership, and started selling his own homes. By having his own dealership, he alienated all of the dealers in the area. They would not work on selling homes in his community, and his dealership efforts were not successful. He had quit trying to fill the community for the past several years." said Reynolds

John Grant commented, "The buyer specializes in filling under performing communities like El Rodeo. He is owns his own dealership and has a number of locations in Southern California. By offering move-in incentives and actively advertising and working the market, he has turned around a number of similar situations. The buyer has a lot of upside at $14,000 a space for a five star community".

Reynolds added, "Bullhead City and its sister city Laughlin, Nevada are visited by roughly 5 million tourists a year and the year round population for the area has increased by 30% since 1990. In addition, this area has been a draw for California retirees and river enthusiasts. These numbers along with the increase in California buyers should help to fill this park in a few years."

Vince Reynolds sells and finances mobile home and RV parks exclusively throughout the states of California, Arizona and Nevada. Vince has sold 60 RV and mobile home parks in the past 8 years with dozens of others financed. For further information please contact Vince at (866) 459-MHRV 6478.