No Rent Control, 55+, Southern California – Rarely Make it to the Market

The sale of a 55+ San Bernardino Mobile Home Park was completed on November 9, 2007 for $3,300,000. Vince Reynolds and Norman Sangalang of MHRV Advisors represented both parties for the sale of this mobile home park.

The park is situated on approximately 6.8 acres permitted for 68 mobile home spaces. Amenities at the park include an office, clubhouse, pool, spa and laundry room. The sale of this mobile home park includes 7 park owned homes of which most are not being charged a home rental fee above the base space rent. The base space rent is below market at $330, with water and trash included. Electricity and gas are sub-metered to the tenants. The park is serviced by city water and city sewer. There is no rent control in Victorville.

Vince Reynolds commented, “Barely does a day go by that we don’t get a request from an investor looking for a 55+ mobile home park for sale with no rent control in Southern California. As soon as we put this park on market we had several offers from well qualified investors. The buyer has been saving up for this type of opportunity so he was able to close without the need for a new loan and the associated financing contingencies. His all cash and quick close offer was the most attractive one presented to the seller.”

Norman Sangalang stated, “The buyer owns several parks in the inland empire, this will be his biggest and best park yet. He is very excited with the potential to sell or rent 7 homes in a 55+ park. Most of the homes had been rented for the same amount as the existing pad rent or maybe pad rent + $100. The buyer is not afraid of park owned homes and knows there is significant upside to be had.”

“We believe this was a true 6% cap at the close of escrow that will very easily be a 7% cap with only a few operational changes.” added Reynolds

Vince Reynolds and Norman Sangalang specialize in the sale of mobile home parks and RV parks in California, Arizona and Nevada. They also provided refinancing and new loans for over 100 mobile home parks and RV parks over the past few years. For further information please contact Vince or Norman toll free at (866) 459-MHRV (6478) or via email at info@mhrvadvisors.com.