RIVERFRONT PARK SELLS FOR $36,000 PER SPACE

The sale of the Lonesome Cove Mobile Home Park located at 3720 Highway 95, Parker, Arizona was completed on May 15, 2003. Vince Reynolds and Norman Sangalang of MHRV Advisors represented the buyer and the seller in the sale.

The all ages community was built in the 40's and 50's and has 41 sites and a small laundry facility. It is an older park in good condition. There is a mix of doublewide and singlewide homes. The park is situated on 4.5 acres and has launch ramp and dock facilities. The community is serviced by city water and has septic sewer systems.

The site rents were $297-490 per month. Riverfront spaces were all above $450 . Electric is directly billed to the tenants. Trash is included and water is a $7.50 minimum.

The community sold for $1,475,000 or a 8.5% capitalization rate. The price per site was $35,976. A local bank in Lake Havasu provided the new financing of $1,115,000 at an initial adjustable interest rate of 5%.

Vince Reynolds commented, "This park sits right on the Colorado River along what is known as the Parker Strip. It benefits from a true year round season. Snowbirds are in the park all winter and the waterski crowd takes over in the late spring and only a couple of residents live in the park year round. In addition, home prices in the park have risen every year and don't seem to be slowing down. People looking for a second home continue to fill the area and space is limited in quality parks like Lonesome Cove."

Norm Sangalang added, "Because interest rates have gone down so much, the market kind of caught up with the pricing on this deal. We worked on this one for quite a while were having a hard time getting investors to realize this parks real value. It requires very little maintenance, has direct bill utilities, and has some very beautiful river frontage. The buyer is from the area and knows first hand how hard it is to find any fee simple dirt on the river. When you throw in the launch ramp and docks, it becomes a very rare asset."

Vince Reynolds and Norman Sangalang sell and finance mobile home and RV parks exclusively throughout the states of California, Arizona and Nevada, and have 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.