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Mobile Home Park For Sale San Bernardino, County, CA IH
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Mobile Home Park For Sale Victorville, CA

 

Cash Flow Park With Upside

♦ $1,340,000- 8.27% Cap Rate 2010

San Bernardino County

♦ Clean 47 Space Park, No rent Control

Victorville, California

♦ City Services, Utilities Passed Through

Status: Accepting Offers

♦ Existing Financing 7.125% on 5.69 Acres

 Stable Cash Flow Property

♦ Stable Occupancy, Average $325/Space

Upside Potenital

♦ Upside Filling 11 Spaces + Note Income


MHRV ADVISORS: This cash flowing two star mobile home park consists of 43 mobile home spaces, 4 remodeled apts. and laundry room just off the I-15 exit in the redevelopment zone of Victorville. With no recent history of delinquencies there is a real upside potential to increase the cash flow by filling 11 vacant spaces. Serviced by city water and sewer all utilities are billed to the tenants which keeps the operating expenses low. (new water meters installed 2009). The existing loan is from 2006 when financing rates and terms were more favorable.

 

Redevelopment activity over the past few years has seen the conversion of 3 parks reducing the number of spaces of small-mid size parks by -34% or -80 spaces. This situation benefits this park as the supply of tenantable spaces has been greatly reduced. At a base rent of $325 this is undoubtedly of the most cost effective forms of residency in Victorville.

  

An additional $5,098 of annual note income per year on two of the homes is included in the park sale that is not reflected in the cap rate or sales value. Currently there is no onsite manager and the current manager drives to the park 2-3 times per month. Brokers assumes a new owner trade space rent at $325 per month for basic onsite park management duties.  

 

HCD permits allow for 39 MH & 9 RV spaces. The conditional city operating permits will allow for 43 permanent stay spaces and 4 apartment units. Please contact brokers for more details.   

 

 

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Please do not contact property manager or tenants, contact MHRV Advisors before any vist.

THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN.

 

The information contained herein has either been given to us by the owner or the property or obtained from sources that we deem reliable.  We have no reason to doubt its accuracy but we do not guarantee it.  Vacancy factors used herein are an arbitrary percentage used only as an example.  It does not necessarily relate to actual vacancy, if any.  The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factors which your tax advisor and/or legal counsel should evaluate.   

 

 

 

 

 

Contact Park Brokers:

Vince Reynolds

858.546.4636

 Vince Reynolds MOBILE HOME PARKS FOR SALE LOANS

Norman Sangalang

858.546.4685

Norman Sangalang MOBILE HOME PARKS FOR SALE LOANS  

 

 

  

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