Property details
California MHP, Pacific West Region
Property Description
California MHP consisting of 77 units (52 m.h. spaces & 23 apt. units) two tenant retail buildings and s.f.r which is currently occupied by the MHP manager. 10 park owned homes included in sale!!! The MHP has been upgraded in the past 3 years and the seller has been filling vacancies so their would be no rent increases! This park is located near a Californis Interstate Highway. Upgraded in the last several years. All income +exp are proforma
Apprx. Values
SFR = 100k, Commercial = 150k, 23 Apt = $1,050,000k, 52 MH spaces = 900k.
As of now individual meters + wiring + breakers are complete on mobile home park. 4 units of Apts are currently vacant and 2 mobile home spaces are vacant. Laundry room is now in use with 4 coin washer and dryers. Actual cap at this time is Approx 9.1% with current vacancies. Current loan must be assumed or as agreed, carry back cannot exceed 2nd t/d , must be other form of collateral seller agrees to.
77 unit mobile home park, Apts make up 8,486 sq ft, Apts. average 369 sq ft each, tenant pays electric & gas, storage unit available, laundry on site, concrete pads with paved roadways.
Great location by the 215 & 30 Freeways.
11% CAP rate at pro-forma rent and full occup. 77 units in Barstow(52 M.H. Spaces & 23 Apt Units). 2 tenant retail buildings and S.F.R. which is currently occup. by manager. 10 park owned homes included in sell! Prop has been upgraded in last 3 years & seller has been filing vacancies. Park located just outside main commercial district near interstate 15! All income +exp are proforma [Apprx Values] SFR=100K, COMM=150K, 23 APTS=$1,050,000, 52 MH spaces=900K. Individual meters + wiring + breakers. 4 units of apartments are being re-rented. Laundry room now in use with coin-op machines. SELLER MIGHT CONSIDER SMALL CARRYBACK TO QUALIFIED BUYER.
Images
Highlights
- Status:
- Available
- Price:
- $1,995,000
- Cap Rate:
- 11.00%
- Annual Rent:
- $219,690
- Rent Increases:
- None
Property Information
- Property Type:
- Mobile Home Parks
- Industry Type:
- Mobile Home Park
- Units/Spaces:
- 77
- Year Built:
- 1965
- Land Area:
- 4.31 acres
- Purchase Tenure:
- Fee Simple
Existing financing information
- Original loan amount:
- $1,300,000
- Interest rate:
- 8.25%
- Amortized over:
- 30 years
- Annual Cash Flow:
- $219,690
- Cash on Cash Return:
- 31.61%
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.