24630-24660 Tehama Vina Rd - Manufactured Housing/Mobile Housing FOR SALE


Los Molinos, CA 96055
$2,950,000 USD
770-933-8585
24630-24660 Tehama Vina Rd, Los Molinos, CA for Sale
$2,950,000 USD
Manufactured Housing/Mobile Housing - FOR SALE
1/41
null | Request Cap Rate

24630-24660 Tehama Vina Rd
Los Molinos, CA 96055


HIGHLIGHTS

  • There are 24 park-owned homes with 19 occupied. By selling off the homes to tenants operating expenses can be reduced while reducing the basis.
  • Stabilizing the communities from 52% to 62% occupancy by leasing the 5 vacant POH and then infilling additional vacant sites to achieve 95%+ occupancy
  • The property is licensed for 30 additional sites on top of the existing 69 for a total of 99 sites leaving opportunity for possible expansion.
  • Expense ratios will improve as infill drives revenue. This will lead to a substantial increase in yield.
  • Located within 45 miles of Redding and 28 miles of Chico and their employment centers.
  • Infilling park-models RVs for rent or sale could accelerate the lease up timeline.

OVERVIEW

Colliers Manufactured Housing & RV Group, as exclusive agent for the Owner, is pleased to offer the opportunity to acquire the 69-site Riverside Crossing Mobile Home Community, a well-situated affordable housing opportunity adjacent to the Sacramento River located off Interstate 5, a major north-south route convenient to Sacramento approximately 124 miles south and Redding approximately 45 miles north. The property is made up of 69 sites with 31 MH sites, 35 RV sites, 1 apartment, 1 house, and 1 tent site. The property also has an on-site office. Riverside Crossing MHC provides investors with expertise in stabilization and operations a prime value-add opportunity. The asking price for the park is $2,950,000 ($42,754/total site).This represents an 8.2% cap rate on stabilized.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$1,429 USD /SF

# OF UNITS

69

PRICE/UNIT

$42,754

CAP RATE

Request Cap Rate

% LEASED

52%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Riverside Crossing MHP

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Manufactured Housing/Mobile Housing

ADD'L SUBTYPES

Apartments, Dormitory

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1950

PARKING SPACES

72

LAND DETAILS

LAND ACRES

9.9 AC

LAND SF

431,244 SF

ZONING

R1-MH

APN/PARCEL ID

066-140-008-000,066-140-009-000,066-140-010-000

ASK ABOUT THIS PROPERTY

Mike NissleyColliers Manufactured Housing & RV GroupMore Info
770-933-8585

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Mike NissleyColliers Manufactured Housing & RV GroupMore Info
770-933-8585

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.