42 Cherry Creek Rd - Manufactured Housing/Mobile Housing FOR SALE


Cloverdale, CA 95425
$5,225,000 USD
415-625-2127
42 Cherry Creek Rd, Cloverdale, CA for Sale
$5,225,000 USD
Manufactured Housing/Mobile Housing - FOR SALE
1/2

42 Cherry Creek Rd
Cloverdale, CA 95425


HIGHLIGHTS

  • City Water & Sewer
  • Solar Electric with Parking Underneath
  • 100% Occupied

OVERVIEW

7 Palms Mobile Home Park is located at 42 Cherry Creek Road in Cloverdale, California. It is a 44 space park consisting of 42 MH/RV, 1 single family house, and a cottage. 7 Palms is an all age community that is serviced by municipal water and sewer. There is a laundry facility on-site. The community offers covered on site parking below the solar panels for $75 monthly. The park is located on two parcels: 2.96 and 0.37 acres. Of the 42 MH/RV tenants, 8 are on long term leases with increases of 5% annually, 10 are on long term leases with increases of 4% annually, 22 are under City of Cloverdale rent control, and 2 are on storage agreements. The rent control in the City of Cloverdale is 70% of CPI with a maximum increase of 3%. Rents can be increased 10% on turnover. As the existing leases expire, those tenants will revert to City of Cloverdale rent control. Rental increases happen annually on June 1st. Cloverdale is located in the northern portion of Sonoma County. Cloverdale is located in Wine Country, being part of the Alexander Valley AVA. Sonoma County is the northernmost county in the nine-county San Francisco Bay Area region. Sonoma County has thirteen approved American Viticultural Areas and more than 350 wineries.

FOR SALE DETAILS

PRICE

$5,225,000 USD

# OF UNITS

42

PRICE/UNIT

$124,405

CAP RATE

6.04%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Seven Palms Mobile Home Park

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Manufactured Housing/Mobile Housing

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1950

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3.34 AC

LAND SF

145,490 SF

ZONING

R3

APN/PARCEL ID

001-310-009,001-310-031

ASK ABOUT THIS PROPERTY

Peter AlimamMarcus & MillichapMore Info
415-625-2127

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Peter AlimamMarcus & MillichapMore Info
415-625-2127

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