1667 Las Virgenes Canyon Rd - Blue Dude Estates 14 Unit Apartment Building Offered at $3,148,425 CAD at a 5.22% Cap Rate Calabasas, CA 91302

Park Brokerage & Commercial Real Estate, in cooperation with California Broker of Record ParaSell Inc., is proud to present Blue Dude Estates. Located in the prestigious city of Calabasas, California, this 13-unit manufactured housing community represents a durable investment opportunity. Situated within one of the highest barrier-to-entry real estate markets in the United States, this asset offers investors a rare, stabilized foothold in a fiercely supply-constrained Southern California submarket. Spanning a 4.97-acre parcel, Blue Dude Estates boasts an exceptionally low site density of just 2.62 sites per acre. Constructed in 1962, the property exhibits clear pride of ownership and features very little deferred maintenance, ensuring a smooth operational transition for new ownership. All homes within the community are tenant-owned with a dedicated on-site manager’s apartment to assist with day-to-day operations. The community is serviced by city water and a private septic sewer system, while both gas and electric utilities are direct-billed to each tenant.
Driven by the immense exclusivity and high housing costs of the surrounding area, Blue Dude Estates is currently 100% occupied—a metric it has historically maintained with ease. The current average site rent sits at an attractive $1,575 per month. The property operates under the Los Angeles County Mobilehome Park Rent Stabilization Ordinance (MHP RSO), allowing ownership to implement predictable annual rent increases equal to 100% of the Consumer Price Index (CPI). Additionally, the ordinance permits a 10% rent increase upon tenant turnover. Beyond its turnkey stability, Blue Dude Estates presents a value-add component. The parcel includes a large, currently underutilized building that offers immediate revenue upside. Investors can reposition this structure to unlock additional income streams by converting it into leasable tenant storage, an additional rental unit, or a premium community amenity space to further elevate the property’s profile.
As an all-ages community located within the highly acclaimed Las Virgenes Unified School District, the property is a massive draw for families seeking access to top-tier Southern California education. In a submarket where single-family home prices frequently soar into the multi-millions, Blue Dude Estates fills a critical need for accessible, high-quality housing. Strict development regulations in the Calabasas corridor severely restrict new competing inventory, guaranteeing long-term asset preservation. Whether executing a targeted value-add repositioning strategy or acquiring the property for a secure, cash-flowing, long-term hold, Blue Dude Estates is a premier investment vehicle in a world-class location.