18842 Cachagua rd - Princes Camp Mobile Home Park 54 Unit Apartment Building Offered at $9,330,862 CAD at a 7.06% Cap Rate Carmel Valley, CA 93924

Excellent opportunity to own this 50 unit mobile home park with 5 additional homes on site, 1 Fire Station and 2 separate single family river front homes on their own parcels (APN's 418-261-004, 418-261-008). 54 total units. Potential for 58 units! 3 total parcels on 12.6 sunny river front acres in Carmel Valley! State permit for park allows for 50 mobile homes/RV's and currently the park has 46 mobile homes/rv's There is room to add 4 additional mobile homes/rv's.? There are 4 cabins all fully rented and a vacant Bar/Tavern with plans to convert to an ADU. Fire station is on a long term lease and is operated by Cachagua Fire Department. The park features a gated entrance, paved asphalt roads throughout park, security cameras, laundry room with 2 new washers and 2 new dryers, vending machine room(no vending machine included), solar lighting, a 40,000 gallon water storage facility and well with brand new well pump, well motor and backup generator, 4 storage buildings, riverfront beach, volleyball court and BBQ area. Both single family homes are remodeled with easy access to the river. The 1412 sqft 2 bed 1 bathroom home has over 325 feet of carmel river frontage and it's own private beach area! This is truly a remarkable investment property with plenty of upside remaining. Other home is a studio home with 288 sqft with 288 sqft deck. Fully remodeled and rented for $2400 per month. No rent control on property and rents are due to be increased right now. New buyer shall have the opportunity to decide the new rent increases. 7% Cap will end up being a 7.6% cap after moderate rent increase. Room to add vending machines and 1 additional washer and 1 additional dryer. All tenants pay on time every month and there are no delinquent tenants. Tenants pay water, pge, propane and trash. Very low overhead. Property still has a ton of upside for the next buyer.
30 Units are tenant owned and the tenant pays space rent.
16 Units are owned by the park
4 Cabins are Owned by the park
1 Tavern/Bar Owned by the park 1740 sqft that is vacant inside and needs full remodel inside. Plans for convert to an ADU that will rent for $2700
1 Firehouse owned by the park on long term lease for $100 per month
2 Individual Homes on their own parcels renting for $2400 and $3500 each.
4 units can be added to the site for a total of 58 Units.