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Riverside Crossing MHP 24630-24660 Tehama Vina Rd 69 Unit Mobile Home Park $3,458,475 CAD ($50,123 CAD/Unit) Los Molinos, CA 96055
INVESTMENT 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.
- 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.
- Located within 45 miles of Redding and 28 miles of Chico and their employment centers.
- Stabilizing the communities from 52% to 62% occupancy by leasing the 5 vacant POH and then infilling additional vacant sites to achieve 95%+ occupancy
- Expense ratios will improve as infill drives revenue. This will lead to a substantial increase in yield.
- Infilling park-models RVs for rent or sale could accelerate the lease up timeline.
EXECUTIVE SUMMARY
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 UPDATED asking price for the park is $2,500,000 ($36,200/unit).
This represents a 9.6% cap rate on stabilized NOI.
The owner is open to seller-financing at reasonable terms with a strong down payment.
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 UPDATED asking price for the park is $2,500,000 ($36,200/unit).
This represents a 9.6% cap rate on stabilized NOI.
The owner is open to seller-financing at reasonable terms with a strong down payment.
DATA ROOM Click Here to Access
PROPERTY FACTS
AMENITIES
SITE AMENITIES
- Waterfront
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 72 | - | - |
1 1
PROPERTY TAXES
| Parcel Number | 066-140-008-000 | Improvements Assessment | $226,337 CAD |
| Land Assessment | $349,812 CAD | Total Assessment | $576,149 CAD |
PROPERTY TAXES
Parcel Number
066-140-008-000
Land Assessment
$349,812 CAD
Improvements Assessment
$226,337 CAD
Total Assessment
$576,149 CAD
CONTACTS
-
Mike Nissley -
Matthew Sarro -
Richard Knapp -
Alexander Cheng -
David Nissley -
Colliers Manufactured Housing & RV Group
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Riverside Crossing MHP | 24630-24660 Tehama Vina Rd
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