This 55+, 3 star 206 space (163 MH + 43 RV) spaces is on 20.6 acres ($195k/acre). This is a opportunity for investor to purchase large 55+ park at below market value by correcting the misdirection made by the large group of investors that purchased the park in 1991. The sales comps support a value of $6.6 million at $32,300/Space. Currently the owners are applying ALL of the parks net income towards infrastructure repairs and debt service. However, at this rate the park will not begin to see the R&M figures reduced for at least another 2-3 years.
Because of this situation the offering price is at a substantially reduced value to benefit a new owner that has the ability and liquidity to stabilize the R&M expenses quickly immediately unlocking the unrealized potential. The price has also been lowered to compensate for an all cash or near all cash purchase as a new loan in the current lending environment is unlikely.
There is even more additional upside with the 12 vacant MH spaces and 23 RV spaces that were not reserved for the 2009-2010, but usually fill during the actual season. The remaining RV spaces are occupied year round at on season/offseason rates. Rents in the park range from $348 to $375 in the MH section and $205 to $275 in the RV section.
The park is serviced by city water and septic sewer (water is not sub-metered). The park is under the jurisdiction of the county of Riverside rent control which allows rent increase of 100% CPI and vacancy decontrol. Approximately 30% of the tenants use the park as a winter home. The park has a large recreational room, a billiard room, shuffleboard, card room and restroom facilities with showers. The park has three natural hot spring pools fed from some of the most plentiful natural hot spring aquifers in the world.
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