This cash flowing two star mobile home park consists of 43 mobile home spaces, 4 remodeled apts. and laundry room just off the I-15 exit in the redevelopment zone of Victorville. With no recent history of delinquencies there is a real upside potential to increase the cash flow by filling 11 vacant spaces. Serviced by city water and sewer all utilities are billed to the tenants which keeps the operating expenses low. (new water meters installed 2009). The existing loan is from 2006 when financing rates and terms were more favorable.
Redevelopment activity over the past few years has seen the conversion of 3 parks reducing the number of spaces of small-mid size parks by -34% or -80 spaces. This situation benefits this park as the supply of tenantable spaces has been greatly reduced. At a base rent of $325 this is undoubtedly of the most cost effective forms of residency in Victorville.
An additional $5,098 of annual note income per year on two of the homes is included in the park sale that is not reflected in the cap rate or sales value. Currently there is no onsite manager and the current manager drives to the park 2-3 times per month. Brokers assumes a new owner trade space rent at $325 per month for basic onsite park management duties.
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