Marcus & Millichap Brokers the Sale of Three Mobile Home Communities in California

HEMET, SAN JACINTO, & YUCAIPA, Cali., February 2, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of three mobile home communities in California’s Inland Empire including the following: Sunrise Mobile Home Park in Hemet, California Palms Mobile Home Park in San Jacinto, and Mountain View Mobile Home Park in Yucaipa. Together, the assets sold for a total of $9,590,000.

Doug McCauley, senior vice president investments, and David Covarrubias, first vice president investments in Marcus & Millichap’s Inland Empire office, had the exclusive listing to market the properties on behalf of each seller. The buyer for Yucaipa was also procured by McCauley & Covarrubias.

Sunrise Mobile Home Park is located at 1920 East Florida Avenue in Hemet, California. “The asset is an all-age community that features 45 sites, of which seven are park-owned homes,” said McCauley. “With a site density of 7.40, this mobile home park offers on-site laundry facility, a swimming pool, and a clubhouse. Gas meters have been updated in April 2023 and are directly billed to residents. Starting September 2023, electricity will also be upgraded and billed directly to residents. Other utilities including water, sewer and trash are sub-metered." Covarrubias adds, “The property sold for $3,400,000, totaling $75,555 per space and had no financing contingency. The transaction had a quick close of escrow, a 14-day due diligence period, and a non-refundable, pass-through deposit of $150,000 to the seller.”

California Palms Mobile Home Park is located at 501 South Mistletoe Avenue in San Jacinto, California. “The mobile home park is an all-age community that features thirty-four sites: one 3 bedroom, 1 bath house, one 1 bedroom/, 1 bath house, two studio, 1 bath units, and thirty mobile home spaces,” explains Covarrubias. “Twenty-seven mobile homes are park-owned. Select mobile homes and travel trailers have been refurbished with a new roof, windows, and air-conditioners. Streets and driveways are newly paved with cement and reinforced with steel. In fact, fifteen of the spaces have curved cement walkways. Brand new USPS lockable mailboxes have been installed inside the park. The park also features well-maintained landscaping with newly installed red bark and a new water-saving drip system. For underground systems, the mobile home park offers new copper wiring, new electrical panels, new electric, gas, and water meters for the majority of the units. The property sold all cash for $2,600,000, totaling $76,470 per space and had a quick close of escrow. The sale included a non-refundable and pass-through deposit of $200,000 to the seller.”

Mountain View Mobile Home Park is located at 12716 California Street in Yucaipa, California. “Comprised of a total of 77 spaces as well as single-sided homes and trailers, the community features an on-site laundry facility, a swimming pool, upgraded gas and electricity meters that are directly billed to residents, and excess land for parking, storage or future development,” shares McCauley. “The property sold for $3,590,000, totaling $46,623 per space. The transaction included a one-day due diligence period with a quick close of escrow and a non-refundable, pass-through deposit of $100,000 to the seller. One challenge that was faced with the sale of this property was the rent stabilization ordinance the property was subjected to.”

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.