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Mobile Home Park

Lindsay MHP

141 N Ashland Ave, Lindsay, CA 93247

Listing Price: $700,000

Cap Rate
6.15%
Number of Spaces
28
Lot Size
0.86 acres
Occupancy
82.0%
Price/Space
$25,000
Spaces/Acre
32.56
Year Built
1933

Investment Overview

Lindsay Mobile Home Park is an all-age MHP situated in Lindsay, California. The subject property comprised of 26 HCD Permitted MH Sites and 2 Single-family residences. Occupying 0.86 Acres, the park boasts a density of 32.56 Spaces per acre across the 26 HCD-permitted MH Sites and 2 Single-family residences. Lindsay MHP is serviced by City Water and City Sewer. The park recently has been through the utility upgrade program and now has direct gas and electric from SoCal Gas & SoCal Edison. Water, Sewer, and Trash expenses are included in rent and billed at a flat rate. Currently, the park maintains an 82% occupancy rate. The vacancies are situated in spaces #5, 13, 16, 21 and 22. The rents for MH sites have an average of $334, and the average SFR rents are rented at $679 and $929. One of the single-family residences has undergone a complete remodel, while two additional homes are candidates for either rehabilitation or demolition.

Lindsay Mobile Home Park is being offered at $700,000 ($25,000 per site). The park is 82% occupied and underwritten at an expense ratio of 67.52% ($3,198/site) expense ratio equating to a 6.15% capitalization rate. There is a potential 7.88% cash-on-cash return and $22,074 cash flow at existing occupancy with $280,000 (40%) down and seller carryback of $420,000 at 5% interest only. The debt service coverage ratio is 2.05 well above the typical 1.30 lender requirement. This return will grow as the occupancy improves.

Investment Highlights

  • 26 HCD Permitted MH Sites | 2 SFR. One SFR Completely Rehabbed. Additional SFR for potential rehab or demolition.
  • Currently underwent the MHP Utility Upgrade Program. | Park has Direct-Billed Electricity & Gas. City Water & City Sewer
  • Seller Financed for Qualified Buyer

Exclusively Listed By

  • Douglas A. Danny

    Senior Managing Director Investments

    (858) 373-3222

    Email Douglas

    License(s): CA: 01403114, CA: 00633588, NV: S.0198275

    San Diego Downtown

  • Dustin B. Wilmer

    Vice President Investments

    (858) 373-3154

    Email Dustin

    License(s): CA: 01928162, NV: S.0189499

    San Diego Downtown

Financing By

Mobile Home Park

Lindsay MHP

Listing Price: $700,000

Cap Rate
6.15%
Number of Spaces
28
Lot Size
0.86 acres
Occupancy
82.0%
Price/Space
$25,000
Spaces/Acre
32.56
Year Built
1933

Investment Highlights

  • 26 HCD Permitted MH Sites | 2 SFR. One SFR Completely Rehabbed. Additional SFR for potential rehab or demolition.
  • Currently underwent the MHP Utility Upgrade Program. | Park has Direct-Billed Electricity & Gas. City Water & City Sewer
  • Seller Financed for Qualified Buyer

Investment Overview

Lindsay Mobile Home Park is an all-age MHP situated in Lindsay, California. The subject property comprised of 26 HCD Permitted MH Sites and 2 Single-family residences. Occupying 0.86 Acres, the park boasts a density of 32.56 Spaces per acre across the 26 HCD-permitted MH Sites and 2 Single-family residences. Lindsay MHP is serviced by City Water and City Sewer. The park recently has been through the utility upgrade program and now has direct gas and electric from SoCal Gas & SoCal Edison. Water, Sewer, and Trash expenses are included in rent and billed at a flat rate. Currently, the park maintains an 82% occupancy rate. The vacancies are situated in spaces #5, 13, 16, 21 and 22. The rents for MH sites have an average of $334, and the average SFR rents are rented at $679 and $929. One of the single-family residences has undergone a complete remodel, while two additional homes are candidates for either rehabilitation or demolition. Lindsay Mobile Home Park is being offered at $700,000 ($25,000 per site). The park is 82% occupied and underwritten at an expense ratio of 67.52% ($3,198/site) expense ratio equating to a 6.15% capitalization rate. There is a potential 7.88% cash-on-cash return and $22,074 cash flow at existing occupancy with $280,000 (40%) down and seller carryback of $420,000 at 5% interest only. The debt service coverage ratio is 2.05 well above the typical 1.30 lender requirement. This return will grow as the occupancy improves.

Exclusively Listed By

  • Douglas A. Danny

    Senior Managing Director Investments

    (858) 373-3222

    Email Douglas

    License(s): CA: 01403114, CA: 00633588, NV: S.0198275

    San Diego Downtown

  • Dustin B. Wilmer

    Vice President Investments

    (858) 373-3154

    Email Dustin

    License(s): CA: 01928162, NV: S.0189499

    San Diego Downtown

Financing By

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