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Mobile Home Park

10770 Katella Ave

10770 Katella Ave, Garden Grove, CA 92840

Listing Price: $10,000,000

Cap Rate
1.00%
Number of Spaces
40
Lot Size
4.29 acres
Occupancy
100.0%
Price/Space
$250,000
Spaces/Acre
9.32
Year Built
1975

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale the fee simple interest in the ±4.29 acre infill residential development site located at 10770 Katella Avenue in the city of Garden Grove. Located only one mile to the west of Disneyland and the Anaheim Convention Center, this site benefits from an extremely desirable location that provides great access to the impressive range of amenities this area provides.

The site is currently operating as the Gold Crest Mobile Home Club, a 40-space all-age mobile home park that was developed in 1975. This park is a land-lease community which means that the owner of a home leases the land under which the home sits from a third party. Garden Grove is a non-rent controlled market and all mobile home tenants are on short-term leases. Additionally, there is a Clear Channel billboard in the northwest corner of the site that has a lease that runs through 2037.

This property is encumbered by a 55-year ground lease that was initiated in March of 1975 and which terminates in February of 2030. Upon the expiration of the term of this lease, the Lessee shall surrender possession of the leased land and all improvements constructed and installed thereon. Ground lease payments are currently $9,212.39 monthly with one final CPI increase scheduled for March 1, 2028. This is a true triple-net (NNN) ground lease with the Lessee paying all taxes, insurance, and utilities along with handling all property maintenance.

This property is zoned Neighborhood Mixed-Use (NMU) which allows for up to 24 residential dwelling units per acre. The General Plan Land Use designation for this site is Residential/Commercial Mixed Use 2 (RC-2) which also allows for residential densities of up to 24 dwelling units per acre with a height limit of 50’. Additionally, this site is located in the City of Garden Grove Focus Area “J” as spelled out in the Housing Element of the General Plan. Assuming a residential density of 24 du/acre, this site would support a development of 102 new residential units.

The owners of this property executed an Easement Deed in 1965 which relinquished to the City of Garden Grove all rights of vehicular ingress and egress from the property to Katella Avenue. Access to the site is provided just to the south of Katella Avenue off of Dino Circle.

When it comes to residential development sites, especially larger sites of 4+ acres, Orange County is a severely supply -restricted market. With residential zoning in place and a premium location along Katella Avenue to its benefit, this site provides many advantages for a developer looking to build a high-profile project in the desirable Garden Grove market.

Investment Highlights

  • ±4.29 Acre Redevelopment Site in a High-Profile Garden Grove Location
  • Located One Mile to the West of Disneyland and the Anaheim Convention Center
  • Existing Use is a 40-Space Mobile Home Park on a Ground Lease Expiring in 2030
  • Zoning is Neighborhood Mixed-Use (NMU) Allowing up to 24 du/acre
  • General Plan Land Use Designation is Residential/Commercial Mixed-Use 2 (RC-2)
  • Rare Development Opportunity in a Severely Supply-Restricted Market

Exclusively Listed By

Financing By

Mobile Home Park

10770 Katella Ave

Listing Price: $10,000,000

Cap Rate
1.00%
Number of Spaces
40
Lot Size
4.29 acres
Occupancy
100.0%
Price/Space
$250,000
Spaces/Acre
9.32
Year Built
1975

Investment Highlights

  • ±4.29 Acre Redevelopment Site in a High-Profile Garden Grove Location
  • Located One Mile to the West of Disneyland and the Anaheim Convention Center
  • Existing Use is a 40-Space Mobile Home Park on a Ground Lease Expiring in 2030
  • Zoning is Neighborhood Mixed-Use (NMU) Allowing up to 24 du/acre
  • General Plan Land Use Designation is Residential/Commercial Mixed-Use 2 (RC-2)
  • Rare Development Opportunity in a Severely Supply-Restricted Market

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale the fee simple interest in the ±4.29 acre infill residential development site located at 10770 Katella Avenue in the city of Garden Grove. Located only one mile to the west of Disneyland and the Anaheim Convention Center, this site benefits from an extremely desirable location that provides great access to the impressive range of amenities this area provides. The site is currently operating as the Gold Crest Mobile Home Club, a 40-space all-age mobile home park that was developed in 1975. This park is a land-lease community which means that the owner of a home leases the land under which the home sits from a third party. Garden Grove is a non-rent controlled market and all mobile home tenants are on short-term leases. Additionally, there is a Clear Channel billboard in the northwest corner of the site that has a lease that runs through 2037. This property is encumbered by a 55-year ground lease that was initiated in March of 1975 and which terminates in February of 2030. Upon the expiration of the term of this lease, the Lessee shall surrender possession of the leased land and all improvements constructed and installed thereon. Ground lease payments are currently $9,212.39 monthly with one final CPI increase scheduled for March 1, 2028. This is a true triple-net (NNN) ground lease with the Lessee paying all taxes, insurance, and utilities along with handling all property maintenance. This property is zoned Neighborhood Mixed-Use (NMU) which allows for up to 24 residential dwelling units per acre. The General Plan Land Use designation for this site is Residential/Commercial Mixed Use 2 (RC-2) which also allows for residential densities of up to 24 dwelling units per acre with a height limit of 50’. Additionally, this site is located in the City of Garden Grove Focus Area “J” as spelled out in the Housing Element of the General Plan. Assuming a residential density of 24 du/acre, this site would support a development of 102 new residential units. The owners of this property executed an Easement Deed in 1965 which relinquished to the City of Garden Grove all rights of vehicular ingress and egress from the property to Katella Avenue. Access to the site is provided just to the south of Katella Avenue off of Dino Circle. When it comes to residential development sites, especially larger sites of 4+ acres, Orange County is a severely supply -restricted market. With residential zoning in place and a premium location along Katella Avenue to its benefit, this site provides many advantages for a developer looking to build a high-profile project in the desirable Garden Grove market.

Exclusively Listed By

Financing By

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