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Mobile Home Park

Palm Grove MHP - A Mixed-Use Opportunity

27261 Base Line St, Highland, CA 92346

Listing Price: $4,500,000

Cap Rate
1.00%
Number of Spaces
48
Lot Size
7.31 acres
Occupancy
50.0%
Price/Space
$93,750
Spaces/Acre
6.57
Year Built
1955

Investment Overview

The Danny Group of Marcus and Millichap is pleased to bring to market Palm Grove Mobile Home Park - A Mixed-Use Opportunity. The Palm Grove Mobile Home Park Mixed-Use Opportunity is a six (6) parcel, mixed-use, potential development opportunity located in Highland California. The property is strategically situated on the southwest corner of Baseline St. and Palm Drive in a prime downtown location next to City Hall. The total of the parcels is 6.95 acres (301,854 sf) and there is 715.33 lineal feet of frontage on Baseline St. and 570 lineal feet of frontage on Palm Ave. The surrounding neighborhood is commercial/retail on Baseline St. and Single-Family Subdivisions off of Palm Ave. The Property is divided into four components, each offering different and existing opportunities. There are six separate parcels totaling 6.95 acres. The current use/status of the four components are as follows: 1) 45-Site, 2-Star, All-Age Mobile Home Park situated on approximately 3.27 acres (142,858 sf) with a 2,500+ SF SFR. 2) A 2.9-acre potential multifamily development site with Mixed-Use Zoning. 3) An existing 3600 sf restaurant building with 345 sf of covered patio situated on 21,347 sf of landed rented on a month-to month agreement. The restaurant site has 90 parking spaces. 4) A former gas station (tanks removed) rented month to month as a smog station. This structure sits on 14,300 sf with additional abutting vacant land of 11,250 sf that could create a hard corner parcel of 25,550 sf. The property is being sold on asset value, not cash on cash return. The upside in this transaction is in development of the vacant land, renovation and incubation of the mobile home park, upgrading and releasing the restaurant building, and the redevelopment of the SW hard corner of Palm Ave. & Baseline St. into a corporate-backed single tenant use.

Investment Highlights

  • 45 MH/RV Sites | 2 Commercial Buildings | Development Land
  • Single Family Residence & 15 POH's Included in Sale
  • City Water & Sewer

Exclusively Listed By

Financing By

Mobile Home Park

Palm Grove MHP - A Mixed-Use Opportunity

Listing Price: $4,500,000

Cap Rate
1.00%
Number of Spaces
48
Lot Size
7.31 acres
Occupancy
50.0%
Price/Space
$93,750
Spaces/Acre
6.57
Year Built
1955

Investment Highlights

  • 45 MH/RV Sites | 2 Commercial Buildings | Development Land
  • Single Family Residence & 15 POH's Included in Sale
  • City Water & Sewer

Investment Overview

The Danny Group of Marcus and Millichap is pleased to bring to market Palm Grove Mobile Home Park - A Mixed-Use Opportunity. The Palm Grove Mobile Home Park Mixed-Use Opportunity is a six (6) parcel, mixed-use, potential development opportunity located in Highland California. The property is strategically situated on the southwest corner of Baseline St. and Palm Drive in a prime downtown location next to City Hall. The total of the parcels is 6.95 acres (301,854 sf) and there is 715.33 lineal feet of frontage on Baseline St. and 570 lineal feet of frontage on Palm Ave. The surrounding neighborhood is commercial/retail on Baseline St. and Single-Family Subdivisions off of Palm Ave. The Property is divided into four components, each offering different and existing opportunities. There are six separate parcels totaling 6.95 acres. The current use/status of the four components are as follows: 1) 45-Site, 2-Star, All-Age Mobile Home Park situated on approximately 3.27 acres (142,858 sf) with a 2,500+ SF SFR. 2) A 2.9-acre potential multifamily development site with Mixed-Use Zoning. 3) An existing 3600 sf restaurant building with 345 sf of covered patio situated on 21,347 sf of landed rented on a month-to month agreement. The restaurant site has 90 parking spaces. 4) A former gas station (tanks removed) rented month to month as a smog station. This structure sits on 14,300 sf with additional abutting vacant land of 11,250 sf that could create a hard corner parcel of 25,550 sf. The property is being sold on asset value, not cash on cash return. The upside in this transaction is in development of the vacant land, renovation and incubation of the mobile home park, upgrading and releasing the restaurant building, and the redevelopment of the SW hard corner of Palm Ave. & Baseline St. into a corporate-backed single tenant use.

Exclusively Listed By

Financing By

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