Hi everyone,
We own 15 MHPs on the West Coast, and we’ve decided to sell one of our parks, a 69-unit MHP in Paradise, CA. This park has been a great investment for us. We are only selling it because we are in contract to buy a much larger park, and we need to fund that purchase.
High-level snapshot of the deal: 69 units in Paradise, CA. Nice looking park w/ a swimming pool. Great cash flow, nearly 100% occupancy, and with a 12 unit expansion opportunity. Asking price is $2.95M. It’s a 6.1 cap on current income, and a 9.1. cap on pro forma (which is readily achievable within one year), plus additional upside from building out the 12 units. It has an RV component, park-owned homes, and septic. It’s a great buy for the right investor. Asking price comes out to about $38k per pad, plus the value in the park-owned homes and stick homes.
If you are interested in learning more, please email me at daniel@threepillarcommunities.com, as I will not be responding to posts or messages on this forum.
Thanks and kind regards,
Daniel