Adobe Manor Mobile Home Park

Property Description:

Located near countless commercial developments including the new Sam Fox “Yard” development on with high traffic Grant Road frontage this 1-2* star park in Tucson offers an investor a large upside deal due to low rents and high vacancy. Market is a 85-90% occupancy for this level of property and Adobe is currently at 55% despite more advertising opportunity due to location. Utilities are also metered however collections are very low. Broker recommends evicting problem tenants, cleaning up common areas, and filling to reach market occupancy and rents. Same park sold in 2008 for $1.35m so there is plenty of upside of an experienced investor to make a great return flipping after stabilization. Midtown Tucson is generally considered a $300 lot rental market and rents are currently at $255 – $280. Additional easy to rehab apartment units offer more upside once filled. Current rent roll indicates nearly $10,000 in monthly rental income with current tenancy however bad debt especially on utility pass through is high. There are several smaller RV sites which if eliminated and buyer would like to do MH only would likely bring total site count to 50. Commercial developments within one mile include Walmart, Fry’s, Circle K, McDonald’s, and countless restaurants and shopping. Less than two miles from University of Arizona. The park will likely lose 4-8 spaces if a Grant Road widening occurs however City of Tucson has informed seller full market value will be given for that section of parcel with an additional $30,000 for front wall and signage replacement.