De Rancho Y Mobile Home Park

Property Description:

All-ages clean 3-star coupon clipper mobile home park located in Bakersfield directly within stone’s
throw of countless commercial developments ripe with jobs and growth. De Rancho has several
amenities and a clean layout – amenity package includes a newly renovated laundry room, clubhouse
(used often by tenants for social gatherings), playground, pool, and sport court. New sign was also
recently installed and there is a small storage lot available to tenants. The property has management
in place, both on-site and with a local third-party management firm. Based on market comps there is
upside in rent, operational upside in installing solar, and equity upside in connecting to city water. The
tenancy is very stable with more than half of the tenants being in place for 10+ years. The seller
maintains the property superbly and repairs all items as needed. Most rents in the area are above
$550 per month plus utilities so there is upside plus rents continue to grow in Bakersfield due to city
having the second largest growth of any California city. Last rent increase was March of 2019. All lots
have dedicated parking, can house doublewide units, and have small yards which tenants are
responsible for. Interest-only financing available via Fannie Mae assumption of which buyer is to be
responsible for assumption costs. Loan has interest only payments at 4.46% through 2022 and
matures in 2027.

Current Lot Rents: $530 plus sewer/trash. Electric/gas direct-billed by local providers