Redwood Mobile Home Park

Property Description:

New to the market, Park Brokerage Inc. is proud to announce Thunderbird and Redwood Mobile Home Parks.  These adjoining parcels are available as a portfolio for $40,000 per space.  Both parks are on city water and city sewer and are all tenant-owned homes in a high demand market.  The rents are low for the immediate submarket (market is between $325 – $350 space rent) and there is additional cash flow in RTO and sales income not included in NOI.  The roads are paved and the tenancy is stable, many of whom have been at the park for over a decade.  Thunderbird was acquired in 2017 in a distressed state and the seller has spent a significant amount of capital bringing park up to standards in order to move in tenants thus bringing the vacancy down from approximately 50% to it’s current 5%.  Thunderbird is serviced by a TEP master-metered electrical system and the gas is direct-billed by Southwest Gas.  Previous owner replaced a majority of the water lines between five and ten years ago when SW Gas upgrade was completed.  Redwood has original aging galvanized water distribution system which seller has bids to replace as it is currently being repaired as needed.  Seller has also has a bid from Southwest Gas for $15,000 not including trenching to convert gas to a direct-billed system.  Both parks have 50amp coverage for power. The corners of  nine homes at Redwood are located over gas lines and some additional anodes are needed for cathodic protection.  All utilities are passed through to tenants including trash and there are fees for pets and extra tenants.  This deal will not last long – 100 space MHP’s with upside on city services in major metros do not grow on trees.  Make your best and final offer today!