Windward Village Mobile Home Community

Property Description:

High quality, infill, doublewide community in the Los Angeles community of Long Beach near
huge employment centers, freeways, airports, and beaches. Windward is an all-ages, manufactured home
community that was subdivided nine years ago with 104 of the remaining sites for sale.
98 of these sites are occupied and 6 are vacant. The community features large double-wide homes some with garages on approximately 4,000
square foot sites with city sewer and water utilities. Site rents are $1,027-$1,392 and submetered
utilities are paid directly to the HOA. Four rental manufactured homes are included in the sale with
total rents of $1,590-$1,690. HOA dues are $244 per month per site. No rent control in the City
of Long Beach and all tenancies are month to month, however, 20 tenancies are low to moderate
income households and limited to 100% of CPI annual rent increases. The CPI-only increases
might not apply to a new owner. The community is professionally managed for the HOA and then
the professional management company also collects the rent separately for the 104 sites. Large
clubhouse and office of approximately 11,080 square feet, 24/7 guarded security entrance, pool,
spa, tennis and basketball courts, RV storage, and green belts. HOA is well funded with $400,000
in reserves and is in the process of an asphalt overlay over the next two years for the entire
community.