Cash-Flowing MHP | 14 Spaces | +9% Actual Cap Rate

Highlights

• 9% Cap Rate on Actuals!
• High cap rate based on in-place actual income
• Upside in leasing vacant spaces
• Low space rents with room to increase
• Upgraded water filtration system and septic leach lines
• Low maintenance property

Description

This is an incredible opportunity to acquire an investment property which exceeds the coveted "1% Rule" (1.3% Actual) on in - place ACTUAL reported income. The subject property is comprised of (4) Park-Owned Homes with the remainder being Tenant owned. Two spaces were recently rented along with a rent bump has increased the cap rate to +9%!

Manton Trailer Park is a well maintained 14 space Mobile Home Park situated on 1.90 Acres comprised of (13) Single-Wide spaces, (1) Double-Wide, plus an onsite laundry facility with bathrooms. The park is serviced through a private monitored well system plus two (septic tanks) with recently installed leach lines. Five (5) of the spaces are sub-metered PG&E so the tenants reimburse the ownership for their electrical use, whereas the remaining (9) spaces pay direct billed to PG&E. Each tenant is responsible for obtaining their own propane gas.

The ownership has made the following capital improvements:
- New filtration and chlorination system.
- New casing for the well.
- (2) new leach lines for the septic system.

One (1) double-wide space; 1 is a newer 1200 sq ft 3 bed, 2 bath modular. It also includes a newer 800 sq ft shop with 1 bathroom.

This represents a streamlined light value-add opportunity through the implementation of basic marketing to lease vacant spaces with already existing income.

31300 Manton Road is located in Manton, a small town in Tehama County, California. Manton is known for its vineyards, wineries, and apple orchards. The property is close to some natural attractions, such as the Battle Creek Wildlife Area, the Ishi Wilderness, and the Lassen Volcanic National Park. It is also reasonable driving distance to large cities, such as Redding, Red Bluff, and Chico. The nearest airport is the Redding Municipal Airport,