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Listed by Tim Ryan, DRE #02097345 • Avine Real Estate
$ 1,700,000
Est. payment /mo
New
1679 Oro Dam Blvd W Oroville, CA 95965
3 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID CROC26210996
Year Built 1984
Lot Size 3 Sqft
Source California Regional MLS
Property Description
Rambling Rose MP and Knotty Estates are a two-property manufactured housing community portfolio totaling 33 sites consisting of 16 mobile home sites, 13 RV sites with drain, 3 detached single family residences, and one bar/restaurant building in Oroville, California. The combined portfolio is priced at $1,700,000 and is 88% occupied with 4 vacant sites including one vacant park owned home and two vacant mobile homes that were abandoned by the prior owner and are in process of having title transferred to seller. With current NOI of $127,399, the pricing equates to a 7.49% going-in cap rate. The majority of current resident rents fall between $350 - $450 per month, however there have been some new sites in-filled at premium rates. Portfolio average site rents are $445, which equates to a 32% discount to the comparable communities nearby. There is a clear path to increased income at Rambling Rose MP and Knotty Estates through in-filling the remaining vacant sites and measured increases to in-place rents to approach market rates. Rambling Rose MP is 16-site manufactured home community with 14 MH sites and 2 detached single family residences. The single family residences are in good condition and leased long term for $1,400 per month. There are two vacant mobile homes that
Location
State CA
County Butte
Interior
Laundry None
Exterior
Pool None
Building
Water District - Public
Others
Tax ID 030183003000
Special Listing Condition Not Applicable
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