Renovated Mobile Home Community | 112 McCord Ave
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
Renovated Mobile Home Community 112 McCord Ave
29 Unit Mobile Home Park $1,600,000 ($55,172/Unit) 7.41% Cap Rate Bakersfield, CA 93308
Investment Highlights
- Recently renovated with major improvements
- Strong rental demand market in close proximity to major employers, amenities, and airport
- 55+ Community (all ages allowed) & majority Tenant Owned (TOH) homes.
- *Serviced by City water and City sewer
- Upside of $100+ per space rent and in leasing remaining vacant spaces
- Tenant utility reimbursement plus rents
Executive Summary
James Court Mobile Home Park is a gated community (All Ages) comprised of a total of 5 single-wide mobile home park spaces plus 17 RV lots with drains, 6 apartment units, plus a Single-Family Home (3B/2B). This paved park is serviced by public City water and City sewer, electrical is sub-metered and all but one unit is direct metered for gas. The majority of the mobile homes / RVs are Tenant Owned, except one park - owned unit (remodeled) plus stick built apartments. James Court operates as a 55+ community however there are no restrictions or permit requirements for all ages.
The ownership has completed an extensive renovation of the community which includes a new mechanical entry gate, slurry coating on paved roads, remodeled laundry facility, all the gas meters, house has undergone a full interior remodel including new roof within the last two years, and interior remodel to 1 Bedroom apartment. Space rents are $550 per month per month, however the market rates are $650, plus tenants reimburse sub-metered electrical / gas to the ownership which direct bills the residents.
The MHP is cash-flowing with in-place rents, yet there's an additional $3,850 in potential space rent income leasing the available (6) vacant spaces, equating to a 10.3% proforma cap rate!
The spaces are in high demand, although the ownership is very thorough when approving applicants. The market supports residents bringing in their own MH/RV and leasing the pad space. Furthermore, three (3) of the apartment units are leased to long-term tenants at 50% of market rents which over time or vacating should be increased to market rate.
The ownership self-manages James Court utilizing an onsite manager to help coordinate showings, vendors, and any maintenance repairs.
112-124 McCord Ave is located in the Oildale sector of Bakersfield. This area of Bakersfield has experienced significant growth due to its close proximity to employers such as Amazon, FedEx, and the municipal airport. The subject property is in close proximity to major anchored commercial amenities such as the WalMart Center, Family Dollar, along with restaurants and other essential daily needs services.
The ownership has completed an extensive renovation of the community which includes a new mechanical entry gate, slurry coating on paved roads, remodeled laundry facility, all the gas meters, house has undergone a full interior remodel including new roof within the last two years, and interior remodel to 1 Bedroom apartment. Space rents are $550 per month per month, however the market rates are $650, plus tenants reimburse sub-metered electrical / gas to the ownership which direct bills the residents.
The MHP is cash-flowing with in-place rents, yet there's an additional $3,850 in potential space rent income leasing the available (6) vacant spaces, equating to a 10.3% proforma cap rate!
The spaces are in high demand, although the ownership is very thorough when approving applicants. The market supports residents bringing in their own MH/RV and leasing the pad space. Furthermore, three (3) of the apartment units are leased to long-term tenants at 50% of market rents which over time or vacating should be increased to market rate.
The ownership self-manages James Court utilizing an onsite manager to help coordinate showings, vendors, and any maintenance repairs.
112-124 McCord Ave is located in the Oildale sector of Bakersfield. This area of Bakersfield has experienced significant growth due to its close proximity to employers such as Amazon, FedEx, and the municipal airport. The subject property is in close proximity to major anchored commercial amenities such as the WalMart Center, Family Dollar, along with restaurants and other essential daily needs services.
Property Facts
| Price | $1,600,000 | Building Class | C |
| Price Per Unit | $55,172 | Lot Size | 1.37 AC |
| Sale Type | Investment | Building Size | 1,264 SF |
| Cap Rate | 7.41% | Average Occupancy | 79% |
| Gross Rent Multiplier | 9.16 | No. Stories | 1 |
| No. Units | 29 | Year Built | 1950 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Manufactured Housing/Mobile Home |
| Price | $1,600,000 |
| Price Per Unit | $55,172 |
| Sale Type | Investment |
| Cap Rate | 7.41% |
| Gross Rent Multiplier | 9.16 |
| No. Units | 29 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Building Class | C |
| Lot Size | 1.37 AC |
| Building Size | 1,264 SF |
| Average Occupancy | 79% |
| No. Stories | 1 |
| Year Built | 1950 |
| Opportunity Zone |
Yes |
Site Amenities
- Laundry Facilities
1 of 1
zoning
| Zoning Code | R2 |
| R2 |
-
Adrian Del Rio -
Claudia Aguilar -
PCG Commercial
1 of 22
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
Renovated Mobile Home Community | 112 McCord Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.