OLD 33 SITES TRAILER PARK WITH ALL RENTALS SELLS FOR $1.52 MILLION

The sale of the Magnolia Trailer Park located at 11949 Magnolia Street in El Monte closed on April 28, 2006 for $1,520,000. John Grant of Park Brokerage Inc. represented the seller in the sale.

The all ages community is older and has 33 sites with 33 rental mobile homes or travel trailers. The parcel size is 40,071 square feet, and the property is serviced by city sewer and water utilities. The only amenity is a laundry room.

The rental units were $395-$625 with a $520 average and included the gas, water, sewer, and trash utilities. There is no apartment or mobile home space rent control in the City of El Monte.

The buyer made a $532,000 cash down payment, and the seller carried a $988,000 1st trust deed at six percent interest with monthly payments amortized over 30 years with a 10 year term. The capitalization rate was 6.75%. The property was in fair condition at time of sale.

John Grant commented, “Despite the park being older with all older rental mobile homes and travel trailers, the demand for infill Los Angeles rental properties is always strong. The property had low rental rates and attractive seller financing”.

John Grant sells and finances manufactured housing communities and RV parks exclusively throughout the states of California, Arizona, and Nevada. He has sold 125 manufactured housing communities and RV parks in the last 20 years and financed over 100. John can be reached at 800-987-3363.

Market time: 5 months

Escrow length: 7 months