MANUFACTURED HOUSING COMMUNITY
Price
$2,250,000
Vista Del Loma Mobile Estates
86 Sites
Four Star
All Doublewides
All Age Community
Down Payment
$562,500
Address/City
20600 S. Main Street, Carson
County
Los Angeles
State
California
Est. Vac. & Expense %
See Actuals Attached
Age
Built 1974
Loan
Buyer to obtain new 1st trust deed
Capitalization Rate
8.25%
Est. Spendable Return
7.8%
Total Return
10.6%
Parcel Size
10.2 Acres
No. Sites
86
Map-Page
Zoning
RPD
Listing Salesman John Grant 800-987-3363
Office San Diego
DESCRIPTION AND RESIDENT INFORMATION: High quality, four star, all ages community in the City of Carson in greater Los Angeles. Large doublewide lots with a clubhouse with kitchen, billiards, and office, pool, spa, gated entry, RV storage, laundry, and bathrooms. Rental rates are approximately half of true market at $244.26-$286.38 plus submetered gas and electric utilities. Rental rates include the sewer, water, and trash utilities. Rent increases are subject to the City of Carson rent control ordinance. However, the community has not had a rent increase since 1997 and the park is overdue for a rent increase, and a new buyer should be able to passthru the very large property tax increase from the last rent increase application. Because of the low rental rates, community has enjoyed almost 100% occupancy since it was built. The 27 year old mobile homes in the park sell for $50,000-$55,000. A new manufactured home recently installed sold for $92,000. A buyer that is a dealer or has a relationship with a dealer can make approximately $30,000-$40,000 when placing a new home in the community for sale. Or a new buyer can slowly begin to convert the community to a rental park and escape rent control. A new 3 br/2ba manufactured home should rent for $1,200-$1,400/month. The one manager 2br/2ba mobile home, 27 years old, included in the purchase price was renting for $1,000/month. City water and sewer utility services. Developer of community owned asphalt paving company and asphalt streets are sixteen inches thick. 100 amp electrical service, cathodic gas protection, plastic water lines, and abs sewer line. Park was converted from senior to all ages in 1991. FIRST CLASS COMMUNITY, VERY LITTLE OR NO DOWNSIDE RISK WITH VERY LOW RENTS, UPSIDE POTENTIAL, EXCELLENT LOS ANGELES LOCATION, ESTATE SALE.
TOTAL ESTIMATED NET INCOME BEFORE DEBT SERVICE
See attacched actuals for 98, 99, 00, and Broker Proforma
$185,710
LOAN INFORMATION
TOTAL ANNUAL PRIN. $141,591
& INTEREST PAYMENT
Broker anticipates new 1st trust deed at 75% loan to value or $1,687,500 at a 7.5% fixed interest rate with monthly payments amortized over 30 years due 10 years from the close of escrow.
EST. ANNUAL PRE-TAX $44,119
CASH FLOW (SPENDABLE)
Monthly payment $11,799.25
PLUS PRINCIPAL
REDUCTION YEAR ONE $15,556
TOTAL RETURN $59,675