Eloy Mobile Home and RV Park
Lot #: $610
Address: 610 Eloy, AZ 85131
This is a clean and quiet 1.5* star park with rental and vacancy upside located in the pathway of development halfway in between Metro Phoenix and Tucson. Large spaces and near full occupancy with management and maintenance person in place for easy transition. Nice starter park or for a veteran looking for outstanding returns and seller financing. All city utilities are billed back and 35 spaces are direct billed through APS for easy management. All sites are minimum 100amp allowing for new homes to be placed within the park to fill vacancies. Only eight park-owned rentals (six park models, one RV, one mobile home) with another eight mobile homes on contract to be sold. Those 8 contract notes and income not included in NOI used for valuation.
3 vacant MH spaces also allows for future upside, current homes in the park have sold for an average of $9,000 per singlewide. Lot rental within the park was just raised in 2015 to $237.50 and which is far below rental comps in nearby Casa Grande for similar parks. Current move-in’s are being charged $245.00 for rent. Broker believes park has additional room for rental growth (rent was raised in both 2014 and 2015 with no adjustment in occupancy), filling in vacant spaces and office/apartment via permanent residents or seasonal via advertising.