Las Casitas Mobile Home Park

Property Description:

Fresh to the market this infill MHP located within a stone’s throw of downtown Phoenix and less than one mile to the Arizona State Capitol and government buildings, Beacon MHHP offers investors a hard corner location in an area with fast-rising rents and home values. This park is filled with workers and families and yet rents only went up to $370.00 plus utilities which broker believes is $30-50 under market due to median comps in the area. Home prices in the 85007 zip code is $413,000 and median 1-bedroom rents are $1350. The restaurant in front has been vacant for several years however did strong business when open. Restaurant would likely require tenant improvements to re-open due to years of vacancy. Previous and current owners never attempted to establish a new restaurant in this space.

Beacon/Casitas has paved roads in good condition plus plenty of parking in front of and in storage area behind community. Site density is tight however this additional land provides owner area to establish a parking area for tenants. Park was established in the 1950’s so infrastructure is older however electric is direct-billed. All homes are tenant-owned with a few on RTO contracts for additional $5,000 per year in revenue. Rents should be brought up to market in 2023 to low $400’s and additional revenue streams available in parking and leasing 1800sf restaurant. Average restaurant lease in this submarket is between $20-30/sf year which could bring in an additional $25,000 – $40,000 annually in income. The area is undergoing a wave of gentrification at the moment due to proximity to downtown Phoenix and state capitol. Buy now, bring up to market rents for higher cash flow and sit on the land bank.

PLEASE DO NOT DISTURB TENANTS OR MANAGEMENT IF VISITING PARK.
THEY ARE NOT AWARE PARK IS FOR SALE. PLEASE KEEP THIS LISTING
CONFIDENTIAL.