2* quality all-ages MHP near Yosemite will huge upside. Only 12 of the 19 HCD-permitted sites are currently occupied leading to a vacancy rate of 37% in a high demand area. The park is on city services and the electric and gas are directbilled to each tenant. The space sizes are huge and can fit all modern mobiles. Rents are currently $350/mo and rents are overseen by Tuolumne County rent control which is maxed at 10% for resident turnover and projected 1.7% for existing tenants. Broker believes new tenants can be moved in at $385 based on current rent control measures or bring in RV traffic with better advertising and park cleanup. There is currently a mix of RV’s and mobiles of varying ages and quality levels. The roads also are both paved and gravel in certain sections of the park. There is a vacant barn on the property as well which is used for storage. Comparable properties rents are in the mid-$400’s so with units in the spaces an operator should be able to fill sites. At a blended $370 space rent and market vacancy this is an easy 10+ cap rate deal with proper expense load. This will not last long!!!