Town & Country Club Park

Property Description:

Beautiful 5 star, 55+ senior manufactured housing community in north San Diego County. Large 54X70 feet sites with all doublewide homes. The community contains a 9,000 sq ft clubhouse with banquet room, large office, library, billiards room, and kitchen. The community also has a large pool, spa, two saunas, and covered shuffleboard. The site rents are very low and have not been raised since March/2018 at $402-$665 with a $565 average plus submetered water and sewer, and $5.98 per month trash charge. The site rents are subject to the City of Escondido rent control ordinance at an annual rent increase at 90% of cpi plus an 8% increase on resident turnover. The park has not had a rent increase since March/2018 and a buyer should apply for a large rent increase for the last five years, plus the huge increase in property taxes, and the $3.0M in capital improvements the Seller spent the last several years. The original 1970 homes sell for $120,000 and new homes sell for $250,000. San Diego Gas & Electric installed new gas and electric lines in 2018 and directly bill the utilities.