 |
 | | | PRICE: |
$2,780,000
| | LOCATION: |
Tucson, AZ
| | SPACES: |
76
| | CAP: |
7.28%
| | CLOSE DATE: |
5/23/2008
| | Comments: |
This community in central Tucson is comprised of 72 mobile home spaces, 4 RVs, and 1 single family residence. There were 2 park owned homes included in the sale. A $33 rent raise became effective during the escrow and the transaction closed in less than 90 days.
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LAKEWOOD MOBILE HOME PARK
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| PRICE: |
$3,600,000
| | LOCATION: |
Springfield, MO
| | SPACES: |
174
| | CAP: |
7.04%
| | CLOSE DATE: |
5/2/2008
| | Comments: |
Lakewood Mobile Home Park is a 174 space, all age community located in Springfield, Missouri. The property sold in 10 days at 97% of list price.
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| | | PRICE: |
$25,000,000
| | LOCATION: |
Rochester, NY Area
| | SPACES: |
1,115
| | CAP: |
8.61%
| | CLOSE DATE: |
3/27/2008 & 3/3/2008
| | Comments: |
The Rochester Portfolio consists of 8 parks – 7 in the Rochester New York area and 1 in Salisbury, Maryland. The Portfolio sold at 98% of list with multiple offers. The loan was assumed by the Buyer.
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| | | PRICE: |
$7,350,000
| | LOCATION: |
Tucson, AZ
| | SPACES: |
192
| | CAP: |
7.66%
| | CLOSE DATE: |
3/6/2008
| | Comments: |
This all age community closed with a $34 rent raise noticed in escrow that became effective prior to close of escrow. There were 3 park owned homes included in the purchase price. The property was 94% occupied at the time of sale.
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|
| | | PRICE: |
$500,000
| | LOCATION: |
Tucson, AZ
| | SPACES: |
19
| | CAP: |
8.27%
| | CLOSE DATE: |
2/8/2008
| | Comments: |
Mountain View MHP is a 19 space, all age mobile home park located in Northwestern Tucson. At the time of sale the park was 95% occupied and sold for 95% of the list price.
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|
| | | PRICE: |
$1,800,000
| | LOCATION: |
Denver, CO
| | SPACES: |
82
| | CAP: |
10.18%
| | CLOSE DATE: |
1/14/2008
| | Comments: |
Capitol City MHP is an 80 space park with 2 SFR’s located in downtown Denver. The park sold to a Buyer new to the mobile home park industry. It sold over a 10 CAP with a Seller rent guarantee for vacant space leaving incubation upside for the new owner.
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|
| | | PRICE: |
$5,150,000
| | LOCATION: |
Hemet, CA
| | SPACES: |
170
| | CAP: |
6.23%
| | CLOSE DATE: |
1/11/2008
| | Comments: |
Mountain Valley RV Resort is a 170 space RV park located in Hemet, California. The park sold at 98% of list and within 30 days of the marketing period. The Buyer also owns a park around the area.
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|
| | | PRICE: |
$7,900,000
| | LOCATION: |
Las Vegas, NV
| | SPACES: |
114
| | CAP: |
6.36%
| | CLOSE DATE: |
12/3/2007
| | Comments: |
This property sold as a portfolio with Desert Inn in Las Vegas, at 95% of the list price. The volatile lending climate created some problems in this transaction, but the Seller granted extensions to allow the Buyer time to get a new loan.
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DESERT INN MOBILE HOME PARK
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| PRICE: |
$6,250,000
| | LOCATION: |
Las Vegas, NV
| | SPACES: |
87
| | CAP: |
5.77%
| | CLOSE DATE: |
12/3/2007
| | Comments: |
This property sold as a portfolio with Heritage Village in Las Vegas, at 95% of the list price. The volatile lending climate created some problems in this transaction, but the Seller granted extensions to allow the Buyer time to get a new loan.
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HANSMANN’S MILLS WAREHOUSE
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| PRICE: |
$563,111
| | LOCATION: |
Birmingham, NY
| | RENTABLE SF: |
52,419
| | CAP: |
N/A
| | CLOSE DATE: |
11/14/2007
| | Comments: |
This property was owner occupied and suffered flood damage, which caused the company to close its doors. The Buyer will be re-tenanting the building for a change in use yet to be determined.
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|
| | | PRICE: |
$8,000,000
| | LOCATION: |
Pauma Valley, CA
| | SPACES: |
120
| | CAP: |
6.86%
| | CLOSE DATE: |
10/17/2007
| | Comments: |
Rancho Corrido is a 120 site full service Park Model RV Resort and Campground situated on 31.28 acres and occupied year round. The sale included 24 new park models. The park sold at $7,000,000 and the homes sold for $1,000,000. The current and pro forma closing numbers are based on the real property only!
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| | | PRICE: |
$1,730,000
| | LOCATION: |
Eaton Rapids, MI
| | RENTABLE SF: |
11,068
| | CAP: |
7.51%
| | CLOSE DATE: |
9/4/2007
| | Comments: |
This property sold to an owner with two other Rite Aid buildings.
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|
| | | PRICE: |
$2,080,000
| | LOCATION: |
Newton Falls, OH
| | GROSS SF: |
43,124
| | CAP: |
7.50%
| | CLOSE DATE: |
8/22/2007
| | Comments: |
This property was sold directly from the original developer to an exchange Buyer who paid full asking price.
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|
| | | PRICE: |
$5,200,000
| | LOCATION: |
Casa Grande, AZ
| | SPACES: |
344
| | CAP: |
6.93%
| | CLOSE DATE: |
8/15/2007
| | Comments: |
This property was not on the market at the time of sale, and the Buyer, who already owns 6 other parks in Arizona, bought this property to expand his existing portfolio. The new owner will achieve upside by changing the community to an annual community (open year round instead of 9 months per year).
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|
| | | PRICE: |
$950,000
| | LOCATION: |
Gardena, CA
| | SPACES: |
15
| | CAP: |
6.20%
| | CLOSE DATE: |
8/10/2007
| | Comments: |
Vermont Village is a 15 space / unit mobile home park located in Gardena, CA. The property consists of 10 MH sites, 3 SFR’s and 2 commercial units. Listed by outside broker. Buyer paid all cash.
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|
| | | PRICE: |
$916,000
| | LOCATION: |
Three Rivers, CA
| | SPACES: |
67
| | CAP: |
8.31%
| | CLOSE DATE: |
6/27/2007
| | Comments: |
Trailer Isle is a 67 space Mobile Home / RV Park located in Three Rivers located at the gateway to Sequoia National Park. The property sold based on asset value. The new owner plans to upgrade the existing facility and run the RV section as a transient RV Resort and convert the Mobile Home section of the park to a 55+ senior community. The park sold with approximately 66% down to an existing loan at 7%.
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|
| | | PRICE: |
$5,000,000
| | LOCATION: |
Denver, CO
| | SPACES: |
113
| | CAP: |
7.69%
| | CLOSE DATE: |
6/13/2007
| | Comments: |
Pioneer Village is a 113 site, 2.5-star, all age manufactured home community. Situated on 10.93 acres, the park consists of 112 mobile home sites (a mixture of single and double wides) and one 2 bedroom, 1 bath apartment. The park was 95% occupied at the close of escrow.
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SAND CANYON MOBILE HOME PARK
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| PRICE: |
$3,400,000
| | LOCATION: |
Santa Clarita, CA
| | SPACES: |
69
| | CAP: |
5.43%
| | CLOSE DATE: |
4/26/2007
| | Comments: |
Sand Canyon Mobile Home Park is a 2 1/2 star 69 space all age community. The total sales price of the transaction was $6,950,000. This price included a Shell Gas Station and office building. The Shell Gas Station included a mini-mart and drive through car wash.
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|
| | | PRICE: |
$3,400,000
| | LOCATION: |
Fountain, CO
| | SPACES: |
105
| | CAP: |
7.87%
| | CLOSE DATE: |
3/20/2007
| | Comments: |
Crest is a 2-star, all age community located 10 minutes south of Colorado Springs in Fountain, Colorado. The sales price included 8 Park Owned Homes.
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|
| | | PRICE: |
$4,250,000
| | LOCATION: |
El Cajon, CA
| | SPACES: |
46
| | CAP: |
4.77%
| | CLOSE DATE: |
1/31/2007
| | Comments: |
Heart O the Hills sold in two weeks of list at a sub 5 CAP. The property sold to local Buyers who already own a park in that market. The rents in the park are 15% below market.
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|
| | | PRICE: |
$1,522,000
| | LOCATION: |
Oklahoma City, OK
| | SPACES: |
191
| | CAP: |
8.81%
| | CLOSE DATE: |
1/23/2007
| | Comments: |
Santa Fe Estates was sold to a hands-on operator that will realize upside by filling vacancies. The property was 50% occupied at the time of sale.
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|
| | | PRICE: |
$500,000
| | LOCATION: |
Springfield, MO
| | SPACES: |
66
| | CAP: |
6.86%
| | CLOSE DATE: |
12/29/2006
| | Comments: |
Village West was approximately 43% vacant at the time of sale. The property was sold as a redevelopment deal on a price per acre basis.
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MOONEY GROVE MOBILE MANOR
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| PRICE: |
$6,700,000
| | LOCATION: |
Visalia, CA
| | SPACES: |
170
| | CAP: |
6.50%
| | CLOSE DATE: |
12/22/2006
| | Comments: |
Mooney Grove Mobile Manor is a 170 Space, 2-star, all age community located in Visalia, CA. The park is situated on 16.18 acres of lands and has a density of 10.18 sites per acre. There were 20 park owned homes included in the sales price.
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|
| | | PRICE: |
$1,610,000
| | LOCATION: |
Lancaster, CA
| | SPACES: |
76
| | CAP: |
6.55%
| | CLOSE DATE: |
11/30/2006
| | Comments: |
Locust Grove is a 2-star, all age community situated on 10 acres with Boulevard frontage on East Avenue I. The park sold at $1,610,000 which is a 6.5 CAP on current rents of $183. The rents will escalate to $257 by August 2009 giving the Buyer a 9.5 CAP rate on the original purchase price. The Buyer is going to trim the trees, upgrade the sewer and redo the roads.
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ARIZONA ACRES MOBILE HOME PARK
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| PRICE: |
$7,500,000
| | LOCATION: |
Mesa, AZ
| | SPACES: |
198
| | CAP: |
5.28%
| | CLOSE DATE: |
10/19/2006
| | Comments: |
This property closed with a $30 rent increase in play. There was substantial upside in filling vacancies. This is a very clean, 2 and a half star park. Closing was delayed due to problems with the lenders.
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SUNCREST MOBILE HOME PARK
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| PRICE: |
$1,000,000
| | LOCATION: |
Gardena, CA
| | SPACES: |
19
| | CAP: |
5.83%
| | CLOSE DATE: |
9/11/2006
| | Comments: |
The property sold in less than 30 days at the list price.
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|
| | | PRICE: |
$725,000
| | LOCATION: |
Vale, OR
| | SPACES: |
44
| | CAP: |
9.26%
| | CLOSE DATE: |
9/15/2006
| | Comments: |
Property was on the market for a year and a half. Property sold at 97% of the adjusted list price with 38% down and Seller financing.
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|
| | | PRICE: |
$1,900,000
| | LOCATION: |
Cibolo, TX
| | SPACES: |
84
| | CAP: |
7.93%
| | CLOSE DATE: |
8/21/06
| | Comments: |
This was the Buyers upleg in an exchange. There was a complicated FEMA flood plain map issue that arose during escrow, delaying the close until all issues could be resolved. The sale included an onsite self-storage facility of 122 sites (86 indoor, 36 outdoor).
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|
| | | PRICE: |
$4,100,000
| | LOCATION: |
Apache Junction, AZ
| | SPACES: |
254
| | CAP: |
2.48%
| | CLOSE DATE: |
6/15/06
| | Comments: |
The total consideration of this sale was $4,200,000; however the Buyer represented himself in this transaction and backed his fee out of the purchase price. The sale also included a 3-bedroom single family residence onsite, a managers apartment, and an office. This new community (built in 2002) was sold on a price per space basis, as it has not yet reached its potential in cash flow.
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|
| | | PRICE: |
$3,950,000
| | LOCATION: |
Peoria, AZ
| | UNITS: |
676
| | CAP: |
6.88%
| | CLOSE DATE: |
5/31/06
| | Comments: |
Thunderbird MiniStorage closed 5/31/06 and was a fairly clean deal. This quality facility was fully stabilized at the time of sale, and had good visability. The transaction had an extended escrow due to a lengthy assumption process.
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|
| | | PRICE: |
$5,700,000
| | LOCATION: |
Loveland, CO
| | SPACES: |
132
| | CAP: |
6.72%
| | CLOSE DATE: |
5/2/06
| | Comments: |
Sold at 92% of List Price.
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| | |
COLONY COVE MOBILE ESTATES
|
| PRICE: |
$23,000,000
| | LOCATION: |
Carson, CA
| | SPACES: |
404
| | CAP: |
5.03%
| | CLOSE DATE: |
4/5/06
| | Comments: |
5-star Senior Community, multiple offers, 60 days - list to close. |
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|
| | | PRICE: |
$3,450,000
| | LOCATION: |
Howe, TX
| | SPACES: |
259
| | CAP: |
6.23%
| | CLOSE DATE: |
3/16/06 | | Comments: |
Howe Estates is a three-star mobile home community consisting of 259 spaces. This property sold 3/17/06 to an exchange buyer. The original listing included only 159 existing homesites; however, the buyer also purchased an additional 100 homesites that had been built in a second phase but were not yet filled.
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WATCHFUL EYE STORAGE SOLUTIONS
|
| PRICE: |
$2,950,000
| | LOCATION: |
Apache Junction, AZ
| | UNITS: |
438
| | CAP: |
6.84%
| | CLOSE DATE: |
2/15/06
| | Comments: |
Watchful Eye Storage Solutions sold at 98% of list price, a fairly clean deal; this quality property was fully stabilized at the time of sale, and had excellent visibility.
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| | |
BRENTWOOD MOBILE HOME COMMUNITY
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| PRICE: |
$2,400,000
| | LOCATION: |
Tucson, AZ
| | SPACES: |
74
| | CAP: |
7.63%
| | CLOSE DATE: |
1/19/06 | | Comments: |
Brentwood Mobile Home Park consists of 74 mobile home spaces in Tucson, Arizona. Occupancy was 100% at the time of sale. This two-star family park sold 1/19/06 for $2,400,000 to an exchange buyer. The cap rate on current actuals at time of sale of 7.63%.
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|
|
| | | PRICE: |
$2,400,000
| | LOCATION: |
Williams, AZ
| | UNITS: |
274
| | CAP: |
8.05%
| | CLOSE DATE: |
01/04/06
| | Comments: |
This was a new facility recently stabilized at the time of sale; there was also room for expansion.
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|
| | | PRICE: |
$1,320,000
| | LOCATION: |
Tucson, AZ
| | RENTABLE SF: |
22,000
| | CAP: |
7.01%
| | CLOSE DATE: |
01/03/06
| | Comments: |
Sale-leaseback. Seller will continue managing the property for two years after close of escrow.
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"The representations contained on this internet page are provided based on information
deemed reliable. However, the same has not been independently verified. Principals are
advised to conduct a thorough due diligence for any potential transaction.
Marcus & Millichap Real Estate Investment Brokerage Company's name and logo are used
herein for information purposes only."
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