$1,700,000

Rambling Rose MP󠃍󠂏󠃢󠂁󠂤󠃢󠂁󠂣󠃢󠂁󠂢󠃢󠂁󠂡󠃢󠂁󠂢 and Knotty Estates are a two-property manufactured housing community portfolio totaling 33 sites consisting of 16 mobile home sites, 13 RV sites with drain, 3 detached single family residences, and one bar/restaurant building in Oroville, California. The combined portfolio is priced at $1,700,000 and is 88% occupied with 4 vacant sites including one vacant park owned home and two vacant mobile homes that were abandoned by the prior owner and are in process of having title transferred to seller. With current NOI of $127,399, the pricing equates to a 7.49% going-in cap rate. The majority of current resident rents fall between $350 - $450 per month, however there have been some new sites in-filled at premium rates. Portfolio average site rents are $445, which equates to a 32% discount to the comparable communities nearby. There is a clear path to increased income at Rambling Rose MP and Knotty Estates through in-filling the remaining vacant sites and measured increases to in-place rents to approach market rates. Rambling Rose MP is 16-site manufactured home community with 14 MH sites and 2 detached single family residences. The single family residences are in good condition and leased long term for $1,400 per month. There are two vacant mobile homes that were abandoned by the prior owner and are currently in the process of being renovated and having title transferred to the seller. Knotty Estates is a 17-site RV & manufactured home and community with 2 MH sites, 13 RV sites, 1 detached single family residence, and a commercial building that is leased to a bar.