Antelope Creek MHP

List Price $1,750,000

24850 5th Avenue, Los Molinos, CA 96055

Tim Ryan & Jason Lippe Exclusive Listing

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Price
$1,750,000

Total Sites
54

Site Mix
40 MH, 13 RV, 1 House

MH/RV Avg. Rent
$532

Price/Site
$32,407

Price/Acre
$141,243

Occupancy
59.3%

Lot Size
12.39 Acres

Utilities
W & S - Private
Electric - PG&E
Propane - Suburban
Trash - Commercial Bins

Year Built
1964

Designation
All Age

NOI (Current)
$80,486

Cap Rate (Current)
4.60%

NOI (Proforma)
$180,825

Cap Rate (Proforma)
10.33%

INVESTMENT HIGHLIGHTS

❑ Price per Site – Offered for $32,407 per site, 38% lower than the comparable set average of $52,675.

❑ In-Fill Opportunity – 20 vacant lots present the opportunity for the new owner to increase occupancy by in-fill.

❑ Tenant Owned Homes – All 32 occupied manufactured homes and permanent RVs are tenant owned, reducing landlord maintenance responsibilities. There are 2 vacant park owned homes, 1 currently listed for sale.

❑ Quality – Scenic location on the Sacramento River with well- maintained homes and grounds that demonstrate pride of ownership.

❑ Utilities – Electricity and propane are billed direct to the residents. Water is provided by a private well and waste treatment is handled by a private septic system. Approx. 6 of the existing residents are billed flat rates for septic and trash.

❑ Excess Land – Several acres of excess land that are currently used for recreation and +/- 10 RV storage sites.

❑ Sites – HCD permitted for 40 MH sites and 13 RV sites.

❑ PATH Program – Registered for Tehama County’s PATH Program to bring in up to 15 gov’t. subsidized tiny homes.

EXECUTIVE SUMMARY

Antelope Creek MHP is a 54-site, all-age community in Los Molinos, CA being offered for $1,750,000 ($32,407 per site). The community consists of three separate parcels totaling over 12 acres. 32 sites are occupied by long term residents with tenant- owned homes. There are 2 vacant park-owned homes and 20 vacant sites in Antelope Creek MHP, presenting the opportunity for a new owner to grow occupancy by in-filling homes. Furthering the potential for occupancy growth, Antelope Creek MHP has been registered with Tehama County’s PATH Program to bring in up to 15 government-subsidized tiny homes.

Antelope Creek MHP benefits from directly billed electric and propane utilities for each site. Waste treatment is handled by a private septic system and water is provided by a private well. Only approximately 20% of the current residents are billed a flat rate for trash and septic, presenting the opportunity for the new owner to expand utility recapture. Antelope Creek MHP’s street coverings are a combination of asphalt and gravel and there is a shared community laundry room. The property also enjoys a scenic riverfront location and several acres of excess land that are used for community recreation space and RV storage.

Antelope Creek MHP is just a 10-minute drive from schools, services, groceries, and dining in the town of Los Molinos. It is also less than a 20-minute drive from Red Bluff, CA which offers major services and employment. Antelope Creek MHP is within a 45-minute drive of Chico, CA and Redding, CA for employment, entertainment, hospitals, education, and a regional airport.