Buckhorn MHP

List Price $2,000,000

26600 CA-88, Pioneer, CA 95666

Tim Ryan & Jason Lippe Exclusive Listing

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Price
$2,000,000

Total Sites
48

Price/Site
$41,667

Price/Acre
$322,061

Occupancy
62.5%
(30 Occupied Sites)

Lot Size
6.21 Acres

Year Built
1960’s & 1973

Designation
All Age

NOI (Current)
$87,381

Cap Rate (Current)
4.37%

NOI (Proforma)
$204,137

Cap Rate (Proforma)
10.21%

INVESTMENT HIGHLIGHTS

❑ Price Per Site –Offered for $41,667 per site, 39% lower than the comparable set average of $68,265.

❑ In-Fill Opportunity – 18 vacant lots present the opportunity for the new owner to increase occupancy by infill.

❑ Below Market Rents – Average in-place rents of $650 per month, 15% lower than the comparable set average of $773.

❑ Utilities & Potential Billback – Only a few newer tenants are currently being billed for water and septic. There is potential for new owner to bill back tenants for the utility usage.

❑ Tenant Owned Homes – All occupied MH and permanent RV are tenant-owned, reducing landlord maintenance responsibilities.

❑ Spaces – All sites are permitted for manufactured homes. There are currently some sites occupied by permanent RVs.

❑ Opportunity Zone – Property is located in an opportunity zone.

❑ Location – Located within walking distance of multiple commercial businesses in Pioneer, CA; a 20 minute drive from Jackson, CA for major services and employment; and less than an hour and a half from Sacramento, the state’s capital.

EXECUTIVE SUMMARY

Buckhorn MHP is a 48-site, all-age community in an Opportunity Zone in Pioneer, CA being offered for $2,000,000 ($41,667 per site). 30 sites are currently occupied by long term residents with tenant-owned homes. There are 18 vacant units at Buckhorn MHP, presenting the opportunity for a new owner to grow occupancy by in-filling homes. Occupancy within the set of comparable parks nearby averaged over 90%. Furthering Buckhorn MHP’s potential, its average rents are $650 per month, which is approximately 15% less than the comparable set average of $773.

Buckhorn MHP benefits from directly billed electric and gas utilities for each space. Waste is handled by a private septic system consisting of three tanks and leach fields. Public water is provided by Amador Water Agency through a master meter. Currently, only a handful of the tenants are being billed for water at a flat rate. There is potential for the new owner to expand billing for water and septic services. Buckhorn MHP’s street coverings are a combination of asphalt and dirt and there is a laundry room with recently updated leased machines.

Buckhorn MHP is directly adjacent to a Chevron Gas and Convenience store and across the street from a Dollar General. It is also a short drive away from multiple outdoor recreation options in Pioneer and nearby Pine Grove. Jackson, CA is approximately 20 minutes away from Buckhorn MHP, offering major services, employment and entertainment. Within a 90 minute drive, Buckhorn MHP can access Sacramento, Stockton, and Lake Tahoe, CA.