Edgewater MHP

List Price: $2,200,000

4222 Lelia Drive, Rio Vista, CA 94571

Exclusive Listing
Jason Lippe

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Price
$2,200,000

Total Sites
29

Price/Site
$75,862

Price/Acre
$404,410

Occupancy
89.7%

Lot Size
5.44 Acres

Year Built
1960’s

Designation
All Age

NOI (Current)
$132,408

Cap Rate (Current)
6.02%

NOI (Pro Forma)
$181,239

Cap Rate (Pro Forma)
8.24%

INVESTMENT HIGHLIGHTS

❑ Central Location – Edgewater MHP is located between San Francisco and Sacramento, only an approximately one hour drive to two of California’s most prominent metropolitan areas. It also has access to the cities of Antioch, Oakley, Brentwood, Pittsburg, and Rio Vista within a 15 to 20 minute drive.

❑ Expansion Potential – Edgewater MHP is permitted to have six RV lots added and has 3.64 acres of excess land for expansion, 1.72 of which is directly adjacent to the existing 29 MH spaces.

❑ Rent Guarantee – The seller has offered to provide a rent guarantee on the three vacant park owned homes at $760 per month for up to six months after closing, while the new owner markets them for sale to new residents.

❑ Tenant Owned Homes – All occupied homes are tenant owned. There are three vacant park owned homes included with the sale; two of which are partially renovated.

❑ Stable Investment – Edgewater MHP 89.7% occupied with rents in line with market, all systems in good working condition, and an on-site resident manager.

EXECUTIVE SUMMARY

Edgewater MHP is an all-age community in Sacramento County, CA with 29 MH sites being offered for $2,200,000 ($75,862 per site). The property is located only one hour drive northeast of San Francisco (population 4+ million) and one hour drive southwest of Sacramento (population 2+ million). Edgewater MHP has expansion potential, with HCD permits for 6 additional RV lots. The price for Edgewater MHP equates to a 6.02% cap rate on current income.

Edgewater MHP is 89.7% occupied by long-term residents who own their homes. There are three vacant park owned homes for which the seller has agreed to provide a rent guarantee at $760 per month for up to six months after closing, while the new owner markets them for sale. Electric is provided by PG&E; 18 of the sites are sub-metered and billed back while the rest have direct service. There are two private wells, one of which was installed in 2019/20 alongside a state-of-the-art pumping and filtration system. Waste treatment is handled by a private septic system. The residents are not billed for water, waste, or trash.

Edgewater MHP is on Sherman Island. The area offers a quiet, natural setting with river frontage, rolling hills, and recreational uses, including windsurfing that draws visitors from across the world. Antioch, Pittsburg, Oakley, Brentwood, and Rio Vista are all within a 15-20 minute drive, providing access to employment, retail, and services. The property is centrally positioned between two of California’s primary economic hubs, and is within one hour of four international airports. This combination of a peaceful setting and regional connectivity makes Edgewater MHP’s location uniquely compelling.