Forest Glen MHP

$1,200,000

1080 Pearson Rd, Paradise, CA 95969

Tim Ryan Exclusive Listing

Price
$1,200,000

Total Sites
24

Price/Site
$50,000

Price/Acre
$404,040

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Seller Financing
70% LTV
5% I/O
5 years

Occupancy
83.3%

Lot Size
2.97 Acres (MHP)
0.32 Acres (Additional Parcel for Sale)

Year Rebuilt
2023

Designation
Age Restricted

Utilities (New)
Water - Municipal
Sewer - Private
Electric - PG&E
Gas - PG&E
Trash - Municipal

NOI (Proforma Year 1)
$74,189

Cap Rate (Proforma Year 1)
6.18%

INVESTMENT HIGHLIGHTS

❑ Infrastructure – Fully rebuilt by 2023 after the 2018 Camp Fire with new underground utilities and roads, reducing long-term capex risk. The septic system was partially replaced, with some tanks remaining viable post-fire.

❑ Expansion Opportunity – Adjacent 0.32-acre parcel available separately for $40,000 with Paradise Irrigation District (PID) water and private septic. Ideal for expansion or added site use.

❑ Utility Billbacks – The landlord currently pays for water and trash, presenting an opportunity to implement utility billbacks and improve NOI.

❑ RV & Home Mix – All RVs are tenant-owned; there is one community owned mobile home designated as the office and manager quarters located at site #3.

❑ Market Rents – Current rents are approximately 10% below market, allowing for near-term upside through modest rent increases.

❑ Property Layout – All 24 sites are HCD-permitted for mobile homes, allowing for long-term manufactured home infill and improved stability.

❑ Onsite Management – A full-time onsite manager resides in mobile home #3 and receives both a salary and free space rent.

❑ Local Amenities – Forest Glen MHP is centrally located near Paradise’s retail corridor, including grocery stores, pharmacies, and restaurants. Outdoor recreation abounds with nearby access to Lake Oroville, Bille Park, and the Feather River. The city of Chico is only a 25-minute drive away, offering expanded healthcare, education, and employment.

EXECUTIVE SUMMARY

Forest Glen MHP is a 24-site, age-restricted mobile home park located in the heart of Paradise, Butte County. The community is currently 83.3% occupied, with a unit mix consisting of 19 tenant-owned RVs, 1 community-owned mobile home designated as the office and manager’s quarters, and 4 vacant sites. The park is fully permitted by HCD for 24 mobile home sites, offering the opportunity to convert existing RV’s to manufactured homes for enhanced stability and upside.

This turnkey asset features new utility infrastructure and is professionally managed by an on-site manager, providing operational efficiency. The community operates on municipal water and private septic system (partial replacement), while PG&E supplies direct-billed electric and gas to tenants. Currently, ownership covers water, private septic/sewer, and trash expenses; however, there is a clear path to implement a utility bill-back system. Importantly, there is no rent control in Paradise, and current rents are below market, creating rent growth potential for a new investor. There is a ±0.32-acre adjacent parcel available for sale at $40,000 with Paradise Irrigation District water & septic available, presenting an opportunity for expansion.

Strategically located at 1080 Pearson Rd, Forest Glen MHP enjoys proximity to both everyday essentials and regional attractions. Downtown Paradise and local retailers are just minutes away, with the fire station located directly across the street. The surrounding region offers abundant outdoor recreation, including hiking, fishing, and boating at nearby Lake Oroville and Feather River. Chico is a 25-minute drive northwest, providing access to a major university, healthcare centers, and a broader employment base. The community's location strikes an ideal balance between small-town living and accessibility to urban amenities, enhancing its long-term desirability for residents and stability for investors.