Iron Oaks MHP

MHP & Vacant Land Price $3,052,000

6355 Lincoln Blvd, Oroville, CA 95966

Exclusive Listing
Tim Ryan & Jason Lippe

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Price Overview
MHP Price: $2,740,000
Vacant Land Price: $312,000
POH Price: $340,000

Total Sites
41 (40 MH + 1 SFR)

MHP Price/Site
$66,829

Price/Acre
$266,085

Occupancy
83%

Lot Size
11.47 Acres

Designation
All Age

Year Built
1961

NOI (Current)
$138,422

Cap Rate (Current)
5.05%

NOI (Pro Forma Y1)
$182,534

Cap Rate (Pro Forma Y1)
6.66%

INVESTMENT HIGHLIGHTS

❑ Infill Upside – Six vacant lots with utilities ready for new home placement, offering infill opportunity.

❑ Recent Capital Improvements – Ownership has completed meaningful upgrades in recent years, including repaving the central roadway, refreshing the community laundry facility, renovating the single-family residence, removing older homes, and installing newer model homes to enhance overall property condition and curb appeal.

❑ Single-Family Residence (SFR) – The SFR is approximately 1,000 square feet, 2 bed / 1 bath with a fenced backyard and a large front yard, currently undergoing final improvements, including a new roof, and is being marketed for rent at $1,550 plus utilities per month, expected to be leased prior to close.

❑ Below-Market Rents – Average space rent of $617 per month, approximately 15% below market, providing rent growth potential.

❑ Park-Owned Homes – Four newer homes valued at $85,000 per home: one 2025 3 bed / 2 bath, with warranty left and three 2024 2 bed / 1 bath units, currently leased between $1,300 and $1,520 per month.

❑ Utilities – Municipal water with brand-new individual Metron water meters at each homesite, private septic, direct-billed gas and electric.

❑ 24-Site Expansion Opportunity – Adjacent 6.68-acre parcel HCD approved for additional 24 MH sites, valued at $312,000. Civil improvement plans complete; Conditional Use Permit (CUP) process in place with Butte County; building permits under HUD review with response expected by end of March 2026. Comcast/Xfinity committed to covering the majority of costs for installation of internet, TV, and voice services for the expansion. Road for the expansion may go through site 19 which is vacant.

EXECUTIVE SUMMARY

Iron Oaks Mobile Home Park is a 40-site, all-age manufactured housing community plus one single-family residence located in the Greater Oroville area of Northern California. Iron Oaks MHP presents a value-add opportunity driven by below-market rents, infill potential, recent capital improvements, and a HCD approved 24-site expansion component, which will increase the permitted sites from 40 to 64 once complete. Over the past few years, ownership has completed meaningful upgrades to enhance the quality and long-term performance of the community, including repaving the central roadway, refreshing the laundry facility, renovating the front single-family residence, removing older homes, and installing new mobile homes to elevate the overall appearance of the property.

The property is served by municipal water, private septic, and direct-billed gas and electric. The community currently consists of 30 occupied tenant-owned homes, four occupied park-owned homes, and six vacant lots ready for new home placement, providing upside through infill. The average space rent of $617 per month is approximately 15% below market, offering a clear path for rental growth. The four newer park-owned homes are currently leased between $1,300 and $1,520 per month and are valued at a total of $340,000 or $85,000 per home. The stick-built single-family residence located at the front of the community is undergoing final improvements, including a new roof, and is expected to be leased prior to closing, contributing additional stabilized income.

A significant driver of long-term value is the adjacent 6.68-acre parcel, which has received approvals from HCD to expand the community by 24 additional mobile home sites. The expansion has the civil improvement plans in place and building permits under HUD review. Comcast/Xfinity has committed to covering the majority of infrastructure costs for internet, TV, and voice service installation. The adjacent parcel and associated improvements are valued at $312,000, providing investors with an attractive basis for scalable future growth in a supply-constrained market.

Strategically located in the Greater Oroville area, serving an approximate population of ~55,000 and encompassing the City of Oroville, the county seat of Butte County, Iron Oaks MHP benefits from a stable regional economy supported by healthcare, government services, higher education, agriculture, water and energy infrastructure, and recreation anchored by Lake Oroville. With convenient access to State Route 70 and close proximity to Chico, Yuba City, and Sacramento, Iron Oaks MHP is well positioned to meet sustained demand for affordable workforce housing throughout Northern California.

Iron Oaks Mobile Home Park offers investors the opportunity to acquire a recently improved manufactured housing community with upside, expansion scalability at an attractive per site cost basis, and long-term value opportunity in Northern California.

Please do not visit, drive through, call, or disturb the property or its residents without prior approval from the listing broker.