Stonegate MHP

EXECUTIVE SUMMARY

Stonegate Mobile Home Park is a 70-site, all-age manufactured housing community located in Santa Rosa, CA, the heart of Northern California’s wine country. Stabilized at 98.6% occupancy, this 4.0-star community is permitted by HCD for 70 sites consisting of 68 mobile home sites and 2 RV sites. Buyers have the option to assume the existing agency loan or secure favorable seller carryback financing (terms subject to negotiation). There are 65 tenant-owned mobile homes, 2 stick-built single-family residences, 1 tenant-owned park model, and 2 park-owned mobile homes (1 vacant and 1 serving as the onsite manager’s unit). The 2 park-owned mobile homes are included in the sale, representing a value of approximately $250,000. The average mobile home rent of $590 is approximately 32% below market, offering upside subject to local rent control ordinance guidelines. The community has a large clubhouse with a full kitchen, in addition to a spacious laundry room.

The property is in the process of converting from private well and septic systems to municipal water and sewer, creating future opportunities to pass utility costs through to residents. Additionally, Stonegate MHP is enrolled in PG&E’s utility conversion program to individually meter gas and the remaining seven electric sub-meters to direct bill, which is expected to further reduce operational expenses. Buyers have the option to assume the existing agency loan or secure seller carryback financing, subject to qualification. The assumable loan has a principal balance of approximately $2,046,449, with 20 years remaining on a 30-year amortization schedule. It carries a fixed interest rate of 4.66% and matures on March 1, 2045. Yield maintenance applies until March 1, 2030. Stonegate is a stable high-quality community with recent capital improvements including new asphalt and upgrades to the electrical systems for common areas.

Strategically located in Santa Rosa, the largest city in Sonoma County with a population of over 175,000, the park benefits from proximity to major employers including Kaiser Permanente, Sutter Health, Keysight Technologies, and Santa Rosa Junior College, and is just minutes from the Charles M. Schulz– Sonoma County Airport. Anchored by strong healthcare, education, advanced manufacturing, and wine tourism sectors, the local economy supports sustained demand for affordable housing. With below-market rents, valuable park-owned homes, and infrastructure upgrades in progress. Stonegate MHP presents investors with a rare opportunity to acquire a stabilized high-quality asset in a primary market.