Woodson Bridge RV Park is a 125-site community, located in Corning, Tehama County, CA and offered at $4,799,000. The Property consists of 110 long-term RV/MH sites, 14 transient RV sites, a 2-bed 2-bath site-built residence with 2-car garage, a convenience store, clubhouse, maintenance garage, and common area facilities including bathrooms, showers, and laundry.
The community is currently self-managed by the owner, and generated approximately $650,000 of net operating income in the trailing twelve months. The financial underwriting assumes an increased operating expense load, and reduced income from the convenience store, resulting in current budget net operating income of $482,230. Even at this conservatively underwritten income level, the pricing equates to a 10.05%
cap rate.
98 of the 110 long-term RV/MH sites are occupied at an average space rent of $612 per month, with all occupied homes owned by their residents. The 14 transient RV/MH sites generate supplemental income. The Property is HCD permitted for 134 total RV/MH sites (31 MH, 96 RV w/Drain, 7 RV w/o Drain), with 10 sites currently inactive. Additional income is generated from service fees for community facilities, maintenance, guest access, storage, and other ancillary charges. PG&E electricity is submetered and billed back to residents, residents obtain their own propane, and private well water, septic, and trash service are included in the rent.
The Property is currently managed by the owner, who visits the property weekly and receives support from four staff members responsible for the convenience store, check-ins/reception, maintenance, and other day-to-day operations. Currently most repairs and maintenance tasks are handled by staff, rather than outside contractors. The Current Budget assumes a transition to third-party off-site management to reduce operational burden of new owner as well as a 100% increase in repairs and maintenance costs.
Woodson Bridge RV Park is strategically positioned to capture both long-term housing demand and seasonal recreational tourism along the Sacramento River. The Property enjoys over 1,000 feet of river frontage, providing scenic views and a natural amenity base that supports both resident retention and daily RV demand. Corning sits at the heart of one of California's primary olive and orchard agriculture regions, with steady workforce housing demand from the surrounding agricultural and food processing sectors.
Woodson Bridge RV Park offers a rare combination of strong current return, tenant-owned home stability, and identifiable upside.
Please do not visit, drive through, call, or disturb the property or its residents without prior approval from the listing broker.
CURRENT CAP RATE – Current cap rate of 10.05% based on current budget NOI of $482,230 and purchase price of $4,799,000. Going-in cash-on-cash yield of 13.51% based on financing at 65% LTV, 7.25% interest rate, and 30 year amortization schedule.
INCOME STREAMS – Income is generated from a variety of streams including MH site rents, long-term RVs, daily RVs, convenience store, service fees for facilities and maintenance, guest access, storage,and more.
LONG TERM COMMUNITY – Of the 125 total sites, 110 are dedicated for long-term RV/MH, and 89% of those are occupied. The long-term residents provide a stable income base to support the Property’s operations.
LIGHT VALUE-ADD – The Property is approaching stabilization with rents and occupancy in line with the market. There is strong cash flow in place and upside potential in leasing the site-built residence, optimizing the convenience store income, and reducing expenses in line with seller’s historicals rather than the current budget.
TENANT-OWNED HOMES – All of the occupied homes are owned by their residents, reducing the owner's maintenance responsibility
and overall management burden.
SCENIC LOCATION – Woodson Bridge RV Park enjoys over 1,000 feet of frontage on the Sacramento River, offering scenic views and enhancing demand for the Property.
