The Victorian Village Senior Mobile Home Park located in the historic town of McCloud, CA at the base of majestic Mount Shasta in Northern California, is offered for sale with two options for the qualified buyer.
The basic Park was built four (4) years ago with all utilities and services to all 43 mobile home spaces. To date, eight (8) spaces have been rented, and tenants have brought in impressive manufactured homes placed in the spacious locations throughout the Park. The Park is a classic upscale Senior Park, so the tenant units are very impressive.
All improvements for the entire Park are in place, including a complete sprinkler system for the landscaped open areas, and features a gazebo for small group gatherings. The paved streets winding through the Park allows for a great deal of privacy for the residents, as well as giving the feeling of openness as one looks at the majestic mountain in the immediate background.
Proforma for the existing Park would produce a gross income of $216,720; with projected expenses of 35% would produce a Net Income of $140,868. At the offering price of $1,600,000, this would be an 8.8% cap on the investment.
The Park currently is a Planned Development, but the owner is in the process of filing for a subdivision, and the Park can be sold as a 43 lot subdivision upon final approval by the County and State, which is expected in the fall of 2010. The offering price for the subdivision will be $2,300,000, which will feature mobile home lots ready to be sold at just over $53,000 per lot, with all utilities in place and ready to be connected to the individual homeowners.
Should a buyer want to buy the Park in its current condition, and then proceed to complete the subdivision, the current owner would entertain a partnership to complete the project.
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