1679 Oro Dam Blvd W, Oroville, CA 95965

Property Description

Rambling Rose MP and Knotty Estates are a two-property manufactured housing community portfolio totaling 33 sites consisting of 16 mobile home sites, 13 RV sites with drain, 3 detached single family residences, and one bar/restaurant building in Oroville, California. The combined portfolio is priced at $1,700,000 and is 88% occupied with 4 vacant sites including one vacant park owned home and two vacant mobile homes that were abandoned by the prior owner and are in process of having title transferred to seller. With current NOI of $127,399, the pricing equates to a 7.49% going-in cap rate. The majority of current resident rents fall between $350 - $450 per month, however there have been some new sites in-filled at premium rates. Portfolio average site rents are $445, which equates to a 32% discount to the comparable communities nearby. There is a clear path to increased income at Rambling Rose MP and Knotty Estates through in-filling the remaining vacant sites and measured increases to in-place rents to approach market rates. Rambling Rose MP is 16-site manufactured home community with 14 MH sites and 2 detached single family residences. The single family residences are in good condition and leased long term for $1,400 per month. There are two vacant mobile homes that were abandoned by the prior owner and are currently in the process of being renovated and having title transferred to the seller. Knotty Estates is a 17-site RV & manufactured home and community with 2 MH sites, 13 RV sites, 1 detached single family residence, and a commercial building that is leased to a bar. There is one vacant park owned mobile home which may be renovated and then sold or leased to a new resident, or removed and replaced with a new home. There is also one vacant RV site ready for a resident. Both properties are served by city water and city sewer, which are paid by the landlord and included with the rent. Trash is collected in commercial bins, service is provided by recology and paid for by the landlord. Electric is provided by PG&E, submetered, and billed back to the residents based on usage. Knotty Estates operates without gas, excluding the resident in Site #15 that obtains their own propane. Rambling Rose receives gas service from PG&E, which is submetered and billed back to the residents. Please do not visit, drive through, call, or disturb the property or its residents without prior approval from the listing broker.