LP.com

Rocky Crest Mobile Home Park is an all-age mobile home park in Susanville, California. There are 20 HCD Permitted MH Sites & 1 Cabin, housing a mix of single-wide and double-wide mobile homes, RV's, (1) custom-built tiny home, and three (3) park-owned mobile homes. Occupying 5.7 acres, the park boasts a density of 3.68 spaces per acre across the 21 sites with approximately +/- 1.8 acres underutilized. Notably, the seller constructed a tiny home on site 7, while site 10 has been converted to an Airbnb/VRBO rental: https://abnb.me/vxX2SD3uqCb. The adjacent ~1.8 acres of vacant land have been state-approved for additional Tiny Home construction specific to sellers' current blueprints, which can be found in the Due Diligence Portal. Rocky Crest Mobile Home Park is serviced by City Water service and is equipped with 5-6 septic tanks. Water, sewer, and trash expenses are included in the rent. Individual propane tanks service each unit, and residents are directly billed for electricity. The park's electrical capacity is set at 400 amps and is connected to the Lassen Municipal Utility District. Three (3) park-owned homes and one (1) custom-built tiny home are included as part of the sale. Currently, the park maintains a 90% occupancy rate. Presently, there are three (3) Park-Owned Homes situated on spaces 3, 10, & 21, a single (1) tiny home on site 7, and a mobile home that the seller utilizes as an Airbnb/VRBO rental on site 10. Lot rent at the park falls within the range of $425 to $595, while the Park-Owned Home Rent is set at $600 total. The Airbnb on site 10 went live at the end of August and has generated ~$1,400 since activation. The income for site 10 is being underwritten conservatively as a POH rental at $595 for site rent & $500 for home rent. Priced at $875,000 ($775,000 for Real Property & $100,000 for Personal Property), Rocky Crest Mobile Home Park's underwriting utilizes a 38.97% ($2,470/site) expense ratio at a 9.29% Cap Rate within the Lassen County market. Given its picturesque location, condition, current income, and future upside, Rocky Crest Mobile Home Park is worthy of serious consideration from incoming investors.