$3,052,000
Iron Oaks Mobile Home Park is a 40-site, all-age manufactured housing community plus one single-family residence located in the Greater Oroville area of Northern California. Iron Oaks MHP presents a value-add opportunity driven by below-market rents, infill potential, recent capital improvements, and a HCD approved 24-site expansion component, which will increase the permitted sites from 40 to 64 once complete. Over the past few years, ownership has completed meaningful upgrades to enhance the quality and long-term performance of the community, including repaving the central roadway, refreshing the laundry facility, renovating the front single-family residence, removing older homes, and installing new mobile homes to elevate the overall appearance of the property. The property is served by municipal water, private septic, and direct-billed gas and electric. The community currently consists of 30 occupied tenant-owned homes, four occupied park-owned homes, and six vacant lots ready for new home placement, providing upside through infill. The average space rent of $617 per month is approximately 15% below market, offering a clear path for rental growth. The four newer park-owned homes are currently leased between $1,300 and $1,520 per month and are valued at a total of $340,000 or $85,000 per home. The stick-built single-family residence located at the front of the community is undergoing final improvements, including a new roof, and is expected to be leased prior to closing, contributing additional stabilized income. A significant driver of long-term value is the adjacent 6.68-acre parcel, which has received approvals from HCD to expand the community by 24 additional mobile home sites. The expansion has the civil improvement plans in place and building permits under HUD review. Comcast/Xfinity has committed to covering the majority of infrastructure costs for internet, TV, and voice service installation. The adjacent parcel and associated improvements are valued at $312,000, providing investors with an attractive basis for scalable future growth in a supply-constrained market. Strategically located in the Greater Oroville area, serving an approximate population of ~55,000 and encompassing the City of Oroville, the county seat of Butte County, Iron Oaks MHP benefits from a stable regional economy supported by healthcare, government services, higher education, agriculture, water and energy infrastructure, and recreation Lake Oroville.
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Listed by Tim Ryan with Avine Real Estate (949) 432-4055
Property Type
Mixed Use
Status
Active
MLS Number
OC26042485
Year Built
1961
Lot Size
11.47 acres