Multifamily Property for Sale in Auberry, CA

  • Price: $2.3M
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Auberry, CA 93602
  • Year built: 1968

Description

Sandy Creek Mobile Home Park is an all-ages community in Auberry, CA, a census-designated place, about 28 miles NW from Fresno/Clovis, CA area, on the way to the Sierra National Forest. Minutes away. The Auberry area is known as the "Center of California", and is a census-designated place at about 2000 ft elevation, and 3000 or so population. The park is composed of 45 spaces, rented to mostly owners of double-wide homes, on 20.3 acres. Technically, the park only owns 1 home: resident is making payments on it. The park also owns the clubhouse. The park is run well, with very few issues. Monthly space rent is $533, and it includes water, sewer and garbage. Tenants are metered and pay directly for electric and gas. Most spaces have been leased to the same people for 5 or more years - very stable park. High demand: Management gets far more calls for space availability than there is ever a vacant space to offer. 2 waterwells provide perfect clean water. Gas is served from on-site propane tanks, and the the septic systems handling waste are also in excellent condition. Gas and electric is metered and charged to residents, water and sewer, and trash is included in the space rent. VALUE ADD - INCOME POTENTIAL SPACE RENT INCREASE - There has not been a rent increase for approximately 3 years, so there is definitely upside in the Revenues column, starting with an immediate increase of approximately 8.8% from the current $533/month. ADDITIONAL SPACES - Directly to the north of the water tanks, there is a developable portion of land, not in the way of water well lines, septic tanks/leach lines, or propane tanks. There is the potential for new owner to add 12 additional home space rents or 24 RV spaces, conservatively speaking. The property was actually permitted for up to 50 additional spaces. For RV spaces, you can also add a laundry/shower area for those tenants. RV STORAGE/STORAGE UNITS - A new owner can create a "for-pay" area for residents to store RV's,vehicles and other

Market Context

This multifamily in Auberry, CA is listed for sale at $2,300,000. It is offered at an approximate 6.9% capitalization rate, a key benchmark for income-producing multifamily assets. The building dates to 1968. It has been on the market for 39 days. Compare it against other multifamily listings for sale in Auberry, CA — <a href="/search/sale/multifamily/california/auberry">view the full market</a>.

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