Historical Multifamily Sale Listing - Rancho Corrido Resort

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Rancho Corrido Resort

14715 Highway 76, Pauma Valley, CA 92061

N/A

120 Spaces | Multifamily

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Park Owned Homes

Multifamily Property - Off Market

Price:
N/A
No. Spaces:
120
Property Type:
Multifamily
Property Sub-type:
Mobile Home/ RV Community
Property Use Type:
Investment
Cap Rate:
7.80%
Gross Rent Multiplier:
7.20
Occupancy:
97%
Year Built:
1956
Lot Size:
31.29 AC
Listing ID
15035443
Last Updated
over 1 year ago

Highlights

  • 120 Large RV Sites on 31.28 Acres
  • All New Infrastructure: Water, Sewer/Septic, Leach Fields, Electric Service and Roads (2003-2006)
  • Room for Additional Potential Amenities: Driving Range, Skeet Shooting, RV Storage and Convenience Store
  • The Only Affordable Housing Option in the Area
  • Highway 76 Signage and Visibility

Description

Rancho Corrido RV Resort and Campground is a 120 full service site, all age, RV Resort located in Pauma Valley, California. Situated on 31.28 acres, the park is occupied year round by permanent residents and offers a host of amenities including a clubhouse with activities, laundry room, swimming pool, basketball courts, horseshoe pits, volleyball courts, playground, picnic area, a lake and a dump station. The Rancho Corrido residents live in park models, travel trailers, 5th wheels and RVs. All of the 120 sites come with full hookups and the park offers 100 AMP connections at each site. Telephone, Internet and cable TV hookups are also available. The park is also permitted for 130 tent sites, a target range and general store.

The parks infrastructure has been upgraded with a new commercial grade well, new water lines, commercial grade septic system, copper electrical wiring in conduit to all of the pedestals, leach fields, septic tanks (additional capacity) and roads. The park is currently well served but the Seller is considering negotiating a sale of the water to the local water company with a provision to supply the park with ample low cost water in perpetuity.

There are 24 park models owned by the Seller that are part of this transaction. The park is offered at $6,500,000 and the homes are available for $1,500,000. There is existing financing on the homes in the amount of $1,000,000 which may be assumable. The difference between the site rent and POH rent is not included in the financial analysis of the resort. The total price of the offering is $8,000,000. Most of these homes are attractive, wood sided coaches with pitched roofs. They are one bedroom, one bath units with a loft and rent for between $1,099 to $1,450.

The personal property inventory generates approximately $205,704 per annum in gross rent. It's approximate annual net return of $14,012 is not reflected in the CAP rate or net cash flow! Additionally, the convenience store is not in operation at this time. The manager's home site is located at the Highway 76 entrance to the resort. This double wide home sits on a large pad which could be ideal for a convenience store and park office with ample customer parking. The conditional use permit allows for a general store and the highway location is superior to the previous site in the park.

Map of 14715 Highway 76, Pauma Valley, CA 92061 (San Diego County)

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