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Locust Grove MHP
1617 East Avenue I, Lancaster, CA 93535
Last Verified 11/9/2009
Listing ID 16188659
Highlights
75 Space, 2 Star, All Age Community with a Single Tenant Commercial Unit- Well Water Included in the Rent
- 98.7% Occupied
- Additional Unused Acreage for Storage
- Sub-metered Gas, Electric, Sewer and Trash
Description
Locust Grove is a 75 space two (2) star Manufactured Home Community, a Single Tenant Commercial unit (Feed Store) and approximately 1.5 acres of vacant C-2 property on Avenue I all situated on a 9.38 acre parcel. Located near the Sierra Highway corridor, the property is 98.7% occupied and is in a high-demand rental area of Lancaster.
Subject to City of Lancaster rent control, the property has rents of $235.67 which are at the low end of the rent spectrum. The City has granted a $72.66 rent increase in 2006 which was spread over the following four years. The current income reflects the final $18.17 increase which takes effect August 1, 2009 plus the annual CPI increase applied to the rent of $228.42 which raised the rent to $235.67 effective February 1, 2009. The August increase will bring the site rent to $253.84.
There is a pool, spa, laundry room, RV storage and office onsite and there is ample off street parking for the residents. The pool and spa have been drained and are not currently in use. The property is well served with city sewer and submetered gas and electric. Trash and sewer are paid by the tenant while water is included in the rent.
Locust Grove is a 98.7% occupied two (2) star community located in Los Angeles County priced at a 7.79 CAP on current actuals with 58% of SGI with $2,797 per site in expenses. The community has rents in the $253 ranges (low end of Lancaster rent range) a commercial store on an annual lease and additional acreage for rent or lease. The close of escrow cash flow return is double digit with in place management. The modest annual increases will keep the cash flow growing at 60% of CPI. The new buyer can also petition the Rent Control Board for an increase based on capital improvements and the property tax increase incurred upon sale. There is a cell tower on site which pays $1,500 monthly.
Actual
2008
$357,673
$357,673
$209,753
$147,920
$56,920
| Description | No. Spaces | Avg. Mo. Rent | |
|---|
| Single Wide | 74 | $236 | |
| Single Wide (RV) | 1 | $305 | |
| Commercial | $1,150 | $305 | |
Proposed
$1,400,000
7%
30
10
$91,000
$600,000
Map of 1617 East Avenue I, Lancaster, CA 93535 (Los Angeles County)
Created 4/10/2009
Additional Information for 1617 E Avenue I, Lancaster, CA 93535
- Active For Sale - 1 Listing
- Active For Lease - 0 Listing
- Previously Listed - 0 Historic Listing
- Sales Comparables Available - 2 RecentSales Records
View additional information for the property view other currently active listings, previous listings, sales comparables, public records, and county records data for this address.
The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.