The 134 space Palm Drive Mobile Estates is a stabilized All-Age MH community with continuing rental rate growth opportunity (133 spaces currently rentable). The community has undergone major renovations over the last 24 months. All roads have been recently paved with a 2” overlay and substantial upgrades to the septic system. The Clubhouse, HVAC and pool have received significant remodeling and are ready for the next owner to step in without expending capital in these areas. The new renovations have allowed the property to increase rents and attain a 96% occupancy with demand for new homes steadily increasing. The stability of the property and lack of any major capital expenditures or deferred maintenance will allow a new owner to focus on the communities operations towards attaining full market rent potential. The Desert Hot Springs approximate average market rent is $570, which is approximately $120 above the current new move in rate at Palm Drive Mobile Estates. Gas, Electric & Water are submetered and passed through to the residents; trash and security passed through to the tenants as well. The park is on city water, but there is also well water for irrigation uses. This is a rare opportunity to invest in a sizable, stable park with income upside over the next several years that is available on a free and clear basis. The Desert Hot Springs locale is known as the affordable area for employees throughout the Coachella Valley with many residents of the town working at the multitude of resorts and golf courses throughout the valley. The community is located on Palm Drive, one of the major thoroughfares of Desert Hot Springs, allowing the residents easy access to Interstate 10. Being one of the fastest growing communities in Southern California, Desert Hot Springs is also minutes away from the Palm Springs International Airport. The continued growth of the community will mirror the growth of the greater Coachella Valley.
