REO Lender-Owned | Pinyon Pines RVP 1661 N Brown Rd 49 Unit Mobile Home Park $650,000 ($13,265/Unit) 13.12% Cap Rate Inyokern, CA 93527

*LENDER OWNED* + Seller Financing Option
Story: The current REO owner was the previous owner that foreclosed on their own seller-financed note to a borrower that defaulted. Historically, the previous owner (Lender) operated the park from 80-85% occupancy leaving sufficient upside for a new owner. There are records from when the lender (Previous owner) operated the park up until August 2024. This is common for Lender-Owned transactions where current records are minimal therefore creating a true "as is"/"where is" scenario where buyer's have to complete the majority of the research, discovery, and due diligence. REOs are not bound to the same disclosure laws as traditional private owner sales.
The Pinyon Pines MHP in Inyokern, CA, was built on 5.16 acres in a relaxing quiet retreat-like atmosphere with shady trees and wonderful mountain views in an old town feeling. Full hook ups (water, sewer, electric and trash service. Consists of 49 RV / Mobile Home sites. Amenities include a laundry room, restroom, Showers, and High speed internet, WI-FI. Shops, Gas station, Post Office, Hardware store, restaurants are nearby.
The community consists of Forty-Nine (49 ) MH/RV sites occupied by a mix of Travel Trailers and RVs. The park sits on 5.16 acres. It is serviced by City Water and City Sewer via a septic pump.
Water, sewer, and trash are included in the monthly Space rent of $ 350 - $400 with $25 additional for utility meter reimbursement.
The electrical system is master metered with a sub meter (30/50 amp) reimbursement reading.
The residents are submetered for electricity and billed for usage by the Seller. Electricity is serviced by Southern Edison Electric Company. There is an office building and a washer and dryer house in the Park which are included in the sale.
Solid in-place cap rate, large income potential, with the possibility to get pay-off the return on investment in 4-5 years.
Located in the high desert community within the outer Bakersfield real estate market, specifically in the northeast outlying Kern County submarket. Located near Inyokern Airport and small-town amenities.
Some local restaurants are Classic Burgers, Five Fingers Pub, Indian Wells Brewing Co., and Sierra Cocktails. Inyokern market is available for small daily needs amenities. Although the immediate population is 1-2K people the median household value is $300K. Within 8 miles is Ridgecrest that boasts a population of 27K and most of the amenities in the region.
The major employment and commercial amenities are located 8 miles from the subject property in Ridgecrest, CA.
Major Employer: NAWS China Lake (Naval Air Weapons Station) is a major employer in the region which handles research, development, test, and evaluations.
Other Employers: Retail services, construction, administrative, and waste management are amongst top sectors in the region.
Regional Hospital / Medical Services: Ridgecrest Regional Hospital, Urgent Care, and smaller clinics.
Grocery Store Amenities: Albertson's + Grocery Outlet
Food Service / QSR: Taco Bell, Carl's Jr., McDonald's