Princes Camp Mobile Home Park 18842 Cachagua rd 56 Unit Mobile Home Park $6,000,000 ($107,143/Unit) 7.10% Cap Rate Carmel Valley, CA 93924

Excellent opportunity to own this 46 unit mobile home park with 5 additional homes and 1 Fire Station on 11.29 sunny river front acres in Carmel Valley! State permit for park allows for 50 mobile homes/RV's and currently the park has 46 mobile homes/rv's There is room to add 4 additional mobile homes/rv's. There are 4 cabins all fully rented and a vacant Bar/Tavern with plans to convert to an ADU which should rent for $2700 per month. Fire station is on a long term lease and is operated by Cachagua Fire Department. The park features a gated entrance, paved asphalt roads throughout park, security cameras, laundry room with 2 new washers and 2 new dryers, vending machine room(no vending machine included), solar lighting, a 40,000 gallon water storage facility and well with brand new well pump, well motor and new backup generator, 4 storage buildings, riverfront beach, volleyball court and BBQ area. No rent control on property and rents are due to be increased right now. New buyer shall have the opportunity to decide the new rent increases. 7.1% Cap will end up being a 7.7% cap after moderate rent increase. Room to add vending machines and 1 additional washer and 1 additional dryer. All tenants pay on time every month and there are no delinquent tenants. Property still has value add opportunities and a ton of upside for the next buyer.
30 Units are tenant owned and the tenant pays space rent.
16 Units are owned by the park
4 Cabins are Owned by the park
1 Tavern/Bar Owned by the park 1740 sqft that is vacant inside and needs full remodel inside. Plans for convert to an ADU that will rent for $2700
1 Firehouse owned by the park on long term lease for $100 per month
4 units can be added to the site for a total of 56 Units.