25433 South Ave - Manufactured Housing/Mobile Housing FOR SALE


Corning, CA 96021
$4,799,000 USD
619-839-0619
25433 South Ave, Corning, CA for Sale
$4,799,000 USD
Manufactured Housing/Mobile Housing - FOR SALE
1/26
null | 10.05% Cap Rate

25433 South Ave
Corning, CA 96021


HIGHLIGHTS

  • Current Cap Rate - Current cap rate of 10.05% based on current budget NOI of $482,230 and purchase price of $4,799,000. Going-in cash-on-cash over 13%
  • Income Streams - Income is generated from a variety of streams including MH site rents, long-term RVs, daily RVs, service fees, storage, and more
  • Long Term Community - Of the 125 total sites, 110 are dedicated for long-term RV/MH, and 98 of those are occupied
  • Value-Add - Approaching stabilization with rents and occupancy in line with market. Upside potential through occupancy growth and store optimization
  • Tenant Owned Homes - All occupied homes are owned by their residents, reducing the owner’s maintenance responsibility and overall management burden
  • Scenic Location - Woodson Bridge RV Park enjoys over 1,000 feet of frontage on the Sacramento River, offering scenic views and enhancing demand

OVERVIEW

Seller is not considering offers based on seller financing. Do not visit the property without scheduling with the listing agent. Woodson Bridge RV Park is a 125-site community, located in Corning, Tehama County, CA and offered at $4,799,000. The Property consists of 110 long-term RV/MH sites, 14 transient RV sites, a 2-bed 2-bath site-built residence with 2-car garage, a convenience store, clubhouse, maintenance garage, and common area facilities including bathrooms, showers, and laundry. The community is currently self-managed by the owner, and generated approximately $650,000 of net operating income in the trailing twelve months. The financial underwriting assumes an increased operating expense load, and reduced income from the convenience store, resulting in current budget net operating income of $482,230. Even at this conservatively underwritten income level, the pricing equates to a 10.05% cap rate. 98 of the 110 long-term RV/MH sites are occupied at an average space rent of $612 per month, with all occupied homes owned by their residents. The 14 transient RV/MH sites generate supplemental income. The Property is HCD permitted for 134 total RV/MH sites (31 MH, 96 RV w/Drain, 7 RV w/o Drain), with 10 sites currently inactive. Additional income is generated from service fees for community facilities, maintenance, guest access, storage, and other ancillary charges. PG&E electricity is submetered and billed back to residents, residents obtain their own propane, and private well water, septic, and trash service are included in the rent. The Property is currently managed by the owner, who visits the property weekly and receives support from four staff members responsible for the convenience store, check-ins/reception, maintenance, and other day-to-day operations. Currently most repairs and maintenance tasks are handled by staff, rather than outside contractors. The Current Budget assumes a transition to third-party off-site management to reduce operational burden of new owner as well as a 100% increase in repairs and maintenance costs. Woodson Bridge RV Park is strategically positioned to capture both long-term housing demand and seasonal recreational tourism along the Sacramento River. The Property enjoys over 1,000 feet of river frontage, providing scenic views and a natural amenity base that supports both resident retention and daily RV demand. Corning sits at the heart of one of California's primary olive and orchard agriculture regions, with steady workforce housing demand from the surrounding agricultural and food processing sectors. Woodson Bridge RV Park offers a rare combination of strong current return, tenant-owned home stability, and identifiable upside.

FOR SALE DETAILS

PRICE

$4,799,000 USD

PRICE/SF

$14 USD /SF

# OF UNITS

125

PRICE/UNIT

$38,392

CAP RATE

10.05%

% LEASED

89%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Woodson Bridge RV Park

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Manufactured Housing/Mobile Housing

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1953

PARKING SPACES

-

LAND DETAILS

LAND ACRES

8.05 AC

LAND SF

350,658 SF

ZONING

PF

APN/PARCEL ID

079-220-002-000,079-220-003-000

ASK ABOUT THIS PROPERTY

Jason LippeAvine Real EstateMore Info
619-839-0619

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Jason LippeAvine Real EstateMore Info
619-839-0619

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.