Description

Iron Oaks Estates is a 40-site, all-age manufactured housing community plus 1 single-family residence located in the Greater Oroville area of Northern California.? Iron Oaks Estates presents a value-add opportunity driven by below market rents, infill potential, recent capital improvements, and a HCD approved 24-site expansion component, which will increase the permitted sites from 40 to 64 once complete.? The total purchase price is $2,850,000, consisting of $2,600,000 for the mobile home park and $250,000 for the adjacent vacant parcel with approved expansion plans.? Over the past few years, ownership has completed meaningful upgrades to enhance the quality and long-term performance of the community, including repaving the central roadway, refreshing the laundry facility, renovating the front single-family residence, removing older homes, and installing new mobile homes to elevate the overall appearance of the property.? The property is served by municipal water, private septic, and direct-billed gas and electric.? The community currently consists of 29 occupied tenant-owned homes, 3 occupied park-owned homes, 1 park-owned home currently under contract to sell, 6 vacant sites ready for new home placement, and 1 additional vacant site that may be eliminated to facilitate road access associated with a future expansion.? The average space rent of $617 per month is approximately 15% below market, offering a clear path for rental growth.? One park-owned home currently under contract to sell and three park-owned homes leased between $1,300 and $1,520 per month.? The stick-built single-family residence located at the front of the community has recently completed improvements including a new roof and is currently leased at $1,525 per month.? A significant driver of long-term value is the adjacent 6.68-acre parcel, which has received approvals from HCD to expand the community by 24 additional mobile home sites.? The expansion has the civil improvement plans in place and building permits approved by HUD.? Comcast/Xfinity has committed to covering the majority of infrastructure costs for internet, TV, and voice service installation.? The adjacent parcel and associated improvements are valued at $250,000 providing investors with an attractive basis for scalable future growth in a supply-constrained market.? Please do not visit, drive through, call, or disturb the property or its residents without prior approval from the listing broker.?