Overview

Description

Situated in the path of progress, Sunrise Mobile Home and RV Park is a 136 unit community. Built approximately in the 1960’s the property rests on an approximate 8.16-acre parcel. The property is comprised of permanent mobile homes, RV spaces with permanent tenants and single-story 1 bedroom/1 bath apartment cottages. There are no park-owned mobile homes – all are tenant occupied and tenant owned.
The tenants are billed for water, sewer, trash and their respective electricity and gas consumption. Currently the owner is working wth the City of Modesto to have City water connected to the property (see brochure).
The Seller has completed significant captial improvements to the property with approximately $750,000 in Captial Expenditures spent from 2014 -December 2019. The owners have also recently slurried the park streets (please view in property photos) at a cost of approximately ????? and also enclosed and installed new tenant mailboxes inside of a new Tuft shed.
Currently Cal Trans is in process of acquiring 3 lots from the Seller for 99 Freeway expansion by eminent domain. Appraisals have been completed by the State and an offer may be tendered in July of this year.
Within the framework of the current HCD permitted Units, the Seller has represented that the Buyer may be able to expand the park income with 8 additional RV Spaces (please see enclosed Pending Expansion)


Situated in an Opportunity Zone (please see enclosed Map) and in the path of progress, Sunrise Mobile Home and RV Park is located just to the East of the 99 Freeway with easy access entry from the property to both the North and South of the Freeway.
Situated just off of the highly trafficked Lions Bridge, it should be noted that this Bridge will soon experience a significant rebuild. ABC News has reported that The new bridge will have 10-foot sidewalks on either side and a four-foot median in between the four lanes. Most importantly, it will be able to carry modern truck traffic and accommodate traffic flow in the area for the next 30 years, which is good news for people in the area heading into downtown Modesto and trying to avoid Highway 99. Current plans expect the project to go out to bid and for construction to begin by 2022 and 2023.
To the west of the Property is the Tuolumne River that flows through the Central Valley and joins the San Joaquin River near Modesto
The City of Modesto is the 18th largest city in CA and is located in the California Central Valley, some 70 miles south of Sacramento, some 20 miles south of Stockton, and some 90 miles north of Fresno.

Highlights

• • 9.0 Cap Rate on Current 83% Annualized Rent Roll/Occupancy
• • 8.42 Cap Rate on Current 72% Economic Occupancy – COVID Reduced
• • 9.6 Cap Rate on Pending/Potential 8 Additional RV Spaces
• • Approximately $820,000 in Capital Improvements
• • Path of Progress – New Scheduled Construction/Bridge Immediately Near Property
• • Opportunity Zone Location - Lions Bridge Reconstruction Pending and Other Developments
• • No Park Owned Homes
• • Immediately Adjacent to Highway 99 with Easy Access both North and South
• • Central Valley Location – South of Sacramento/Stockton and North of Fresno
• $42,647 Cost-Per-Unit

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