Town & Country Park 1599 N Norma St
80 Unit Mobile Home Park $6,248,688 CAD ($78,109 CAD/Unit) Ridgecrest, CA 93555
Investment Highlights
- Fill Opportunity w/Recently Upgraded Infrastructure
- Not Subject to Local Rent Control
- 14+ New & Renovated Homes In-Place
Executive Summary
Comprehensive repositioning provides the opportunity for future owner to focus efforts to the fill of the community with most value-add heavy lift already completed. Recently improved infrastructure with several new homes installed in a market not subject to local rent control.
The Town & Country Park is an 80-unit (79 MH sites & 1 Studio) manufactured housing community located in Ridgecrest, CA. The community has recently undergone substantial improvements, including repiping of water lines, asphalt repaving, solar lighting installation, and uplift of common areas (landscaping, signage, office, and laundry facilities). The results of these infrastructure upgrades reduce the future owner’s risk and expense, provide ongoing expense savings and have dramatically changed the tenant experience for the better. The overall quality of tenants has also increased with recent evictions and improvement of application process. At about 72% occupancy, future ownership has the ability to unlock value by focusing on fill with this turnkey community. Furthermore, there is opportunity to implement solar which can provide a 25% IRR on the investment (according to Ivy Energy Proposal included in Data Room).
The community aesthetics have further been upgraded by the current owner’s successful renovation and sale of much of the park’s legacy manufactured homes, thereby reducing ongoing operating costs. Ownership has continued to upgrade the park by purchasing and installing four (4) new 2024 manufactured homes (Clayton’s Tempo Series, two double-wides, and two single-wides) onto previously vacant lots. The new home installations are expected to be completed January 2024 for new ownership to sell or lease at their discretion. The community is on city water and sewer with water sub-metered and sewer at $23.44 per month. Electric and gas are provided through SoCal Edison & Gas which are both directly billed to the tenants. Trash is billed to the tenants on a flat rate basis of $40.03 and serviced by individual bins.
Current ownership has further improved the credit quality of the park by removing tenants that were delinquent and/or causes of other problems. Despite removing several bad tenants which resulted in a drop in occupancy, the updated version of the park is continuing to establish successful lease-ups at one of the highest lot rents in the market and is now up to +/-72% occupancy. The lot rents being achieved are a direct result of the upgrades the park has undergone and the new owner will be able to benefit from these upgrades as they fill the remaining vacant sites. About 76% of the occupied tenants are still below market rent levels ($595), even after the upcoming rent increase of 9.3% in March of 2025.
The Naval Air Weapons Station (NAWS) China Lake is also located in Ridgecrest, CA, less than 5 minutesfrom Town & Country Park. China Lake is the U.S. Navy’s single largest landholding with over 1.1 MM acres spread across three counties and demands workforce housing in the immediate area with over 7,000 full-time employees. The Navy and Marine Corps have developed or tested nearly every significant airborne weapon system in the past five decades at the nearby China Lakes. China Lakes generates significant secondary economic activity in Ridgecrest including hotels, restaurants, health care and retail sales and the Base can be expected to contribute to future economic growth and stability in the Ridgecrest area.
Please do not visit or contact anyone in the community without approval from the listing agents.
The Town & Country Park is an 80-unit (79 MH sites & 1 Studio) manufactured housing community located in Ridgecrest, CA. The community has recently undergone substantial improvements, including repiping of water lines, asphalt repaving, solar lighting installation, and uplift of common areas (landscaping, signage, office, and laundry facilities). The results of these infrastructure upgrades reduce the future owner’s risk and expense, provide ongoing expense savings and have dramatically changed the tenant experience for the better. The overall quality of tenants has also increased with recent evictions and improvement of application process. At about 72% occupancy, future ownership has the ability to unlock value by focusing on fill with this turnkey community. Furthermore, there is opportunity to implement solar which can provide a 25% IRR on the investment (according to Ivy Energy Proposal included in Data Room).
The community aesthetics have further been upgraded by the current owner’s successful renovation and sale of much of the park’s legacy manufactured homes, thereby reducing ongoing operating costs. Ownership has continued to upgrade the park by purchasing and installing four (4) new 2024 manufactured homes (Clayton’s Tempo Series, two double-wides, and two single-wides) onto previously vacant lots. The new home installations are expected to be completed January 2024 for new ownership to sell or lease at their discretion. The community is on city water and sewer with water sub-metered and sewer at $23.44 per month. Electric and gas are provided through SoCal Edison & Gas which are both directly billed to the tenants. Trash is billed to the tenants on a flat rate basis of $40.03 and serviced by individual bins.
Current ownership has further improved the credit quality of the park by removing tenants that were delinquent and/or causes of other problems. Despite removing several bad tenants which resulted in a drop in occupancy, the updated version of the park is continuing to establish successful lease-ups at one of the highest lot rents in the market and is now up to +/-72% occupancy. The lot rents being achieved are a direct result of the upgrades the park has undergone and the new owner will be able to benefit from these upgrades as they fill the remaining vacant sites. About 76% of the occupied tenants are still below market rent levels ($595), even after the upcoming rent increase of 9.3% in March of 2025.
The Naval Air Weapons Station (NAWS) China Lake is also located in Ridgecrest, CA, less than 5 minutesfrom Town & Country Park. China Lake is the U.S. Navy’s single largest landholding with over 1.1 MM acres spread across three counties and demands workforce housing in the immediate area with over 7,000 full-time employees. The Navy and Marine Corps have developed or tested nearly every significant airborne weapon system in the past five decades at the nearby China Lakes. China Lakes generates significant secondary economic activity in Ridgecrest including hotels, restaurants, health care and retail sales and the Base can be expected to contribute to future economic growth and stability in the Ridgecrest area.
Please do not visit or contact anyone in the community without approval from the listing agents.
Property Facts
Price | $6,248,688 CAD |
Price Per Unit | $78,109 CAD |
Sale Type | Investment |
No. Units | 80 |
Property Type | Multifamily |
Property Subtype | Manufactured Housing/Mobile Home |
Building Class | C |
Lot Size | 8.50 AC |
Building Size | 35,000 SF |
Average Occupancy | 72% |
No. Stories | 1 |
Year Built | 1968 |
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
1+1 | 80 | - | - |