Riverbank MHP | 3520 Patterson Rd
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Riverbank MHP 3520 Patterson Rd
24 Unit Mobile Home Park $2,097,450 CAD ($87,394 CAD/Unit) 5.90% Cap Rate Riverbank, CA 95367
Investment Highlights
- Strategic Location: Located in a growing area with easy access to major transportation routes.
- Financial Appeal: Sale price $1,475,000, with 5.91% cap rate and $86,966.22 NOI.
- High Occupancy: 100% occupancy rate, ensuring stable income.
- Diverse Unit Mix: 21 mobile home sites, 2 apartments, and a house, totaling 24 units.
- Seller financing is available; 50% down payment ($737,500), 5% interest rate, 4-years interest-only
- City Services: The property is connected to city water and sewer services.
Executive Summary
CRI is pleased to present the opportunity to acquire Riverbank MHP, a 24-unit mobile home park located at 3520 Patterson Rd, Riverbank, CA, in the heart of Stanislaus County. Riverbank MHP consists of 21 mobile home sites, a duplex, and a house, for a total of 24 units. The park is serviced by city utilities and is currently slated for the utility conversion program (buyers to verify).
Riverbank MHP is situated near major developments such as the Crossroads Shopping Center and the new Riverwalk housing development. Major retailers in the area include Target and Home Depot. The park offers convenient access to key transportation routes, including Highway 108 and Interstate 5, making it an ideal location for residents.
Riverbank MHP is situated near major developments such as the Crossroads Shopping Center and the new Riverwalk housing development. Major retailers in the area include Target and Home Depot. The park offers convenient access to key transportation routes, including Highway 108 and Interstate 5, making it an ideal location for residents.
Financial Summary (Pro forma - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$277,082
|
$91.00
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$4,549
|
$1.49
|
| Effective Gross Income |
$272,533
|
$89.50
|
| Taxes |
$23,804
|
$7.82
|
| Operating Expenses |
$95,130
|
$31.24
|
| Total Expenses |
$118,935
|
$39.06
|
| Net Operating Income |
$153,599
|
$50.44
|
Financial Summary (Pro forma - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $277,082 |
| Annual Per SF | $91.00 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $4,549 |
| Annual Per SF | $1.49 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $272,533 |
| Annual Per SF | $89.50 |
| Taxes (CAD) | |
|---|---|
| Annual | $23,804 |
| Annual Per SF | $7.82 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $95,130 |
| Annual Per SF | $31.24 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $118,935 |
| Annual Per SF | $39.06 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $153,599 |
| Annual Per SF | $50.44 |
Property Facts Under Contract
| Price | $2,097,450 CAD | Apartment Style | Garden |
| Price Per Unit | $87,394 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.46 AC |
| Cap Rate | 5.90% | Building Size | 3,045 SF |
| No. Units | 24 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Manufactured Housing/Mobile Home | Year Built | 1938 |
| Price | $2,097,450 CAD |
| Price Per Unit | $87,394 CAD |
| Sale Type | Investment |
| Cap Rate | 5.90% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Manufactured Housing/Mobile Home |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.46 AC |
| Building Size | 3,045 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1938 |
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Riverbank MHP | 3520 Patterson Rd
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