All-Age Manufactured Home in
For Sale
$324,000
109-971 Borden Rd, San Marcos, CA 92069
Move-in-ready manufactured home with remodeled kitchen, renovated bathrooms, and central heat and air.
Property Size1,440 SF
Price / SF$225
Days on Market65
Property Features for 109-971 Borden Rd
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Manufactured In Park
Listing Agency:
HomeSmart Realty West
(760) 607-5900
Listed By:
Russell Smith
(760) 652-9909
Source:
Exprealty
Added: Jul 4
Changed: Aug 31
Last Checked: Sep 5 at 1:12PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HomeSmart Realty West
Investment Insights
Based on property information with market context.
All-age manufactured home in a park setting, presented as move-in-ready with extensive interior upgrades. The home features a remodeled kitchen with updated cabinetry, countertops, sink, and appliances, along with tastefully renovated bathrooms that include an oversized soaking tub in the primary suite. Durable luxury vinyl plank flooring runs throughout, complemented by energy-efficient windows with shutters, newer interior doors, widened doorways, and custom built-in cabinetry. Central heat and air conditioning is installed, with major system updates including updated plumbing supply lines and complete HVAC flex duct replacement completed in February 2025.
Outside, the property offers low-maintenance artificial turf, a freshly painted exterior, Trex ramp decking, and an 8' x 11' shed. The home also includes accessibility-friendly improvements. The park amenities listed include a community pool, spa, clubhouse, and basketball court.
The home is positioned as owner-occupied only, with no rentals allowed. RV parking is available for an additional monthly fee, and the space rent is described as increasing in August.
Outside, the property offers low-maintenance artificial turf, a freshly painted exterior, Trex ramp decking, and an 8' x 11' shed. The home also includes accessibility-friendly improvements. The park amenities listed include a community pool, spa, clubhouse, and basketball court.
The home is positioned as owner-occupied only, with no rentals allowed. RV parking is available for an additional monthly fee, and the space rent is described as increasing in August.
Key Highlights
- All‑age Rancho San Marcos Park manufactured home: 3BR, 2BA, 1,440 SF, space #109
- Remodeled kitchen with updated cabinetry, countertops, sink, and appliances
- Renovated bathrooms including an oversized soaking tub in the primary suite and updated tile work
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,926
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$478,520
$478.5K
Cap Rate 7%
$341,800
$341.8K
Cap Rate 9%
$265,844
$265.8K
Market Conditions
NOI Build-Up for 1,440 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$45.8K $31.80/SF
− Vacancy
−$2.3K −$1.59/SF
EGI
$43.5K $30.21/SF
− OpEx
−$19.6K −$13.59/SF
NOI
$23.9K $16.62/SF
Area
San Diego County, CA
Vacancy
5.00%
Lease Rate
$31.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$478,520
Cap Rate 7%
$341,800
Cap Rate 9%
$265,844
Alternative Uses
Best Use
Apartment 5plus
$341.8K
$299.1K – $398.8K
NOI $23,926 @ 7.0% cap · market cap 7.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$659.8K
$577.3K – $769.7K
NOI $46,183 @ 7.0% cap · market cap 14.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
451
Businesses Nearby
Explore this area
Business Placement
Demographics for 92069, CA
49,407
Population
15,687
Households
3.1
Avg Household Size
34
Median Age
35%
College-Educated
83%
High-School Grad
18.5 sq mi
ZIP Area
2,671
Density / Sq Mi
$93,065
Median Household Income
$41,634
Median Earnings
$2,078
Median Rent
$714,700
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Move-in-ready manufactured home with remodeled kitchen, renovated bathrooms, and central heat and air.
Where is this mobile home & rv park located?
The property is located at 109-971 Borden Rd San Marcos, CA.
What is the asking price?
The asking price for this property is $324,000.
What are key features of this property?
This property features: All‑age Rancho San Marcos Park manufactured home: 3BR, 2BA, 1,440 SF, space #109; Remodeled kitchen with updated cabinetry, countertops, sink, and appliances; Renovated bathrooms including an oversized soaking tub in the primary suite and updated tile work
