Spacious Mobile Home in 55+
For Sale
$365,000
275 Burnett Ave 148, Morgan Hill, CA 95037
Comfortable 2-bedroom mobile home in rent-controlled 55+ community.
Property Size1,250 SF
Days on Market252
Property Features for 275 Burnett Ave 148
General Information
Standard status
Active
Size
1,250 SF
Property subtype
Commercial
Building Details
Building Size
1,250 SF
Year Built
1975
Listing Agency:
(408) 480-3593
Listed By:
Rhian Alfred-kleinmaier
(408) 480-3593
Source:
Elliman
Added: Dec 3, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:46AM
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 Rhian Alfred-kleinmaier
Investment Insights
Based on property information with market context.
This spacious mobile home features 2 bedrooms and 2 bathrooms, offering approximately 1,250 sq. ft. of living space. Located in the Hacienda Valley Estate Park, a rent-controlled 55+ community, the home includes a formal dining room, as well as separate living and family rooms. Updates include a new roof installed in 2015 and waterproof vinyl flooring. Central A/C and heating provide year-round comfort. The primary suite includes double sinks in the bathroom. Community amenities include a recently renovated clubhouse, pool, hot tub, and bocce ball courts. Residents benefit from fresh vegetable deliveries every Thursday and a monthly newsletter detailing community events. The space rent is currently $786 per month.
Key Highlights
- Exceptionally low rent‑controlled space rent of only $786/month in a desirable 55+ community.
- Spacious 1,250 sq. ft. layout with 2 bedrooms and 2 bathrooms, featuring a formal dining room, separate living and family rooms.
- Well‑maintained with a new roof (2015) and waterproof vinyl flooring.
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
$23,760
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
6.51%
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%
$475,200
$475.2K
Cap Rate 7%
$339,429
$339.4K
Cap Rate 9%
$264,000
$264.0K
Market Conditions
NOI Build-Up for 1,250 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
$45.0K $36.00/SF
− Vacancy
−$1.8K −$1.44/SF
EGI
$43.2K $34.56/SF
− OpEx
−$19.4K −$15.55/SF
NOI
$23.8K $19.01/SF
Area
Santa Clara County, CA
Vacancy
4.00%
Lease Rate
$36.00 /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%
$475,200
Cap Rate 7%
$339,429
Cap Rate 9%
$264,000
Alternative Uses
Best Use
Apartment 5plus
$339.4K
$297.0K – $396.0K
NOI $23,760 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$754.6K
$660.3K – $880.4K
NOI $52,825 @ 7.0% cap · market cap 14.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
196
Businesses Nearby
Explore this area
Business Placement
Demographics for 95037, CA
53,126
Population
17,185
Households
3.1
Avg Household Size
41
Median Age
44%
College-Educated
90%
High-School Grad
120.1 sq mi
ZIP Area
442
Density / Sq Mi
$158,256
Median Household Income
$71,130
Median Earnings
$2,242
Median Rent
$1,152,400
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 - Comfortable 2-bedroom mobile home in rent-controlled 55+ community.
Where is this mobile home & rv park located?
The property is located at 275 Burnett Ave 148 Morgan Hill, CA.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Exceptionally low rent‑controlled space rent of only $786/month in a desirable 55+ community.; Spacious 1,250 sq. ft. layout with **2 bedrooms and 2 bathrooms**, featuring a formal dining room, separate living and family rooms.; Well‑maintained with a new roof (2015) and waterproof vinyl flooring.
