2370 HobsonwayBlythe, CA 92225

Property Details for 2370 Hobsonway

Year built

1948

Construction

WOOD

Lot size

6.90 AC

Property size (Sq ft)

1,356 SF

Zone code

W2

Property type

Residential income properties

Property subtype

Mobile home & RV parks

APN

857-160-016

APU

857160016

Description

This exceptional investment opportunity encompasses El Rancho Estates & Valley Palms, a combined 146-site RV park and mobile home community situated on 21.26 acres in Blythe, CA (APN: 009-703-840). The property features 146 pads, including 109 mobile home sites at El Rancho Estates and 37 at Valley Palms. El Rancho Estates boasts a 2.5-star rating, complete amenities (clubhouse, pool, gym, etc.), and 15 park-owned homes. Valley Palms presents a significant redevelopment opportunity, ideal for transitioning into an RV park with park models and tiny homes, leveraging minimal relocation impact. The existing operation includes 15 late-model park-owned homes at El Rancho Estates and 12 at Valley Palms, plus one RV. A note portfolio of twenty notes totaling $1,213,596 with $135,000 in annual scheduled payments offers an 8.1% cash-on-cash return. The property's current occupancy is 40%, projected to reach full occupancy by October 3, 2024. Built in 2001, the property offers a 4.52% cap rate and a net operating income (NOI) of $205,517. The asking price is $4,550,000, representing a cost per pad of $18,836. Seller financing is available for qualified buyers. The property benefits from city water, sewer, and readily available gas and electric services. This is a compelling value-add opportunity with substantial incubation and redevelopment upside for a seasoned operator.

• CAP approach

  CAP return

  Valuation

  6%

  $297,983

  6.5%

  $275,061

  7%

  $255,414

• Comparable approach

  Method

  Valuation

  Relative Method

  $344,846

  Geo Method

  $344,846

• Alternative Use

  Use

  Valuation

  Residential

  $275,061

  Hospitality

  $251,954

  Educational

  $209,623

  Medical

  $216,832

  Retail

  $326,080

Location Insight

City

Blythe

County

Riverside

State

California

Latitude

33.6098

Longitude

-114.56

CBSA code

40140

CBSA name

RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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