2370 Hobsonway Blythe, CA 92225-4118
- Mobile home & RV parks
- 1,356 SF
- 6.90 lot acres
Current Use by Public Records
- Valley Palms MH-RV Park / Rv Park
Property Details for 2370 Hobsonway
- Year built
- 1948
- Construction
- WOOD
- Lot size
- 6.90 lot acres
- Property size
- 1,356 SF
- Zone code
- W2
- Property type
- 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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $500,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $450,000
- 6.5%
- $435,000
- 7%
- $485,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $480,000
- Geo Method
- $480,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $460,000
- Retail
- $490,000
- Mixed-Use
- $445,000
- Hospitality
- $415,000
- Educational
- $385,000
- Residential Income
- $390,000
- Energy
- $405,000
- Income-Based Land
- $390,000
- Food Service
- $415,000
Location Insight
- Map
- Local Demand
- City
- Blythe
- County
- Riverside
- State
- California
- Longitude
- -114.56
- Latitude
- 33.6098
- CBSA code
- 40140
- CBSA name
- RIVERSIDE-SAN BERNARDINO-ONTARIO, CA METROPOLITAN STATISTICAL AREA
