251 Willow Vly Rd Nevada City, CA 95959-2357

Property Details for 251 Willow Vly Rd

Lot size

3.31 lot acres

Zone code

R

Property type

Mobile home & RV parks

APN

036-310-001-000

APU

36310001000

Description

This exceptional Class A mobile home park in Nevada City, CA, presents a unique investment opportunity. The 3.31-acre property boasts 20 units – a mix of modular homes, cabins, mobile homes, and a travel trailer – all situated in a beautifully landscaped, well-maintained senior community. Currently operating at 100% occupancy, this park offers below-market rents with significant upside potential. A recent $125,000 investment upgraded asphalt, drainage, and retaining walls. Projected rent increases in 2025 will further boost NOI. The property benefits from city water and sewer services, direct resident billing for gas and electricity, and a flat monthly fee for water, sewer, and trash. Located near downtown Nevada City, it enjoys easy access to local amenities and attractions, while also being conveniently situated between Sacramento and Lake Tahoe. There is no rent control in Nevada City, and the park has no owner-occupied rentals. The strong market demand, high occupancy rate, and recent capital improvements make this a compelling investment with a current NOI of $150,835 and a pro-forma NOI of $162,335, resulting in a 6.03% cap rate and a pro-forma cap rate of 6.49%. The asking price is $2,500,000. The average home value in Nevada City is $576,000. The property is serviced by city water and sewer. Gas and electricity are billed directly to residents. Tenants pay a flat monthly rate of $80 for water, sewer, and trash.