704-550 Bangham Ln Susanville, CA 96130

Property Details for 704-550 Bangham Ln

Year built

1950

Construction

WOOD

Lot size

5.19 lot acres

Property size

2,238 SF

Property type

Mobile home & RV parks

APN

116-130-010-000

APU

116130010000

Description

This fee-simple, 7.75-acre mobile home park in Susanville, CA, presents a compelling value-add investment opportunity. The property features 30 sites, including 28 mobile home sites and two single-family rentals, offering a current NOI of $118,623 and a 9.12% cap rate. Built in 1962, the park boasts paved roads, large lots (80-90 feet long by 30-40 feet wide), and fenced yards. Site rents range from $500 to $650, with single-family rental income at $830. The park has an on-site well and septic system, with electricity provided by PG&E (8 sites sub-metered) and gas by Ed's Propane (direct billed for most). Trash service is provided by Lassen County. Currently, there are four vacant sites and three vacant homes, presenting immediate upside potential in a high-demand rental market. The property also includes two additional 2.55-acre parcels zoned for residential use, offering further development possibilities. The asking price is $1,300,000, with a price per pad of $43,333.33. The property's current occupancy is 73%, projected to reach full occupancy by November 12, 2024. There are no local rent stabilization ordinances. This well-maintained, all-age community offers a stable return with significant upside potential. Note that buyers are responsible for conducting their own due diligence regarding potential development on the additional acreage.

Location Insight

City

Susanville

County

Lassen

State

California

Longitude

-120.591

Latitude

40.3834

CBSA code

45000

CBSA name

SUSANVILLE, CA MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments