Marcus & Millichap announced the sale of Covered Wagon RV Park, 44 RV Site, two MH site and a SFR/office built on 3.27 acres Phoenix, according to Don Morrow, regional manager of the firm’s Phoenix office. The asset was listed for $1,250,000.
Octavian Paul and Douglas A. Danny, MHC/RV Resort investment specialists in Marcus & Millichap’s Phoenix and office San Diego, had the exclusive listing to market the property on behalf of the seller, a private couple. The buyer, a limited liability company, was secured and represented by Octavian Paul and Douglas A. Danny
Covered Wagon RV Park is located at 6540 North Black Canyon Highway in Phoenix, AZ, which is located where Maryland Parkway intersects North Black Canyon on the west side of the Black Canyon freeway (Hwy 17). The park is close to multiple professional schools and many of the long term residents are students. The park has a history of high year around occupancy and historically collects approximately 90% of its potential income.
There is a pool, restrooms with showers, a laundry room and an 800 SQ’ SFR with an office. The sites are 27-35’ x 55-65’ and are submetered for electricity. The water, sewer and trash is included in the rent. The park was listed at 9.37 Cap with an expense load of 48.7% ($2,369 per site). The cost per site was $26,596 and the Seller included two (2) mobile homes in the asking price. The Seller offered 5% financing for seven (7) years with 35% to 40% down.
The property generated several offers during the listing period and sold to a seasoned operator looking to build a portfolio in the Arizona Market.