Park Brokerage Inc. announced the sale of Westview Mobile Home and RV Park located at 610 W Frontier in Eloy, Arizona was completed on October 26, 2015 for the price of $1,015,000. John Sheedy with Park Brokerage Inc. negotiated the transaction on behalf of the sellers Repa Stables Inc. and procured the buyer which is a private California-based investor.
Eloy Mobile Home and RV Park is an all ages park on 4 acres with 35 mobile home spaces and 15 RV spaces. The park was 82% occupied with permanent residents at closing with mostly families. The seller owned and rented eight mobile homes/park models. Space rents are $237.50 – 245.00 per month which is slightly below or at market rent. Lot sizes at Eloy for 35 MH spaces are large and can house doublewide units. Fifteen RV spaces are planned for permanent park model occupancy. The entire park is on city utilities and electricity is direct billed to each MH site by APS. The RV sites are master metered and have submeters for all services at each site. There is no rent control in Eloy or Pinal County. The park was purchased using 70% LTV seller financing at market rates and terms. Eloy Mobile Home Park was in good condition at the time of sale.
“This is a really clean two star park with some big upside as previous owners had let some small administrative details slip through the cracks on the park’s management. The buyers are very experienced park operators and am confident they have made a solid investment with good existing cash flow, minimal deferred maintenance, and big infill upside.” said Sheedy.