Phoenix Mobile Home Park sold for $855,000
The sale of Last Chance Mobile Home Park was completed April 27, 2015 for $855,000 to a local private investment firm. John Sheedy with Park Brokerage Inc. represented the buyer and the seller on the transaction. Last Chance Mobile Home Park is located at 15625 North 25th Place in Phoenix, Arizona.
Last Chance is an all ages community in north Phoenix with 40 manufactured home sites, 3 vacant sites, and 4 park owned unoccupied homes in various states of disrepair. Site rents are $245-$260 plus submetered water/sewer and trash. Common area amenities include a pool, unused clubhouse, and laundry facility. The park’s electricity is directly billed. Sale includes four vacant mobile homes that will require rehabilitation or demo.
The seller financed the note and the park sold for $21,375 per space. The property was in below average condition at time of sale. The park was originally on the market in October 2014 but was put back on in February 2015. New owner plans some immediate cleaning up of management issues and infrastructure upgrades to the park.
John Sheedy commented, “The buyer is an experienced real estate investor in this market and will provide an immediate boost in management skills to get this park up to previous levels of operations. This park offers great rental upside and will be a great addition to the buyer’s portfolio.”
Please contact John Sheedy at 602.821.4666 if you have any further questions or would like to sell or acquire a Manufactured Housing or RV community.
Market time: 2.5 Months, Escrow length: 45 Days