Property Listing No Longer Available for Sale

1527 Newport Boulevard, Costa Mesa, CA

Mobile Home Park for Sale - $6,250,000 - 1.9 acres


Property Info

CIMLS#277810
Location
  1527 Newport Boulevard
  Costa Mesa CA 92627
UpdatedDecember 15th, 2011
TypeMobile Home Park
Price$6,250,000
Land1.9 acres

Property Description

Great location a few blocks from the beach and Hoag Hospital. Also, on the border of Newport Beach, CA. Sleepy beach cottage atmosphere. Currently cash flows positive, but huge upside is available as we have just cleared out older park owned homes and have begun moving in new units. This will cause NOI per month to go up to 70,000 and possibly more. Expenses extremely low at around $3000 per month.


Financials

Cash flow positive. Currently $25,000/mo. NOI. Have cleared 11 spaces for new park units that rent for $1200. NOI moving towards 70,000 /mo. when most units have converted t new untits.