Balls Ferry Fishing Resort & MHP

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23012 Ash Creek Road, Anderson , CA 96007
Balls Ferry Fishing Resort & MHP
Built in the early 1950s, Balls Ferry Fishing Resort & MHP has been continually upgraded over its life making its effective age 20-25 years old. Situated on one parcel totaling 4.74 acres of land, Balls Ferry is 100% occupied and is comprised of 25 mobile home spaces, 44 RV spaces, 4 cabin rentals, and an apartment attached to an office for a total of 74 sites. The park offers attractive amenities including on-site laundry, beautiful scenery along the Sacramento River, and easy access to the city of Redding via I-5. All tenants are on long-term monthly leases, with no transient RV use. A majority of the park features tenant-owned and operated RVs and homes, which reduces management involvement, lowers repairs and maintenance costs, and results in greater cash flow. The 15 park-owned mobile homes were originally built between 1972 and 1989 and have been recently extensively renovated with quality Hardie board siding, updated metal roofs, plumbing upgrades, dual pane windows, laminate flooring, upgraded appliances, and more. The park features new electrical pedestals at all 44 RV spaces throughout the premises, for which the current owner is reimbursed for usage. The septic system was upgraded last year at a cost of $40,000. The current owner has owned the park since 1981. An investor is presented the opportunity to acquire a turnkey, fully-occupied manufactured housing and RV park in an area with limited-to-no immediate competition for similar space. The recent renovation and improvements to park-owned homes, combined with the long-term rental structure, provides immediate dependable cash-flow with minimal management and operating expenses compared to other similar properties. The limited competition in the area and high demand for housing provides a path to increase rents year-over-year for improved cash-flow and higher income. Priced at a 5.45% cap rate on in-place income, and 5.70% pro forma at $3,800,000, with a shell value for the homes at $450,000 for 15 homes, which is an average of $30,000 per home, for a total price of $4,250,000. Comparable homes in the market are selling for between $50,000 and $100,000. A savvy investor could sell the homes for a profit and raise rents to market to increase cash-flow and lower maintenance and repair expenses.
Rand Hoffman
Broker (Manufactured Housing)
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Tyson Cross
Director, Manufactured Housing
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Anja Jauregui
Senior Broker (Manufactured Housing)
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