Payson, AZ -- Park Brokerage Inc. is proud to announced the sale of Gateway Mobile Home Park located at 1107 E McLane in Payson, Arizona was completed on August 26, 2016 for the price of $1.8 million ($40,000 per space). John Sheedy with Park Brokerage Inc. negotiated the transaction on behalf of the sellers and also procured the buyer.
Gateway Mobile Home Park is an all ages park with 45 spaces all of which were occupied by tenant-owned housing at the time of sale. Space rent was $360 per month at closing and all utilties except sewer were either direct-billed or sub-metered. The park is on city utilities and there is no rent control in Payson and Gila County. The buyer obtained new financing through Five Star Bank of Sacramento, California.
John Sheedy commented “Payson is a hot market right now with the development of the Arizona State University Rim Campus as well as a recent boost of seasonal vacation homes which has created a lack of affordable housing in the area. Gateway has been at or near 100% occupancy for years which offer the buyer a stable property in a desirable market only an hour from Phoenix."
For additional information, contact Sheedy at 602.821.4666