TUCSON, ARIZONA -- The Village Mobile Home Park located at 1501 N. Venice Avenue in Tucson sold on August 26, 2020 for the price of $2.1 million ($38,200 per space). John Sheedy, Senior Vice President at Park Brokerage Inc. handled the transaction by exclusively representing the seller and procuring the experienced buyer.
The 55+ designated Mobile Home Park has fifty-five total sites of which fifty are allocated to mobile home tenancy with the rest being RV sites. There are no amenities other than a laundry room, however the park has wide paved streets, entry wall, and has lush trees and landscaping. The property is serviced by city utilities and master-metered electrical system.
Rents were below market average at time of sale and sold with six park owned homes needing easy rehab that were included in the sale. Vacancy was high for the market at 15% due to unsold homes. The sale was financed by a California-based bank with attractive terms.
"The property was owned for many years by the seller and was kept in excellent condition,” said Sheedy. “However a management change necessitated a sale and the buyer will have an excellent opportunity to fill empty homes and bring rents to market at an attractive price per site entry point.”
For more information, Sheedy can be reached at 602.821.4666.