The mobile home park at 6181 South Randall Blvd in Tucson sold to AJI Holdings (Aaron and Jennifer Reichman) of Chandler for $995,000 ($22,000 per space). The park has 44 mobile home spaces and 1 apartment (built 1962) on approximately 4.13 acres.
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[mepr-show rules="58038"] The sellers, David Gauley and Marsha Teaford of Irvine California had owned the property for 34 years and were retiring from the business.
It is a clean community, rated 2-1/2 stars. The streets were recently paved. Each space has a concrete patio and there is a laundry facility (washers and dryers) on-site with clothes drying racks provided. Located at the northeast corner of Bilby Road and Randall Blvd. the park can accept up to 12 ft. wide by 60 ft. long, single-wide mobile homes. Space rentals start at $275 with $15 sewage and $9 trash fee ($299 per month). Pets are welcome.
Tom Hoch of Park Properties & Investment in Tucson handle the transaction for seller and investor.
For more information, Hoch can be reached at (520) 797-4376.
Sale date was 9/26/2013. Buyer purchased with $250,000 down and a seller carryback for the balance. Cap rate was estimated at 14% at time of sale with property estimated to be 20% vacant at time of sale. [/mepr-show]