8415 Buena Vista BlvdLamont, CA 93241

Property Details for 8415 Buena Vista Blvd

Year built

1970

Construction

WOOD

Lot size

5.56 AC

Property size (Sq ft)

246,114 SF

Zone code

MP

Property type

Mobile home & RV parks

APN

189-210-37-00-5

APU

18921037005

Description

This exceptional 60-unit mobile home park, situated on 5.56 acres in Lamont, CA (APN: 189-210-37-00-5), presents a compelling value-add investment opportunity. The property boasts a 100% occupancy rate as of May 9, 2024, generating a substantial net operating income (NOI) of $192,352, representing a 5.20% capitalization rate. The asking price is $3,700,000, translating to $61,666.67 per unit and $15.28 per square foot based on the total square footage of 242,193. Built in 1966, the park features 59 HCD-permitted mobile home sites and a 459 sq ft one-bedroom apartment, currently renting for $750. The park's infrastructure includes underground copper wiring, black pipe gas lines (with annual inspection compliance), galvanized water lines, and PVC sewer lines. The property benefits from city water and sewer, with sub-metered electric, gas, and water, and a pass-through for sewer and trash. Current rents range from $405 to $442 per month. The park is conveniently located near major highways (Hwy 99 and Hwy 223), offering easy access to Bakersfield and various employment centers, including agriculture, oil and gas, warehousing, and construction. The property's location and strong historical occupancy contribute to its consistent cash flow and potential for future rent growth. There is also vacant land that may allow for additional sites, subject to county and state approvals. The property includes two park-owned homes. This is a fee-simple ownership opportunity. Seller financing is available with a $500,000 down payment.

• CAP approach

  CAP return

  Valuation

  6%

  $86,957,832

  6.5%

  $80,268,768

  7%

  $74,535,280

• Comparable approach

  Method

  Valuation

  Relative Method

  $72,541,608

  Geo Method

  $72,541,608

• Alternative Use

  Use

  Valuation

  Residential

  $80,268,768

  Hospitality

  $73,525,760

  Educational

  $61,172,568

  Medical

  $63,276,384

  Retail

  $95,157,328

Location Insight

City

Lamont

County

Kern

State

California

Latitude

35.2369

Longitude

-118.91

CBSA code

12540

CBSA name

BAKERSFIELD, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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