Marcus & Millichpa Lists $44.5M Mobile Home Park in San Diego County

 

POWAY, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Poway Royal Estates, a 399-space, 51-acre mobile home community in Poway.

 The listing price of $44.5 million represents $111,529 per space at a 5.75 cap rate.

Douglas Danny, (middle right photo) a vice president investments and senior director of the firm’s National Manufactured Home Communities Group in San Diego, is representing the seller, the City of Poway.

“Poway Royal Estates is a high-quality, fully amenitized, all-age community in a prime San Diego County location near all services, schools, transportation and medical facilities,” says Danny. “The seller will carry secondary, interest-only financing at 5 percent for 20 years.”

The property was constructed in 1972 at 13300 Alpine Dr. and received significant upgrades to its infrastructure in 1997. The park is surrounded by single-family residential developments, prime commercial office space, retail centers and open space. The community has pedestrian access to all of the city amenities.

Poway Royal Estates has city utilities and electric, gas, water, sewer and cable TV are sub-metered or passed-through. The park consists of almost all doublewide homes on all doublewide sites. There are 396 revenue-generating sites, one vacant park-owned home and two park-owned employee homes.

The sites are built on 45.18 net acres with a density of 8.26 sites per gross acre and the sites measure from 40 feet to 42 feet in width and from 70 feet to 74 feet in length. The road area is 3.09 acres, or 134,600 square feet. There is a 2.69-acre vehicle storage lot with 87 spaces for vehicle storage.

The park is currently 99 percent occupied and is one of the premier manufactured home communities in Southern California. Poway Royal Estates is a trophy asset that is rarely on the market.

Press Contact: Stacey Corso, Communications Department, (925) 953-1716