Pine Rock Park | 251 Willow Valley Rd
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Pine Rock Park 251 Willow Valley Rd
20 Unit Mobile Home Park £1,956,125 (£97,806/Unit) 6.03% Net Initial Yield Nevada City, CA 95959
Investment Highlights
- Unique Gold Country opportunity, located 7/10 of a mile from downtown Nevada City
- Impeccably maintained and landscaped senior community
- Serviced by city water and sewer services
- High-demand/Low velocity market
- Majority of the homes in the community are desirable modular homes
- Below market rents, there is no Mobile Home Rent Control Stabilization Ordinance
Executive Summary
Marcus & Millichap is proud to offer to market a rare manufactured housing community centrally located in the City of Nevada City, California. Nestled on the east side of State Highway 49 and a short walk to historic downtown Nevada City, Pine Rock Park provides residents with easy access to local retail shopping and attractions. The property is conveniently located in Gold Country between Sacramento and Lake Tahoe. The community consists of ten modular homes, five cabins, four
mobile homes, and one travel trailer. The community is situated on 3.31 beautiful acres with 6.04 units per acre.
Pine Rock Park is well-maintained and beautifully landscaped senior community. The property is serviced by city water and sewer. Gas and electricity are billed directly to the residents. Tenants are billed a flat rate of $80 per month for water, sewer, and trash services. In the last few years the Seller has spent $125,000 improving the property with new asphalt, drainage, and retaining wall upgrades. It should be noted there was no rent increase in 2024. In January 2025 the MH rent will increase by $50/site and the SFR rent by 8.8%/unit. After the increase the community’s average MH rent will be $821
per month, and the average SFR rent will be $1,029 per month. Market rent comparables average $937 for MH space rent. The property has historically been 100% occupied while comparable communities are 99% occupied in the Grass Valley-Nevada City area. There is also no Mobile Home Rent Control Stabilization Ordinance in Nevada City.
Pine Rock Park presents a special opportunity to purchase a high-quality manufactured housing community in Nevada City, California. A new buyer will enjoy a well maintained and managed asset, below market rents, city water and sewer services, a unique and unreplaceable location, a senior designated community with many recent capital improvements, and no
park owned rentals.
If you plan to drive through the community, please do so discreetly without exiting your vehicle, and without disturbing management or residents.
mobile homes, and one travel trailer. The community is situated on 3.31 beautiful acres with 6.04 units per acre.
Pine Rock Park is well-maintained and beautifully landscaped senior community. The property is serviced by city water and sewer. Gas and electricity are billed directly to the residents. Tenants are billed a flat rate of $80 per month for water, sewer, and trash services. In the last few years the Seller has spent $125,000 improving the property with new asphalt, drainage, and retaining wall upgrades. It should be noted there was no rent increase in 2024. In January 2025 the MH rent will increase by $50/site and the SFR rent by 8.8%/unit. After the increase the community’s average MH rent will be $821
per month, and the average SFR rent will be $1,029 per month. Market rent comparables average $937 for MH space rent. The property has historically been 100% occupied while comparable communities are 99% occupied in the Grass Valley-Nevada City area. There is also no Mobile Home Rent Control Stabilization Ordinance in Nevada City.
Pine Rock Park presents a special opportunity to purchase a high-quality manufactured housing community in Nevada City, California. A new buyer will enjoy a well maintained and managed asset, below market rents, city water and sewer services, a unique and unreplaceable location, a senior designated community with many recent capital improvements, and no
park owned rentals.
If you plan to drive through the community, please do so discreetly without exiting your vehicle, and without disturbing management or residents.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£179,785
|
£179,785.11
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£179,785
|
£179,785.11
|
| Taxes |
£21,200
|
£21,200.48
|
| Operating Expenses |
£40,564
|
£40,563.77
|
| Total Expenses |
£61,764
|
£61,764.26
|
| Net Operating Income |
£118,021
|
£118,020.85
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | £179,785 |
| Annual Per SF | £179,785.11 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £179,785 |
| Annual Per SF | £179,785.11 |
| Taxes | |
|---|---|
| Annual | £21,200 |
| Annual Per SF | £21,200.48 |
| Operating Expenses | |
|---|---|
| Annual | £40,564 |
| Annual Per SF | £40,563.77 |
| Total Expenses | |
|---|---|
| Annual | £61,764 |
| Annual Per SF | £61,764.26 |
| Net Operating Income | |
|---|---|
| Annual | £118,021 |
| Annual Per SF | £118,020.85 |
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Pine Rock Park | 251 Willow Valley Rd
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