West Mesa MHP is located in an Opportunity Zone between Main & First Street in Downtown Mesa. With easy freeway access to Loop 101 and a short walk to the Light Rail Extension, the park provides easy access to major East Valley economic hubs, including Mesa, Phoenix and Chandler. West Mesa MHP is also located within 2 miles of the Fiesta Quadrant Employment Center and is only minutes away from Mesa Community College.
West Mesa MHP is 100% occupied and comprised of 42 total rentable units – 20 TOH’s, 11 POH’s, 3 RTO’s, 7 Cabins, and 1 SFH. The community has city water and city sewer, both of which are paid for by the landlord and included in tenants’ rent. Electrical services are also public and paid for by the landlord, but each MH lot is individually sub-metered, and tenants are billed back based on usage.
We are asking that investors submit offers at or above $2,600,000, which represents a 5.42% cap rate on current lot rental income. With paved roads and an occupancy rate of 100%, West Mesa MHP should qualify for a conventional, recourse bank financing at a 4.15% interest rate, 75% LTV, and 25-year amortization.
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