Bel Air MHP
$4,950,000

CALL FOR OFFERS: WEDNESDAY, APRIL 23, 2025

10954 Hanford Armona Rd, Hanford, CA 93230

Tim Ryan Exclusive Listing

Price
$4,950,000

Total Sites
68 Sites (38 MH & 26 RV)
All Sites Permitted for MH

Price/Site
$72,794

Price/Acre
$771,028

Occupancy
94.12%

Lot Size
6.42 AC

MH/RV Rent Avg.
$600

Designation
All Age

NOI (Year 1)
$319,689

Cap Rate (Year 1)
6.46%

NOI (Current)
$278,973

Cap Rate (Current)
5.64%

REQUEST OM

INVESTMENT HIGHLIGHTS

❑ Utility Billbacks – The landlord currently pays for water ($12.8K), sewer ($18.7K), and trash ($7.9K). There is potential for new owner to submeter for water and billback for sewer and trash providing significant upside.

❑ Tenant-Owned Homes – All 38 mobile homes and 26 RVs are tenant owned, reducing landlord maintenance responsibilities.

❑ MH Sites – All 68 sites are permitted for mobile homes, providing an opportunity to convert existing RVs for more stable income. There are four vacant sites available for infill with mobile homes or RVs.

❑ Rents – Below market rents, opportunity to increase to market.

❑ Onsite Management – Onsite manager resides in a double-wide home, receiving a site rent credit plus annual pay of $32,540.

❑ Infrastructure – The roads were recently resealed, and the electric and gas infrastructure was upgraded in 2021 to support direct billing.

❑ Prime Location & Local Amenities – Less than 5 minutes from downtown Hanford, the park is conveniently near Hanford Mall, featuring 70+ stores and restaurants. Additional major retailers and dining options within a 2- mile radius include Costco, Walmart, The Home Depot, Target, In-N-Out, Big 5 Sporting Goods, PetSmart, Lowes and more.

EXECUTIVE SUMMARY

Bel Air Mobile Home Park is a 68-site, all age community in Hanford, Kings County, with a 94.12% occupancy rate consisting of 38 mobile homes and 26 RVs. All homes are tenant-owned, reducing maintenance responsibilities and ensuring stable income. The community is fully permitted for 68 mobile home sites, providing an opportunity to convert RV spaces to manufactured homes for stabilized long-term revenue.

This turnkey investment benefits from an onsite manager who oversees operations, keeping management streamlined and efficient. Additionally, the property has no rent control, allowing a new owner to capitalize on future rent growth. Below-market rents further enhance the upside potential, with room to align rates with market averages.

The park operates on municipal water and sewer, with electric and gas directly billed to tenants. Currently, the landlord covers water, sewer, and trash, but a new owner has the opportunity to implement a utility bill-back system, helping to offset expenses and improve NOI. Hanford serves as the economic center of Kings County, supported by agriculture, manufacturing, healthcare, and Naval Air Station Lemoore, which employs over 7,000 personnel. The city's population of 58,000+ continues to grow, fueled by expanding job opportunities. Its strategic location along major highways ensures easy access to employment centers, while the limited housing supply sustains high demand for affordable mobile home communities.

Bel Air MHP is ideally located near retail centers, schools, healthcare facilities, and Hanford’s historic downtown, making it a desirable and convenient place to live.

Do not visit, drive through, call, or disturb the property or its residents without prior approval from the listing broker.