11/25/2008

San Diego mobile home park for sale with $35M price tag

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The Cliffs, a 262-site mobile home park in San Diego, Calif., is being offered for sale with a $35 million asking price.

Douglas Danny and Jon Harrison of Marcus & Millichap are representing the seller in the offering.

The Cliffs are located on 33.73 acres at 4950 Old Cliffs Road. The property is being offered for $133,588 per site with a 4.5 percent unleveraged return with an expense load of $4,782 per site at 44.2 percent of the estimated gross income.

"The Cliffs is a community for seniors in a high-growth, desirable residential neighborhood in a coveted Southern California coastal city without any rent controls in place," Danny said.

Address: 4950 Old Cliffs Road, San Diego, Calif.

Size: 262 sites

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Filed Under: Multi-Family

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