5656 Clara St, Bell Gardens, CA 90201

Mid-City MHP has 25 singlewide sites. There is a duplex with two (1) bedroom, (1) one bath apartment units. There is another duplex with one (1) 3BR/1.5BA apartment unit with access to the double car garage for apartment 5656A and one 1BR/1BA unit. There is also a detached apartment with a one 0BR/1BA unit. The property is located in the city of Bell Gardens, California. The Community is located in the Southern portion of Los Angeles County. The surrounding cities include Downey, Cudahy, Southgate, Commerce and Pico Rivera. Bell Gardens is 10 miles Southeast from the Los Angeles Central Business District. The population of this incorporated City is approximately 43,000 and the city land area is nearly completely built out. There is currently no rent control in the city.
The 710 freeway passes through the city and there is access to excellent commuter and industry transportation. The city is one of 8 cities in California that allows for certain forms of gambling. The Bicycle club at the 710 and Florence Ave is a cardroom with 100 room hotel and it’s the sole casino operating in the city. The current residential development is limited to infill multifamily developments due to the nearly full buildout of the community. The demand for Mobile Home sites is strong and there is limited availability. The most recent turn-over site rents in similar communities have ranges from $895 - $1000 per site and does not include utilities.
The apartment rents in the area are as follows:
Size Rate Range
1 Bedroom $932-$1,525
2 Bedroom $1,116-$1,825
3 Bedroom $2,220-$2,295
Many of the Mobile Homes in the park are 1 – 2 bedrooms with site rents including utilities at the average of $832 prior to the 5/1/24 increase.
Mid-City MHP offers the investor long term stable cash flow with increasing demand and escalating rents. The potential benefit from the Utility Conversion Program, sub-metered water and pass-through of sewer and trash will roll back the rent to $600 - $650. This net rent will grow with annual rent increases and dramatically with turn-over. Priced at $68,667 per site at a 7.30% cap rate with an expense load of 57.95% ($6,906 expense per site), there are few other similar parks for sale in the L.A. basin.