Paradise, CA 95969 5471 S Libby Road
$998,000
Pending
16 more
Presented By: Dustin Cheatham with Upside Real Estate; 530-355-6881
Home Details
MOTIVATED SELLER. Prime Improved Land! This may be the opportunity you are looking for to create impressive income. This age-restricted 55+ property is centrally located and close to Shopping, Restaurants, Schools, fire, and police. Improved with a proposed 54 mobile home spaces, 47 of which have separate meters for gas, electricity. Space dimensions accommodate a mix of triple-wide, double, and single-wide manufactured homes and mobile homes. The current market would support $650 monthly space rent for $421,200 annual gross income, pro forma cap rate 28%. The Town of Paradise zoning TR-1 allows for permitted use as a mobile home park, group home, or elderly community care facilities. The subject is situated within the confines of two contiguous Assessor’s parcels located west of S. Libby Road, south of Newland Road, within the town of Paradise, California. Access via a long paved driveway from S. Libby Rd gives the feeling of seclusion and privacy. A communal space is central to the park where either 4 spaces could be created or a common multi-use building could be re-built, next to the USPS mailbox cluster. The park has six septic tanks. Trenching for septic and public water to each space will be the responsibility of the new owner, has not been investigated by the listing brokerage or Seller. Water is available at the street, Paradise Irrigation District. Before the Camp Fire in 2018, the park was a thriving community known as Holly Hills Senior Mobile Home Park. An appraisal done by Nelson M. Wong, MAI for a national bank in July 2017 valued the park at $2.55M with a 91% vacancy at the time. The present utility infrastructure was rebuilt at no cost to the owner. APNs: 054181-011 and 054-81-026 for a combined 6.29 acres. Flood insurance is not required. California earthquake Zone 3 (very low risk). Lower Paradise, which means little chance of snow. No apparent adverse easements, encroachments or other conditions currently impacting the subject.
Presented By: Dustin Cheatham with Upside Real Estate; 530-355-6881
Interior Features for 5471 S Libby Road
Other Interior Features
Air Conditioning Y/NNo
Basement (Y/N)No
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesNone
Street SuffixRoad
Total Stories
Other Rooms
Entry Level
General for 5471 S Libby Road
Additional Parcels Description054181011000
Additional Parcels Y/NYes
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate28.0
Carport Y/NNo
CityParadise
CountyButte
Days on Market70
DirectionsFrom Pearson go south onto South Libby
ElectricElectricityOnProperty
Garage Y/NNo
HOA / Comm AssnNo
Home Warranty Y/NNo
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
Listing TermsCash, CashtoNewLoan, OwnerWillCarry, OwnerMayCarry
Lot Size Square Feet273992.4
MobileHomeRemainsYNNo
Net Operating Income342600.0
New ConstructionNo
Occupancy DescriptionVacant
Operating Expense78600.0
Private PoolNo
Property Attached Y/NNo
Property Sub Type AdditionalUnimprovedLand
Property SubTypeUnimprovedLand
Property TypeCommercialSale
Rent Control Y/NNo
Senior Community Y/NNo
Special Listing ConditionsStandard
Standard StatusPending
StatusPending
Street NameLibby
Total Units54
UtilitiesElectricityConnected, NaturalGasConnected, SewerNotAvailable, WaterAvailable
View Y/NNo
Waterfront Y/NNo
Exterior for 5471 S Libby Road
Crops Included Y/NNo
FencingPartial
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesGentleSloping, ValueInLand
Lot Size Acres6.29
Lot Size Area6.29
Lot Size SourceAssessor
Lot Size UnitsAcres
Open Parking Y/NNo
SpaNo
Water SourcePublic
Additional Details
Price History
Stephen Pliaconis
Pliaconis Realty Group REALTOR® DRE 02015480