Lake Village Estates
Lake Village Estates is a high-quality 55+ gated community comprised of 158 double-wide spaces in Clearlake Oaks, CA. The community shows extremely well and has numerous amenities including a clubhouse and swimming pool. It is situated in a serene location less than a 10-minute drive to Clearlake with easy access to retail amenities. The park features municipal sewer and water with all utility costs passed through to the tenants.
There are currently 51 vacant spaces, which are ready for new home installs. The previous owner did not have the capabilities to bring in new homes, and we believe that there will be strong demand for homes in this superb park. Our business plan is to quickly bring in new homes, projecting to fill at least 10 spaces per year. Through a combination of raising rents to market and filling vacant spaces, we are projecting to increase net operating income by over 150% by Year 4.
Date Acquired: 4 Dec, 2023
Acquisition Price: $8,000,000
City/State: Clearlake Oaks, CA