Active

5471 S Libby Road

Paradise CA, 95969

$998,000


$3.64 per sqft

Active

6.29 Acres

Land

Listed by Dustin Cheatham with Upside Real Estate 530-298-8205

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.

SN23224360

MLS ID

December 10, 2023

Listed

March 29, 2024

Updated

Map

5471 S Libby Road
Paradise CA, 95969

Exterior/Building Features

Lot Size

6.29 Acres


Lot Features

Gentle Sloping, Value In Land


Sewer

Septic Tank

Other Property Details

Days on Market

92


Garage

No


View

Yes


View Description

Mountain(s), Trees/Woods


County

Butte


Water Source

Public


Pool

No


Zoning

RT1


Buyer Agency Compensation

2%

Listing History

Date

Event

Price

3/26/2024

Price Change

$998,000

-17%

2/21/2024

Price Change

$1,200,000

-25%

1/17/2024

Price Change

$1,600,000

-28%

Listing Contact: 530-298-8205 

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 3/29/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

©2024 California Regional Multiple Listing Service (CRMLS) all rights reserved.

Data last updated on 3/29/2024 at 5:38 PM UTC

 

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