5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
5471 S Libby Road
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$1,200,000

5471 S Libby Road

273,992.406 Sq.Ft.

Description

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 48 mobile home spaces, each with separate meters for gas, electricity, and accommodates a mix of triple-wide, double, and single-wide manufactured homes and mobile homes. The current market would support $650 monthly space rent for $374,000 annual gross income, pro forma cap rate 17%. 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 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.

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Location

5471 S Libby Road, Paradise, CA 95969

Status

For Sale
Dustin Cheatham

Dustin Cheatham

TITLE

Founder, Realtor® Associate - Serving the Chico, Butte county, and Redding areas.

Property Amenities

Area & Lot
Lot Area 6.29 Acres
Living area 273,992.406 Sq.Ft.
MLS® ID SN23224360
View Description Mountain(s),Trees/Woods
Type Land
Status For Sale
Exterior
Water Source Public
Sewer Septic Tank
Lot Features Gentle Sloping, Value In Land
Utilities Electricity Connected, Natural Gas Connected, Sewer Not Available, Water Available
Finance
Sales Price $1,200,000
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Thank you for your interest in 5471 S Libby Road, Paradise, CA 95969. We are reviewing your request and will be in touch shortly!

Paradise

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