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7/10/14
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A private investor involved in a 1031 exchange purchased Melody Mobile Home Estates, a 52-site manufactured home community in El Cajon, for $4.8 mil ($92.3k/site). The property is located at 1313 East Main S, south of I-8 at Jamacha Rd.
The community consists of 50 mobile home sites, a 1.2k sf office/clubhouse, a 520 sf laundry/restroom, a 1.8k sf three-bBedroom,two-bath home and a 440 Ssf one-bedroom cottage. The all-age park is 100% occupied with no park owned home rentals.
The park is situated on 4.38 acres and has a density of 11.87 sites/acre. Built in 1957, the community has 25 double-wide sites, 26 single-wide sites, 23 guest parking spaces and two double car garages. The property has all city services and the sites are submetered for electricity, gas, water, sewer and a pass through for trash.
Douglas A. Danny of Marcus & Millichap represented the buyer and the seller in the deal.
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