Property Detail

Description

Sunrise Highway RV Park & Restaurant is a 3.84-acre, 27-site RV community, restaurant, and apartment located in Mount Laguna, San Diego County, CA and offered for $3,199,000. The pricing equates to an 8.01% cap rate based on current budget NOI of $256,256. The Property includes 25 HCD-permitted full hookup RV sites, a detached full-service restaurant building with living quarters and a separate apartment, an office trailer with manager's quarters, and common area amenities including a gym, bathrooms, showers, and laundry. The RV sites consist of 12 park-owned homes and 13 resident-owned homes. The Property is 96.3% occupied, with one vacant park-owned home and all other sites occupied. The average site rent is $1,022 per month, and the occupied park-owned homes earn an average premium of $487 per month on top of site rent for total rent of $1,509. Two additional movable park-owned homes are on site and available for future placement or sale. They were moved to storage when new residents brought in their own homes. The restaurant building provides additional income, with the apartment leased for $1,500 per month and the restaurant and living quarters leased together for $4,725 per month. The Property is operated by a full-time on-site manager and maintenance technician who handles billing, meter readings, resident invoicing, as well as property repairs and maintenance. Electricity is submetered and billed back to residents based on usage, except for the restaurant building, which has electricity included in its rent. Propane is filled by the manager and billed back to residents. Public water, septic, and trash service are included in the rent. The restaurant pays for its own trash and propane directly. The Property sits at approx. 6,000 feet elevation within the Cleveland National Forest, roughly 30 minutes from the eastern edge of the San Diego metro core and an hour from the coast. Mount Laguna draws year-round visitors from a county of more than three million residents, with hiking, camping, and snow in the winter. With very little private land on the mountain and new development constrained by the surrounding national forest, the Property would be difficult to replicate. Please do not visit, drive through, call, or disturb the property or its residents without prior approval from the listing broker.