
Penngrove Village
Mobile Home Park
Marketing description
Penngrove Village is an all-ages manufactured housing community located at 6070 Old Redwood Hwy in the Penngrove area of Sonoma County, California. This charming community is nestled next to Lichau Creek with great access to US 101 and the San Francisco Bay Area. The property is walking distance to downtown Penngrove and only 5-15 minutes driving time to local amenities such as Sonoma State University, shopping outlets, and more.
The community consists of 34 mobilehome spaces and 7 RV spaces, which are 100% owner-occupied, plus 3 stick-built rental units (a duplex and a “cottage”) on 3.18 acres. The property operates on public water and sewer. Gas, electric, and disposal services are directly billed by local service providers. Annual rent increases are permitted at 70% of the CPI change or 4%, whichever is less, plus 5% on turnover.
Investment highlights
- CPUC gas & electric utility upgrade
- Complete asphalt replacement/overlay
- New siding for duplex & cottage
- 100% occupied
- 5% rent increase on MH turnover
- Market rate on RV turnover
- Three stick-built rental units
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