A mobile home park on 1.65 acres in East County has been sold for $4.4 million, according to a real estate brokerage.
Shady Lane Mobile Home & RV Park, with 41 spaces for manufactured homes, is located at 244 Shady Lane in El Cajon.
“Shady Lane Mobile Home & RV Park was a Watkins family generational asset,” said Dustin Wilmer, vice president of investments in Marcus & Millichap’s San Diego Del Mar office. “The property had not traded hands since 1981 and this was the first time it has ever been advertised for sale.”
Wilmer said the property attracted 10 offers within its first 72 hours on the market. He represented the seller, a limited liability company. The buyer, an unidentified private investor and an El Cajon local, also was procured by Wilmer.
“Shady Lane was a perfect fit for this buyer, and he was able to pay the price and terms acceptable to (the) seller while closing in seven days,” Wilmer said.
The site, he added “has historically low vacancy” and is currently 100% occupied with long-term tenants.
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.