In California, a state where single-family homes often cost millions of dollars, what is essentially an entire city is on the market for just $6.6 million.
Commercial real estate Top Gun listed a 16-acre property in Campo, California, a city that is about 2 miles from the Mexican border and about an hour east of San Diego. This list includes 28 buildings that make up the bulk of city property. Most of them were built in the 1940s.
These objects are also occupied. About 100 residents rent from one owner who wants to sell. The Border Patrol also leases a commercial building in the city.
The seller (and townspeople) hope whoever buys Campo will do so with revitalization in mind.
“Investors may choose to build to maximize the density of the existing land without changing the current urban fabric, or alternatively consider a complete redevelopment to modernize and enhance Campo’s profile,” the listing states. “Campo’s appeal is not limited to its potential for physical transformation, but is enhanced by its strategic location. Its proximity to San Diego offers a wealth of recreational, cultural and economic opportunities, making it an attractive proposition for long-term investors looking to make a significant impact.”
The sale includes 28 residential properties that rent from $250 to $1,600 a month, as well as a church, a metal shop, a post office, a lumber yard and a Border Patrol building. In total, over 62,000 square feet of property are part of the sale, with monthly rents of $44,253 in recurring income for a new buyer.
Heck, the city will pay for itself in just 149 months!
Campo was originally founded during World War II to house soldiers in case of an invasion, which (of course) never happened.