For those not just looking for a place to call home, an entire Californian town could be yours for $6.6 million. Recently taken over by a new real-estate team leading the task of selling almost the whole unincorporated community, the Californian small town of Campo is nearly all for sale by the current owner, John Ray.
The Las Vegas investor has owned the small community since the early 2000s. He expressed his reasoning for purchasing the town in the Mountain Empire area of Southeastern San Diego County in very few words. “Why do I buy anything? I don’t know,” he said. “To make a profit, I guess.”
Campo has been on the market since 2019 but has yet to generate much interest despite the redevelopment potential the community offers. The purchase would include 28 buildings, converted former Army barracks into apartments, single-family homes, and commercial properties.
California housing prices are already some of the most expensive nationwide, with some Golden State areas arguably overpriced. With rents increasing nationwide, Campo residents have yet to be immune to the jump in rental prices. According to the seller, Campo property values increased across more than 20 residential units and seven commercial buildings, increasing the community’s value.
When Campo first hit the market five years ago, the selling price was $5.5 million. While Ray is asking for today’s current value price, the investor’s motivation to sell the town can be seen through his enticing offer – Ray is willing to finance a buyer willing to put down 50 percent of the selling price himself.
The new real-estate team handling Ray’s property sale is Mission-Valley-based Top Gun CRE, which received the listing about three weeks ago. Top Gun CRE hit the ground running to find Campo a buyer, contact potential buyers, create marketing materials, and even produce a promo video of the town.
According to the real-estate firm, Campo brings in roughly $331,521 a year in net operating income, calculated with expenses for repairs, property taxes, water, sewer, and other costs in mind. After renovations, Top Gun CRE estimates that the year’s net income could be closer to $415,000, but it is easier to say if you know exactly what a buyer wants to do.
Most of Campo’s buildings have not been touched since they were built in the 1940s, creating some maintenance for a potential buyer. Campo residents would love to see a new owner renovate their beloved town.
Bob Marks, co-owner of Campo’s East County Lumber and Ranch Supply, said he would love to see a new owner.
