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It is widely said, “You have to think big to be big.”
Well, there’s one big and unique opportunity in California.
The entire town of Campo is currently for sale for $6.6 million (~Rs 55.01 crore).
But why?
Let’s take a look.
Historic town up for sale
Located around 50 miles (80 kilometres) southeast of San Diego, Campo is within a mile of the Mexican border.
Top Gun Commercial Real Estate (Top Gun CRE) has listed the downtown area for sale, which includes about 20 buildings, a mix of apartments, single-family homes, and commercial properties.
“It is known for its natural beauty, historical significance, and close-knit community,” listing agent Nicolas Hernandez of Top Gun Commercial Real Estate told USA Today.
Hernandez and Joseph Barela are co-listing the property.
The interior area on the 16-acre property totals 95,000 square feet, at a cost of $69 per square foot.
It is reported that several of the residential apartments have been renovated, and new vinyl plank flooring and roofs are among the modern features.
The property has “the potential for high cash flow and significant upside through strategic development and honed operations,” according to the listing.
A Baptist church, a US Post Office, chapters of the Veterans of Foreign Wars, a metal shop, a cabinet shop, a lumber shop and a border patrol outpost are among the commercial tenants.
“It is essentially the entire downtown portion of Campo that is available,” says Hernandez, according to the New York Post.
About a hundred individuals live in the town nowadays, all of them rent from the current owner, John Ray, a Las Vegas real estate investor.
Since 2000, Ray has owned the majority of the town.
“The only portion that is not owned by the seller is the fire station,” adds Hernandez.
The reason
According to the Orange County Register, Ray has had the majority of the property offered for sale since 2019, when it was listed for $5.5 million.
The biggest challenge to selling the town is its isolated location.
“There is a lack of jobs in the immediate area,” as per USA Today, “John has received offers in the past but has never been able to agree on price with those buyers.”
He is tired of being a landlord and needing workers to manage things, so he wants to sell, according to NDTV.
He is searching for a buyer who has an eye towards the future.
As per the report, a buyer who respects the needs and desires of the current residents and is interested in revitalising Campo would be the ideal one.
“Investors can choose to build to maximize the density of the existing land without altering the town’s current structures, or alternatively, consider a complete redevelopment to modernize and elevate Campo’s profile,” the listing states.
“It’s an opportunity for traditional real estate investors to go in and do some renovations,” Hernandez says, as per New York Post, adding, “There are a couple of vacant buildings that need upgrades. I think the highest and best use of the property would be for the next buyer to be an experienced investor who isn’t afraid to spend some money to update and reshape the community.”
The listing has attracted some interest, Hernandez.
“We had a prospective buyer interested in building a mini resort. Another person wanted to use it as a bed-and-breakfast. We also had a large media group in LA interested in pitching a TV series around the new buyer.”
About the town
Situated in the eastern region of San Diego County, Campo is encircled by the Laguna Mountains.
During World War II, the hamlet was home to the African American cavalry force known as the Buffalo Soldiers, who used horses to protect the area. Italian and German prisoners of war are rumoured to have been kept at Camp Lockett, a former US Army base, as per USA Today.
“After World War II, the Army barracks were converted into apartments,” Hernandez notes. “The seller tried to get it sold in 2019, but they weren’t able to agree on a price. The seller is now making another marketing push and is more motivated.”
The history of Campo stretches back to the late 1800s, when it was used as an Arizona Railway halt, according to San Diego Real Estate Hunter. It eventually developed into an agricultural village, and traces of its past are still evident.
In addition to Campo, Ray is also attempting to sell Bankhead Springs, a ghost town located around 3.5 miles northwest of Jacumba.
Ray stated that he purchased the small hamlet in 2000 and is requesting $2 million for it, as per NDTV.
Over the years, he has also purchased and sold houses in El Centro, Yuma, Logan Heights, and Sherman Heights.
With inputs from agencies
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