View
3
Download
0
Category
Preview:
Citation preview
Prepared for 7/20/2015
(562) 219-4989info@jesse-lee.comLicense: 01430358
Properties for Sale
Presented by Jesse LeeAmerica Realty Orange County
Property Details
Price $3,795,000
No. Spaces 66
Lot Size 4.20 AC
Price/Space $57,500 /Space
Property Type Multifamily
Property Sub-type Mobile Home/RV Community
Property Use Type Investment
Cap Rate 7.90%
Status Active
Property Notes
1 2945 Kietzke Lane, Reno, NV 89502
Property Description
66-space MHP + 1 house on 4.2 acres in prime Reno location. Well-run, well-maintained park with excellent rent collections. 58 tenant-owned homes payingspace rent; 4 park-owned homes (2 rented, 1 vacant, 1 manager's unit); 4 vacant spaces. 7.9% Cap Rate based on actual numbers. Rent increase on Sept 1should raise that to 8.3% Cap. City Water & Sewer. Tenants pay all utilities.
Location Description
4.2 acres fronting on Reno's second-busiest street, close to the Reno Convention Center, near Atlantis & Peppermill Hotel/Casinos.
Photos
$3,795,000
RLM
RLM Mobile Home Park Consultants
Andy Tallone, V.P. (925) 323-2134 andrewtallone@comcast.net
INCOME & EXPENSES: Monthly AnnualizedIncome: Rents 31,045 372,540 Water/Sewer/Trash 4,438 53,263 Electric, submetered 2,355 28,264 Subtotal Income: 37,838 454,067
- 5% vacancy factor <- 1,891> <- 22,702> Effective Income: 35,947 431,365Expenses: Bank fees 13 164 Dues & Subscriptions 30 360 Garbage pickup 982 11,788 Insurance 261 3,137 Legal & Professional 67 813 Maintenance & Repairs 350 4,200 Payroll, Manager 914 10,970 Taxes, Payroll 169 2,030 Taxes, Property 1,487 17,854 Taxes, Mobile Homes 26 319 Workers Comp 114 1,370 Utilities Gas & Electric 2,816 33,797 Water 1,308 15,703 Sewer 2,186 26,242 Telephone 247 2,971 Meter Reading 58 699 Total Expenses, 30.7%:11,035 132,422NOI: 24,912 298,943CURRENT CAP RATE: 7.9%
PROFORMA: Rent Increase effective Sept 1, 2015 + $10.25 per space X 66 + 676 + 8,118 + Rent Vacant unit + 750 + 9,000= PROFORMA NOI: 26,338 316,061PROFORMA CAP RATE: 8.3%
7 years
Price: $3,795,00066-space MHP + 1 House on 4.2 acres. Prime location w/future development potentialLocated on the 2nd-busiest street in Reno, close to Convention Center & Casinos66 MH Spaces + 1 House 58 Tenant-owned homes, $505/mo Space Rent + $74.98 W/S/T 4 Park-owned homes (2 rented @ $750/mo; 1 Vacant; 1 Mgr Unit 4 vacant spacesINCOME & EXPENSES: Monthly AnnualizedIncome: Rents 31,045.00 372,540.00 Water/Sewer/Trash 4,438.59 53,263.08 Electric, submetered 2,355.39 28,264.68
- 5% Rent/Collection Factor <- 1,891.95> <- 22,703.39> Gross Effective Income: 35,947.03 431,364.37Expenses: Bank fees 13.67 164.00 Dues & Subscriptions 30.00 360.00 Garbage pickup 982.38 11,788.60 Insurance 261.42 3,137.00 Legal & Professional 67.78 813.41 Maintenance & Repairs 350.07 4,200.86 Payroll, Manager 914.17 10,970.00 Taxes, Payroll 169.17 2,030.00 Taxes, Property 1,487.84 17,854.04 Taxes, Mobile Homes 26.60 319.20 Workers Comp 114.21 1,370.50 Utilities Gas & Electric 2,816.47 33,797.68 Water 1,308.67 15,703.98 Sewer 2,186.84 26,242.08 Telephone 247.66 2,971.96 Meter Reading Service 58.30 699.60 Total Expenses (31.5%): 11,035.25 132,422.91NET OPERATING INCOME (NOI): 24,911.78 298,941.46CURRENT CAP RATE: 7.9%
PROFORMA: Rent Increase effective Sept 1, 2015 + $10.25 per space X 66 + 676.50 + 8,118.00 + Rent Vacant P-O unit @ $750/mo + 750.00 + 9,000.00 = PROFORMA NOI: 25,338.28 316,059.46PROFORMA CAP RATE: 8.3%
ROLLING WHEEL MANOR MHP2945 Kietzke Lane, Reno NV 89502
INCOME & EXPENSE STATEMENT + PROFORMA
The above information has been obtained from sources believed to be reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty, or representation about it. It is your responsibility to independently confirm its accuracy and completeness. You and your advisors should
conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.RLM Mobile Home Park Consultants, Andy Tallone, V.P. (925) 323-2134
Recommended