aw\ mkt\ Lakeside Mobile Home Park …..

FOR SALE Lakeside Mobile Home & RV Park

Klamath Falls, Oregon

Description: Lakeside Mobile Home & RV Park is a 60 unit Park located on Hwy. 97, a major thoroughfare in central Oregon. The Park is approximately ½ mile north of the Klamath Falls city limits. The property consists of 39 mobile home spaces, 16 of which are occupied by Park owned units; 23 spaces are occupied by homes owned by tenants. There are 21 RV spaces in the Park, all of which are rented on a monthly basis. The Park is nearly 100% occupied and enjoys a good reputation in the community. A number of improvements have been recently made to the Park including the construction of 5 new RV spaces which are now available for rent. On-going improvements to the Park’s electrical service are in process, as well as improvements to the Park’s septic system. The Park is served by a private well (system recently updated) and a septic system for waste disposal. The Park has a small (± 1,000 sq. ft.) storage building in the center which could be converted into a manager’s office, laundry facilities, tenant storage, etc. There is a manager’s residence on site with a small office on the ground floor.

Price: $1,595,000…..(Cap Rate: 8.32%) Alan Wells, CCIM Commercial Associates

202 NW 6th Street, Corvallis, OR 97330 (541) 754-6320 • Fax: (541) 758-0508 E-mail:alan@commercialassociates.org

www.commercialassociates.org

The information contained herein was secured from sources deemed reliable but is not guaranteed by broker and is subject to price change, prior sale, error or omission, correction or withdrawal without notice.

aw\ mkt\ Lakeside Mobile Home Park …..

aw\ mkt\ Lakeside Mobile Home Park …..

aw\ mkt\ Lakeside Mobile Home Park …..

aw\ mkt\ Lakeside Mobile Home Park …..

aw\ mkt\ Lakeside Mobile Home Park …..

aw\ mkt\ Lakeside Mobile Home Park …..

INCOME / EXPENSE SUMMARY Date: 10/26/2018

LOCATION: Lakeside Mobile Home & RV Park

4850 Wocus Rd.

Klamath Falls, OR 97601

ANNUAL PROPERTY OPERATING INFORMATION

Annual Annual

% Monthly Income Expense Comments

SCHEDULED GROSS POTENTIAL RENTAL INCOME:

Mobile Home & RV Spaces $19,197 $230,364 Per Current Asking Rents @ 100% occupancy

Tenant Electrical Charge Reimbursements $1,719 $20,628 Current Shared Meter Reimbursements Estimated

Tenant water charges $585 $7,020 Tenant Water Charges @ $15 per space

$21,501 $258,012 RV space tenants are not charged for water

VACANCY ALLOWANCE

Mobile Home & RV Spaces 10.42% ($2,000) ($24,000) As per Year to Date P&L

OTHER STORAGE INCOME

Late Fees $1,200 Estimated

TOTAL GROSS INCOME: 100.00% $19,601 $235,212

GROSS OPERATING INCOME: 100.00% $235,212

LESS OPERATING EXPENSES:

ADVERTISING / MARKETING: -0.85% ($2,000) Estimated; none currently

CREDIT CARD & BANK CHARGES -0.59% ($1,388) As per Year to Date P&L

PROPERTY INSURANCE -2.14% ($5,037) per current contract

PROPERTY TAXES (real & personal) -2.70% ($6,347) Current Assessment

REPAIRS, SERVICES AND MAINTENANCE -7.44% ($17,500) Estimated; consistent w/ historical

PROFESSIONAL FEES -0.64% ($1,500) Estimated; legal, acct., etc.

PROPERTY MANAGEMENT:

Off-Site: 6.00% ($9,000) Per current contract

On-Site:

Manager -9.18% ($21,600) $1,800 per month base salary, worker's comp, taxes, etc

plus free residence and utilities

health insurance reinbursement -1.66% ($3,900) $325 per month

OFFICE MAINTENANCE & SUPPLIES -0.74% ($1,750) Estimated

TELEPHONE

Land line / cell phone & internet -1.02% ($2,400) Estimated

UTILITIES

Natural Gas -0.17% ($400) As per Year to Date P&L

Electricity 0.00% $0 Included above

Tenant Meters -11.35% ($26,698) As per Year to Date P&L

Park Owned Units, common areas, mgmt. residence 0.00% $0 combined with figure above

Water & Sewer 0.00% $0 Not Applicable.

Cable & Internet 0.00% $0 Tenant's pay

TRASH REMOVAL -1.27% ($2,998) Estimated, consistent w/ current

TOTAL OPERATING EXPENSES: 43.59% ($102,518)

NET OPERATING INCOME: $132,694

Loan Payments ($74,552)

TOTAL CASH FLOW $58,142

aw\ mkt\ Lakeside Mobile Home Park …..

INVESTMENT SUMMARY Date: 10/26/2018

ASKING PRICE: $1,595,000

Cap Rate 8.32%

Total Cash Flow $58,142

Cash Investment Required $558,250

Investment Return 10.41%

FINANCING: (estimated terms, new loan) Loan Amount: $1,036,750

Loan to Value Ratio: 65%

Interest Rate 5.25%

Amortization Period 25 years

Monthly Payment $6,213

Term 10 years

REAL ESTATE TAX INFORMATION

ASSESSED VALUES: Market Values 2017 - 2018

Property: Acreage Land: Improv. Total Assd. Values Tax Description Zoning

Tax Lot 1400 ( real property) 4.84 $138,420 $734,400 $872,820 $430,950 $5,031 MH Park R-2

Personal Property (homes owned by Park) $1,316

Totals 4.84 $138,420 $734,400 $872,820 $430,950 $6,347