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SHADY LANE MOBILE HOME PARK AND APARTMENTS
2994 South Higuera Street, San Luis Obispo, California
➢ No Rent Control on 15 of 18 Units
➢ Very Strong Rental Demand
➢ 100% Occupied
➢ Includes New Manufactured Home
➢ The Apartment Plus 2 Mobiles are Newly Remodeled
➢ The Newly Remodeled Duplex has 2 Bedrooms, 1 Bath, Each
With Fenced-In Yard
➢ New Assumable Loan of $1,500,00 at 4.25% Amortized for 30
Years Due in 15, Adjusted After 5 Years
David K. Rogers CA Broker License #01238763
PO Box 1084 Cedar Glen, CA 92321
(O) 909-337-6589 (C) 562-879-0367 [email protected]
SHADY LANE MOBILE HOME PARK AND APARTMENTS
2994 South Higuera Street, San Luis Obispo, California
SHADY LANE MOBILE HOME PARK AND APARTMENTS
2994 South Higuera Street, San Luis Obispo, California
SHADY LANE MOBILE HOME PARK AND APARTMENTS
Income & Expenses INCOME
June 2019
GROSS POTENTIAL RENT $248,748
Other Income
Electric 0 Gas 0 Trash & Sewer 1,757
Total Other Income $1,757
GROSS POTENTIAL INCOME
$250,505
Vacancy/Collection Allowance (%GPR)
7,462 (3%)
EFFECTIVE GROSS INCOME $243,043
EXPENSES
Property Taxes 13,885 Insurance 3,788 On-Site Management 11,520 Off-Site Management 8,100 Utilities Gas & Electric 20,372 Water & Sewer 17,549 Trash 3,464 Total Utilities 41,385 Repairs & Maintenance 16,000 General & Administrative 5,600 Reserves & Replacements 900 Meter Reading 0 Licenses/Permits 1,200 Legal Fees
2,000
TOTAL EXPENSES $104,378
NET OPERATING INCOME $138,665
➢ Spaces 13 and 14 are subject to rent control. Space 15 was subject to rent
control but tenant sold house to brother who signed a 12 month lease bringing the rent to $605.00 (Vacancy decontrol and extra yard space)
SHADY LANE MOBILE HOME PARK AND APARTMENTS
Revised January 2020
Income & Expenses INCOME
January 2020
GROSS POTENTIAL RENT $232,560
Other Income
Utility Income 24,000 Laundry 800
Total Other Income $24,800
GROSS POTENTIAL INCOME
$257,360
Vacancy/Collection Allowance
($10,000)
EFFECTIVE GROSS INCOME $247,360
EXPENSES
Property Taxes 27,800 Insurance 4,216 On-Site Management 11,520 Off-Site Management 0 Utilities Gas & Electric 20,372 Water & Sewer 13,743 Trash 3,464 Total Utilities 37,579 Repairs & Maintenance 15,000 General & Administrative 3,600 Reserves & Replacements 900 Licenses/Permits 1,200 Legal Fees
2,000
TOTAL EXPENSES $103,815
NET OPERATING INCOME $143,545
➢ NOI $143,545 5.31 cap at $2,700,000
➢ Assumable loan taken out December 2019 $1,500,000 at 4.25 fixed,
amortized for 30 years due in 15 years adjusted after 5 years.
Shady Lane Mobile Home Park Price
$2,700,000
Very Strong Rental Market
In Downtown San Luis Obispo
Down Payment
$1,200,000
Address/City 2994 S. Higuera St., San Luis Obispo
County San Luis Obispo
State California
Est. Income & Expense % See page 5
Age About 50 Years
Loan $1,500,000
Capitalization Rate 5.31%
Est. Spendable Return 4.58%
Total Return 7.37%
Parcel Size About 1.2 Acres
No. Sites: Duplex, Apartment,
12 Mobile Homes plus 3 Trailers
Water City
Sewer City
Listing Broker David K. Rogers (909) 337-6589 Price per Site: $150,000
DESCRIPTION AND TENANT INFORMATION: Shady Lane is located on South Higuera Street
in San Luis Obispo. The property consists of a duplex with 2 – 2 bedroom/1 bath units, 1 – 1
bedroom/1bath apartment and 15 spaces. The duplex, apartment, spaces 4, 9, and 10 have
been remodeled. The sales price includes a new 2 bedroom/1 bath home renting at $2,100 and
a newer park model renting at $1,375. The tenants do not pay any utility charges. The park only
collects rent. Shady Lane is on city water and sewer. Three spaces – 13, 14 and 15 – are
subject to rent control. The park is located in one of the best rental markets in the state. The
park owns 8 of the homes and 2 trailers.
TOTAL ESTIMATED NET INCOME BEFORE DEBT SERVICE $143,545
LOAN INFORMATION TOTAL ANNUAL PRIN. $88,549
& INTEREST PAYMENT
New assumable loan of $1,500,000 at 4.25% fixed for 5 years, amortized for 30, due in 15.
EST. ANNUAL PRE-TAX $54,997 CASH FLOW (SPENDABLE)
PLUS PRINCIPAL REDUCTION YEAR ONE $25,288
TOTAL RETURN $80,285
The information contained herein has either been given to us by the owner or the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN.
