Post on 12-Apr-2022
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