Lake Tahoe Area MH Community & RV Resort

Transcription

1 Lake Tahoe Area MH Community & RV Resort STAR MOBILE ESTATES Jamestown Road, Sonora, CA 34 Manufactured Home Sites on 4.7 Acres Majority Doublewide Homes Very Reasonable Site Rents Direct Bill Gas & Electric Municipal Sewer & Water Utilities 5.25% Cap Rate, 6.2% Total Return $2,000,000 Sales Price T John Grant john@parkbrokerage.com Information contained herein has been obtained from the owner of the property or from other sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it.

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4 STAR MOBILE ESTATES 34 MH Sites in the Sierra Gold Country Foothills Price $2,000,000 Down Payment Cash to Loan Address/City Jamestown Road, Sonora Historical Financials See Attached Excel Spread Sheet Capitalization Rate 5.25% Total Parcel Size 4.7 Acres County Tuolumne Age Built 1965 Est. Spendable Return 2.7% No. Spaces 34 PROPERTY DESCRIPTION AND RENTAL INFORMATION: Nice country mobile home park located in the gold country foothills in the unincorporated area of Sonora in Tuolumne County. 34 manufactured home sites with a majority of doublewide homes. Site rents are very reasonable at $442- $570 and subject to the County of Tuolumne rent control ordinance with annual rent increases at 100% of cpi plus 10% on resident turnover. Electric and submetered propane are directly billed and county water is submetered and county sewer is charged at $46 per month. The property has many nice trees and oaks and has a playground. The property currently has two vacancies which Broker believes can be easily filled with monthly RV s or manufactured homes installed for resale. Do not contact onsite staff. Please contact broker to schedule a visit. State California Loan Buyer to Obtain Total Return 6.2% Water Municipal Sewer Municipal Listing Salesman John Grant (858) Price Per Site: $58,824 LOAN INFORMATION: No existing loan on the property. Broker anticipates a new 70% ltv or $1,400,000 at 4.875% fixed for 5 years then rolling to an adjustable interest rate for another 5 years, 30 years amortization, monthly payment $7, NET INCOME $105,028 TOTAL ANNUAL PRIN. & INTEREST PAYMENT $88,907 EST. ANNUAL PRE TAX CASH FLOW (SPENDABLE) $16,121 PLUS PRINCIPAL REDUCTION YEAR 1 $21,125 TOTAL RETURN $37,246

5 STAR MOBILE ESTATES ACTUAL Year End 2016 ACTUAL Year End 2017 Broker Proforma REVENUES Rent 171, , ,636 Water 7,322 7,307 7,307 Sewer 12,918 15,504 15,504 Late Charges 2,597 2,545 2,545 NSF Application Fees Bad Debt -12,186-5,426-5,426 Rent Control Other Current rent roll annualized with two vacancies TOTAL REVENUES 182, , ,100 EXPENSES Onsite Management 14,212 18,179 18,179 Payroll Taxes 2,046 1,810 1,810 WC Insurance 1,983 1,432 1,432 Utilities 25,411 29,739 29,739 Repairs & Maintenance 10,269 7,312 7,312 Office Bank Fees Postage Advertising & Promotion Licenses & Permits 1,081 1,747 1,747 Property Tax 17,932 16,892 21,404 Insurance-Prop & Liab 2,495 2,734 2,734 Legal 7, Credit Checks Dues & Subscriptions Management Fees 12,000 12,350 0 Outside Services 1,610 1,784 1,784 Franchise Tax Travel 1,256 1, Education & Seminars New property taxes per Prop. 13 Most smaller parks are owner/operated TOTAL EXPENSES 99,892 99,686 90,072 NET INCOME 83,104 91, ,028 Estimated 12 months net income going forward Broker Proforma is an estimate and used only as an example. The Seller and Broker do not guarantee it and Buyer to make independent investigation and evaluation of the potential revenue, expenses, and occupancy streams for the property.

6 Real Estate Market Trends for Sonora, CA - Trulia 1 of 3 9/10/2018, 8:40 PM

7 Real Estate Market Trends for Sonora, CA - Trulia 2 of 3 9/10/2018, 8:40 PM

8 1 of 1 9/10/2018, 8:34 PM Average rent near Jamestown Road, Sonora, California [ Rentometer, Inc. feedback@rentometer.com Rent Analysis Address: Jamestown Road, Sonora, California Rent 1463 Report generated: 11 Sep 2018 Radius: 5.00 mile 2-bedroom Max age: 12 months Results based on 6, 2-bedroom rentals seen within 12 months in a 5.00 mile radius ,175 AVERAGE ±10% MEDIAN $850 $1,600 $850 $1,300 3mi Mapbox OpenStreetMap The research and data included in this report is aggregated from a variety of sources and many are third parties that are not affiliated with Rentometer, Inc. The information is believed to be accurate, but Rentometer, Inc. does not provide a warranty of any kind, either expressed or implied. Copyright 2018 Rentometer, Inc.

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