Meadow Village MHC 807 Toliver Road Mollala, Oregon

Transcription

1 Meadow Village MHC 807 Toliver Road Mollala, Oregon A High Quality, 19-space Manufactured Housing Community September 2011 For further information contact: Loren Landau Commonwealth Commercial Brokerage Company 7007 SW Cardinal Lane, Suite 185 Portland, OR Fax:

2 Meadow Village MHC Molalla, OR Terms of Sale Price: $ 925,000 Down Payment: 325,000 Balance: $ 600,000 Financing: Purchaser to secure a new loan on the best available terms. Any and all costs associated with securing the new loan shall be borne by Purchaser. The debt service appearing in the pro forma reflects the following terms: Principal Amortization Term (mos.) Interest Monthly Payments Annual Payments 5-Year Fixed $ 600, % $ 3,221 $ 38,652 Investment Summary Price per Space $ 48,684 Capitalization Rate 6.7% Net Operating Income $ 61,894 Cash Flow $ 23,242 Return on Cash Invested 7.2% 9/1/2011 Meadow Village MHC.xlsx.xls

3 Meadow Village MHC Molalla, Oregon Pro Forma of Income and Expenses Income (1) Rent Projected Income 19 $380 $ 86,640 Less: Vacancy/Credit Loss 3.0% (2,599) (2) Gross Effective Income $ 84,041 Operating Expenses Property Taxes - Actual 8,622 Insurance 712 (3) Utilities 1,611 (3) Management - Budget 6,000 (4) Repair/Maintenance - 5% 4,202 (5) Miscellaneous - Budget 1,000 Total Operating Expenses $ 22,147 Notes Net Operating Income $ 61,894 Debt Service 38,652 Before Tax Cash Flow $ 23,242 The rents were increased $10.00 effective 12/1/11. There are currently no vacancies in the park and no park-owned or bank-owned homes. 3. Represents Seller's actual expense for 12-month period of 71/10-6/30/ There is no on-site manager. The park has never had on-site management. 5. Figure shown represents 5% of gross income. The actual expense for repair and maintenance in the park for 7/1/10-6/30/11 was $4,511 which included $150 per month for landscape. 9/1/2011 Meadow Village MHC.xlsx.xls

4 PROPERTY DESCRIPTION GENERAL DESCRIPTION: Meadow Village MHC is a modern, quality, 19 space, all double-wide, all ages manufactured housing community located within the city limits of Molalla, Oregon. Molalla is a small, rural community located approximately 12.5 miles south of Oregon City. Molalla has a population of approximately 6,000 residents. AGE: The park was built in ACREAGE: FLOOD PLAIN STATUS: 2.6 acres. Meadow Village is located outside of any 100-year flood plain or flood risk area. LOT SIZE: Average, 55 x 90 FAIR HOUSING STATUS: Meadow Village is designated as an all ages community. IMPROVEMENTS: - Interior Streets The park is served by a 36 foot wide public paved street bordered by subdivision style curbs and five foot sidewalks. There is a split entrance with a landscaped island maintained by the park. - Off-street Parking Each space is improved with a single or doublewide concrete driveway. Homes have a mix of wood frame or metal carports. - Interior Lighting Public streetlights are located in the community. - Perimeter Fence/Screen The east and west boundaries of the property are bordered by an arborvitae hedge. UTILITY SYSTEMS: - Electricity Underground, 200-amp electrical service is provided to each space. - Water Domestic water and fire protection systems are connected to City of Molalla public services. Each space is individually sub-metered for water with Meadow Village Narrative.doc - 09/20/11-1

5 the meters being read monthly and charged to the tenants. - Gas Natural gas is available to the property and billed directly to each tenant. - Sewer Public sewer is provided to each space and is charged back to each homeowner by the park. - Cable TV Cable services provided to the property from an outside vendor and billed directly to each homeowner. - Garbage Tenants pay for garbage collection service directly to a local vendor. TAX INFORMATION: 2010/2011 TAX YEAR Parcel # Assessed Value Real Market Value 2010/2011 Taxes $142,328 $245,099 $2, , ,425 6, TOTALS $540,986 $ 931,524 $ 8, FINANCING: There is an underlying mortgage encumbering the community that will be paid off at closing. Meadow Village Narrative.doc - 09/20/11-2

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8 Meadow Village MHC - Molalla, Oregon

9 Meadow Village MHC - Molalla, Oregon

10 Meadow Village MHC - Molalla, Oregon