3521 N STATE STREET, UKIAH, CA TRAVELER S MOBILE HOME PARK & APARTMENTS

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1 3521 N STATE STREET, UKIAH, CA TRAVELER S MOBILE HOME PARK & APARTMENTS

2 TRAVELER S MOBILE HOME PARK & APARTMENTS 3521 N STATE STREET, UKIAH, CA OFFICES NATIONWIDE AND THROUGHOUT CANADA Activity ID: Z

3 FINANCIAL ANALYSIS

4 PRICING DETAIL PRICING SUMMARY Price $1,975,000 Cap Rate 5.42% Number of Units 25 Price per Units $79,000 Net Operating Income $106,975 Lot Size 2.13 Acres Financial Analysis Occupancy 100% 2

5 INCOME & EXPENSES INCOME Gross Rents (100% Occupied) $232,200 Utility Reimbursement $21,600 Gross Potential Income $253,800 Vacancy (5%) $11,610 Effective Gross Income $242,190 EXPENSES Real Estate Taxes $22,890 Insurance $3,080 Management Fees $11,595 Rent Discount $6,600 Water $12,000 Sewer $24,000 PG&E $32,400 Garbage $4,800 Licenses, Permits, & Office $3,000 Reserves $4,850 Total Expenses $135,215 Net Operating Income $106,975 Financial Analysis Total Return (%) 5.42% 3

6 RENT ROLL SUMMARY TRAVELER S UNIT BD/BA STATUS MONTHLY RENT UTILITY CHARGES Mobile Home Spaces Space 1 N/A Occupied $600 $100 Space 2 N/A Occupied $600 $100 Space 3 N/A Occupied $600 $100 Space 4 N/A Occupied $600 $100 Space 5 N/A Occupied $600 $100 Space 6 N/A Occupied $600 $100 Space 7 N/A Occupied $600 $100 Space 8 N/A Occupied $600 $100 Space 9 N/A Occupied $600 $100 Space 10 N/A Occupied $600 $100 Space 11 N/A Occupied $600 $100 Financial Analysis Space 12 N/A Occupied $600 $100 Space 13 N/A Occupied $600 $100 Space 14 N/A Occupied $600 $100 4

7 RENT ROLL SUMMARY CONT. UNIT BD/BA STATUS MONTHLY RENT UTILITY CHARGES Apartment Units Unit 100 3/1 Occupied $1,350 Unit 101 2/1 Occupied $1,000 Unit 102 2/1 Occupied $950 Unit 103 1/1 Occupied $850 Unit 104 0/1 Occupied $800 Unit 105 2/1 Occupied $1,100 $100 Unit 106 2/1 Occupied $1,100 $100 Unit 107 2/1 Occupied $1,100 $100 Unit 108 2/1 Occupied $1,100 $100 Unit 109 2/1 Occupied $1,100 $100 Financial Analysis Commercial Units #1 Occupied $400 TOTALS 25 $19,350 $1,800 PHYSICAL OCCUPANCY 100% 5

8 SUMMARY

9 PROPERTY DETAILS The Offering Property Address 3251 N State Street, Ukiah, CA Mobile Home Spaces Water Tenants Reimburse Landlord Type of Park All Ages Electric Paid By Tenant-Direct Billing Rental Agreement Month to Month Gas Paid by Tenant-Direct Billing Unit Breakdown 14 Mobile Home Spaces, 10 Apartment Units Sewer Tenants Reimburse Landlord Rent Raise History $50-$100 in June 2018 Trash Included in the Rent Rent Control None Assessors Parcel Number Number of Units 25 Apartment Units (6 of the 10 Units) Vacant Apartments 0 Water Included in the Rent Vacant Spaces 0 Vacant Mobile Homes 0 Number of Occupied Park Owned 0 Homes Electric Gas Sewer Trash Included in the Rent Included in the Rent Included in the Rent Included in the Rent Summary Year Built N/A Cable TV Paid By Tenant-Direct Billing Lot Size 2.13 Acres Type of Ownership Water/Sewer Parking Resident Off Street Parking Guest Parking Landscaping Fee Simple Both Serviced by the City Paved Yes Yes Mature 7

10 INVESTMENT HIGHLIGHTS Stabilized Property - 100% OCCUPIED California WINE COUNTRY Location Management IN PLACE Many Recent Renovations and Capital Improvements Two Hour Drive from SAN FRANCISCO Summary Ukiah is the County Seat and LARGEST CITY of Mendocino County, California Serviced by City Water & Sewer NON-RENT CONTROL Property 8

11 PARCEL MAP Summary 9

12 FLOOR PLANS Summary 10

13 RECENT INTERIOR APARTMENT RENOVATIONS Summary 11

14 PROPERTY PHOTOS Summary 12

15 Lake Mendocino Summary Mendocino College San Francisco - 2 hours away Key Traveler s Mobile Home Park & Apartments 13

16 REGIONAL MAP Summary TRAVELER S MOBILE HOME PARK & APARTMENTS 14

17 LOCAL MAP TRAVELER S MOBILE HOME PARK & APARTMENTS Summary 15

18 SALES COMPARABLES

19 SALE COMPARABLES TRAVELER S MOBILE HOME PARK & APTS 3251 N State Street, Ukiah, CA CREST APARTMENTS & MOBILE HOME PARK 2200 S State Street, Ukiah, CA Sales Comparables Asking Price $1,975,000 No. of Units 25 Price/Units $79,000 Cap Rate 5.42% Sales Price $1,750,000 No. of Units 41 Price/Unit $42,623 Cap Rate 6.00% Year Built N/A Close of Escrow 05/02/

20 SALE COMPARABLES 2 SIERRA SUNSET VILLA APARTMENTS 3 MARLENE VILLAGE TOWNHOUSES 505 Capps Ln, Ukiah, California S Orchard Ave, Ukiah, CA Sales Comparables Sales Price $7,400,000 No. of Units 68 Price/Unit $108,824 Cap Rate 5.19% Year Built 1985 Close of Escrow 07/25/2018 Sales Price $5,350,000 No. of Spaces 94 Price/Space $167,188 Cap Rate 5.40% Year Built 1996 Close of Escrow 12/12/

21 SALE COMPARABLES 4 CANADIAN VILLAGE APARTMENTS S DORA STREET APARTMENTS 2280 S State Street, Ukiah, CA S Dora Street, Ukiah, CA Sales Comparables Sales Price $635,000 No. of Spaces 9 Price/Space $70,556 Cap Rate 5.90% Year Built 1950 Close of Escrow 07/20/2018 Sales Price $740,000 No. of Spaces 6 Price/Space $123,333 Cap Rate 5.68% Year Built 1975 Close of Escrow 11/27/

22 OPERATING STATEMENT Average Cap Rate Average Price Per Unit 8.0 $220, $200, Avg. 5.63% $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $79,000 $108,824 $167,188 $70,556 $123,333 $102,505 Sales Comparables $40,000 $20,000 $42,623 Traveler s Crest Sierra Sunset Marlene Canadian Village S Dora St Travelor s Crest Sierra Sunset Marlene Canadian Village S Dora St Key Sales Comparables Subject Property Sales Comps Avg 19

23 Sales Comparables CREST SIERRA SUNSET MARLENE CANADIAN VILLAGE S DORA STREET TRAVELER S MOBILE HOME PARK & APARTMENTS 21

24 APARTMENT RENT COMPARABLES

25 RENT COMPARABLES TRAVELER S MOBILE HOME PARK & APTS 3251 N State Street, Ukiah, CA UNIT TYPE UNITS SF RENT 0 Bdr 1 Bath 1 N/A $800 1 Bdr 1 Bath 1 N/A $850 2 Bdr 1 Bath 7 N/A $950-$1,100 3 Bdr 1 Bath 1 N/A $1,350 Total/Avg. 10 $1,045 1 SIERRA SUNSET VILLAGE 505 Capps Ln, Ukiah, CA UNIT TYPE UNITS SF RENT 1 Bdr 1 Bath $775 2 Bdr 1 Bath $953 Total/Avg $950 Rent Comparables 22

26 RENT COMPARABLES 2 THE VILLAS 175 Laws Ave, Ukiah, CA UNIT TYPE UNITS SF RENT 2 Bdr 1.5 Bath $1,225 Total/Avg $1,225 3 UKIAH GREEN 1164 Mulberry St, Ukiah, CA UNIT TYPE UNITS SF RENT 1 Bdr 1 Bath $888 2 Bdr 1 Bath $1,004 Total/Avg $923 Rent Comparables 24

27 RENT COMPARABLES 4 MARLENE VILLAGE TOWNHOMES 865 S Orchard Ave, Ukiah, CA UNIT TYPE UNITS SF RENT 2 Bdr 2 Bath 32 1,200 $1,585 Total/Avg. 32 1,200 $1,585 5 ALDERWOOD APARTMENTS 1450 S State St, Ukiah, CA UNIT TYPE UNITS SF RENT 2 Bdr 1 Bath $950 Total/Avg $950 Rent Comparables 25

28 MOBILE HOME RENT COMPARABLES

29 RENT COMPARABLES TRAVELER S MOBILE HOME PARK & APTS 3251 N State Street, Ukiah, CA # OF SPACES CURRENT LOT RENT 14 $600 1 UKIAH MOBILE HOME & RV COMMUNITY 4951 N State Street, Ukiah, CA # OF SPACES CURRENT LOT RENT 62 $500 Rent Comparables 26

30 RENT COMPARABLES 2 RANCHO DEL REY MHP 660 Leslie Street, Ukiah, CA # OF SPACES CURRENT LOT RENT 96 $531 3 MANOR OAKS MHP 700 E Gobbi Street, Ukiah, CA # OF SPACES CURRENT LOT RENT 136 $638 Rent Comparables 28

31 1 2 3 Sales Comparables UKIAH MH & RV RANCHO DEL REY MANOR OAKS TRAVELER S MOBILE HOME PARK & APARTMENTS 29

32 UKIAH OVERVIEW

33 DEMOGRAPHICS POPULATION In 2017, the population in your selected geography is 29,097. The population has changed by 2.82% since It is estimated that the population in your area will be 29,446 five years from now, which represents a change of 1.20% from the current year. The current population is 48.78% male and 51.22% female. The median age of the population in your area is 38.2, compare this to the Entire US average which is The population density in your area is people per square mile. HOUSEHOLDS There are currently 10,771 households in your selected geography. The number of households has changed by 3.17% since It is estimated that the number of households in your area will be 11,023 five years from now, which represents a change of 2.34% from the current year. The average household size in your area is 2.58 persons. RACE & ETHNICITY INCOME In 2017, the median household income for your selected geography is $47,157, compare this to the entire US average which is currently $56,286. The median household income for your area has changed by 30.18% since It is estimated that the median household income in your area will be $52,647 five years from now, which represents a change of 11.64% from the current year. The current year per capita income in your area is $24,270, compare this to the Entire US average, which is $30,982. The current year average household income in your area is $63,909, compare this to the entire US average which is $81,217. The current year racial makeup of your selected area is as follows: 67.89% White, 1.08% Black, 0.25% Native American and 3.66% Asian/Pacific Islander. Compare these to entire US averages which are: 70.42% White, 12.85% Black, 0.19% Native American and 5.53% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 32.42% of the current year population in your selected area. Compare this to the entire US average of 17.88%. EMPLOYMENT Ukiah Overview HOUSING In 2000, there were 5,938 owner occupied housing units in your area and there were 4,502 renter occupied housing units in your area. The median rent at the time was $512. In 2017, there are 16,011 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 55.98% of employees are employed in white-collar occupations in this geography, and 43.79% are employed in blue-collar occupations. In 2017, unemployment in this area is 5.63%. In 2000, the average time traveled to work was 17.6 minutes. 31

34 DEMOGRAPHICS POPULATION HOUSEHOLDS EMPLOYMENT 2017 HOUSEHOLDS BY INCOME 2000 Population 28, Households 10, Daytime Population 35,821 $0-$14, % $15,000-$24, % 2010 Population 29, Population 29, Population 29, Households 10, Households 10, Households 11, Average HH Size INCOME Median HH Income $47,157 Per Capita Income $24,270 Average HH Income $63,909 $25,000-$34, % $35,000-$49, % $50,000-$74, % $75,000-$99, % $100,000-$124, % $125,000-$149, % $150,000-$200, % $200,000 to $249, % $250, % Ukiah Overview 32