MH & RV Resort For Sale

Transcription

1 CHRIS HAVEN MH & RV COMMUNITY 2030 E Street, South Lake Tahoe, CA MH & RV Resort For Sale 4X6 PICTURE 78 Mobile Home + 30 RV Sites Excellent Lake Tahoe Location City Sewer + Water Utilities Upside in Occupancy, No Rent Control Beautiful 3 BR/2BA House Seller 5% Fixed Rate Financing Sales Price $2,399,000, Only $22,009 Per Site For Further Information Contact: John Grant/Park Brokerage Inc Petenwell Road San Diego, CA (800) , fax (858) john.grant@earthlink.net 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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5 LAKE TAHOE MH & RV PARK Chris Haven Mobile Home & RV Community 78 Mobile Home + 30 RV Sites, House Price $2,399,000 Down Payment $839,650 (35%) Address/City 2030 E Street, South Lake Tahoe Est. Vac. & Expense % See Proforma Attached Capitalization Rate 6.1% County El Dorado Age Built 1962 Est. Spendable Return 5.4% State California Loan Seller Total Return 8.1% Parcel Size 5 Acres No. Spaces 109 Water City Sewer City Listing Salesman John Grant (800) Price per Site: $22,009 DESCRIPTION AND TENANT INFORMATION: 78 sites mobile home park section with a mix of doublewides, singlewides, park models, and RV s, 30 sites mostly summer seasonal RV section, very nice 3BR/2 BA single family house, and small commercial rental located in the City of South Lake Tahoe right as you enter town on Highway 50. Amenities include all full hookups, park wide wifi, cable tv, showers & restrooms, paved roads, laundry, and great location. Almost half the sites have 50 amp electric, city sewer and water, and natural gas in the mobile home park. Summer/winter rates are Daily $50-$55/$45, Weekly $330- $375/$315, and Monthly $725-$775/$625-$675. In the mobile home section gas and electric are submetered (except sites are direct bill electric), and sewer is $21.75 per month. In the RV section electric is included. No rent control in the City of South Lake Tahoe. Park has RV summer seasonals each year. Sale includes four park models, four mobile homes, $23,000 mobile home note, and 4 bedroom/2bath 28X66 feet manager mobile home with park office. Please see the park s web page at As the economy and local housing market continue to improve, great opportunity to increase occupancy and cash flow. The park is well maintained and managed and one of only three RV parks in South Lake Tahoe. Very nice house can be used as a personal ski house/second home or should be rented on an annual basis to improve cash flow. Great seller financing and low price per site. TOTAL ESTIMATED NET INCOME BEFORE DEBT SERVICE LOAN INFORMATION Seller will carry a $1,559,360 1 st trust deed at 5% interest with monthly payments amortized over 30 years with a 10 years term, monthly payment $8, $145,450 TOTAL ANNUAL PRIN. $100,451 & INTEREST PAYMENT EST. ANNUAL PRE-TAX $44,999 CASH FLOW (SPENDABLE) PLUS PRINCIPAL REDUCTION YEAR 1 $22,992 TOTAL RETURN $67,991

6 CHRIS HAVEN MOBILEHOME RV COMMUNITY ACTUAL Year End 2009 ACTUAL Year End 2010 ACTUAL Year End 2011 Broker Proforma Questions REVENUES Electric 16,982 17,248 16,650 16,650 Gas 23,277 24,752 26,047 26,047 Internet Laundry 1,832 1,602 1,521 1,521 Misc and MH Payments 40,174 12,108 51,843 10,200 Rental 351, , , ,000 Returned Check Charges Sewer 6,300 6,024 5,925 5,925 Cable TV 1, Utility-Other TOTAL REVENUES 442, , , ,685 EXPENSES Accounting Advertising & Promotion 3,886 5,371 7,539 7,539 Assets Purchased-Short Term 14,702 40,000 8,500 0 Automobile 11,917 13,348 15,630 2,000 Bank Service Charges 2,793 2,944 2,046 2,046 Contributions Dues & Subscriptions Eduction & Training 903 2, Equipment Rental Insurance 10,113 11,280 10,771 10,771 WC Insurance 6,653 6,627 5,915 3,000 Lease Commission Licenses & Permits 4,004 2,705 3,634 3,634 Maintenance-Barton Park Mode 1, Maintenance-Utilities 370 2, Maintenance-Laundry Rooms 3,350 3,292 3,000 3,000 Maintenance-Park Models 6,250 1,625 1,819 1,819 Maintenance-Sewer + Plumbing 1,015 1, Maintenance-Snow Removal 3,302 7,798 6,635 6,635 Maintenance-Other 3,392 3,237 4,759 4,759 Management Fees Office 4,109 4,580 4,777 4,777 Subcontractors Garcia Construction at $850 per month. Historical was Single family house at $1,200 per month and slight increase in revenue anticipated for Rental Income was $385,146, 2007 $401,547, 2008 $392,295, and 2009 $351,870. Tremendous upside with improving economy to return to much higher Rental income of almost an additional $100,000. Park model purchases Mostly personal expense

7 CHRIS HAVEN MOBILEHOME RV COMMUNITY Payroll 80,760 78,850 78,646 30,000 Postage & Delivery Professional Fees Rent Discounts 1, Repairs-Barton Park Models 1, Repairs-Building ,033 3,033 Repairs-Equipment 4,495 1,888 2,656 2,656 Repairs-Mailbox/Locks Repairs-Park Models 13,980 13,461 31,583 5,000 Repairs-Plumbing + Electric 1,388 1, Repairs-Other 4, ,650 1,650 Supplies 2,828 1,282 1,413 1,413 Property Taxes 8,063 8,212 8,268 26,500 State Taxes 2,600 1,700 1,904 0 Telephone 7,980 7,639 7,433 4,000 Travel & Entertainment Uncollected Rents 916 2,607 1,747 1,747 Utilities-Barton, Phones, Cable 2, Utilities-Cable TV 5,900 7,150 8,116 8,116 Utilities-Electric 25,120 25,169 20,666 20,666 Utilities-Garbage 11,723 11,474 10,416 10,416 Utilities-Gas 21,552 24,636 24,658 24,658 Utilities-Sewer 20,984 21,192 21,724 21,724 Utilities-Water 8,661 7,631 8,529 8,529 TOTAL EXPENSES 309, , , ,235 Manager gets Space 35 + $600 per month. Maintenance manager is $11 per hour fairly full time. Balance of historical payroll was for owners. New property taxes per Some personal expense in telephone NET INCOME 133,464 47,084 78, ,450 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.

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9 Park Models Included in Purchase Space 5 Sparton Park Model 1987 Space 16 Space 69 Space 46 Space 47 Space 56 Space 62 Blaire 1964 Mobilehome Victor 1962 Mobilehome Laurel Creek 2005 Park Model Laurel Creek 2005 Park Model Laurel Creek 2005 Park Model (option to purchase in process) Fleetwood Mobilehome 1972 (just completed and for sale now) Space 61 Fleetwood Broadmore Mobilehome 1972 Space 35 (office) 28 x 66 Commodore Mobilehome 1983 Space 41 is sold except for a balance of $500 owed to Chris Haven. Space 76 is under contract for a total purchase price of $25K, balance of $23,200 is in note at 8% interest, $ per month and payments began June 1, Equipment Included 2 Honda Snow Blowers, 1 Ariens Snow Blower, Mytana Roto Rooter, misc snow shovels and tools, Golf cart Yamaha gas powered, Park trucks used for snow removal include plow attachments they are Chevy 1986, 1972 GMC, 2009 Flatbed utility trailer, and 2 Arrow Dump bed Trailers purchased in 2003 for $5400 (annex model with closed top) and $3600 open bed. 30/50 amp INFO ANNEX Sites with 30 amp = 13 Sites with 50 amp = 14 MAIN PARK Sites with 30 amp = 41 Sites with 50 amp = 36

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