Badger Lake Estates. Property Prospectus

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Rose Manning
5 years ago
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1 Property Prospectus

2 Table of Contents Introduction & Overview.... Page 3 The Offering.. Page 4 Property Highlights & Demographics Page 5 Proforma.... Page 6 Amenities...Page 7 Property Photos.... Page 8 Sewer Lagoon....Page 11 Sites to Develop.....Page 12

3 Introduction & Overview Badger Lake Estates is a quiet family community located on the shores of the beautiful and scenic Badger Lake. There are 127 performing rental spaces and a total of 25 additional spaces to be built which are permitted by Spokane County. In addition to the permanent manufactured housing leased home sites, there are seasonal Recreational Vehicle spaces for rent during the April 1 st through September 30 th RV season. This fine property has all the amenities of seasonal recreation, including boating, fishing, swimming and water-skiing. Residents enjoy the scenic views of Badger Lake with beautiful cliffs and free-roaming wildlife. The peaceful surroundings allow for Residents to walk and enjoy comfortable evenings & spectacular sunsets. Eastern Washington winters provide for beautiful snow covered scenery where wildlife abounds! As a prominent feature, there is a sandy beach swimming area and waterfront picnic area. The annual state stocked trout fishery has a history of being very popular on Badger Lake. Numerous boat slips are available for seasonal rental (April 1-Sept 30) and Residents take advantage of this amenity. Streets are well maintained, although unpaved, and are lit with overhead lighting. The college town of Cheney (home of Eastern Washington University) is conveniently located only 20 minutes northeast of Badger Lake, via a scenic drive through Turnbull National Wildlife Refuge. Cheney has many restaurants, shops, a library and grocery stores. Several beautiful golf courses are within a short driving distance. Spokane, located only 45 minutes away, is the largest city in all of Central and Eastern Washington providing urban entertainment, top rated medical facilities (including the new state sponsored medical school) and shopping. Spokane International Airport is just 35 minutes from Badger Lake. Very rarely does an investment property having both permanent and temporary Residents paying yearround rent in a high quality recreational environment ever come on the market. The additional developmental upside of 25 spaces with extremely low market rents, makes Badger Lake Estates an excellent real estate opportunity with strong upside potential. PRICE: $3,450,000 TERMS: Cash via conventional financing. For more information contact the Seller s Agent, First Commercial Property Corp. Joel Erlitz : (ext. 100) Erik Bell : (ext. 112) 3

The Offering Price $3,450,000 Spaces 127 Price/Space $27,165 CAP Rate 6.9% Occupancy 90.75% Lot Size 28.14 +/- acres Loan Amount $2,587,500 Interest Rate 5.

4 The Offering Price $3,450,000 Spaces 127 Price/Space $27,165 CAP Rate 6.9% Occupancy 90.75% Lot Size /- acres Loan Amount $2,587,500 Interest Rate 5.25% Amortization 30 Years 25 Additional permitted spaces to be built represents a potential $93,000 in additional revenue! 35-min drive to Spokane Int. Airport & 45-min to Downtown Spokane New sewer lagoon system built and operational in 2016 Amenities include boating, fishing, swimming and water skiing Surrounded by Turnbull National Wildlife Refuge For more information contact the Seller s Agent, First Commercial Property Corp. Joel Erlitz : (ext. 100) Erik Bell : (ext. 112) 4

Property Highlights 35-min drive to Spokane Int. Airport (GEG) and 45-min to downtown Spokane.

25 Additional spaces to be built are permitted by Spokane county. Below market rents.

Washington University 2014 Median household income $43,694 (up from $34,752 in 2005) Median Gross rent

5 Property Highlights 35-min drive to Spokane Int. Airport (GEG) and 45-min to downtown Spokane. The area offers everything from hiking, fishing and skiing, to wineries/breweries and sporting events. 25 Additional spaces to be built are permitted by Spokane county. Below market rents. Demographics Spokane area population: 300,000+ residents Median Age: 35 Years 20-min drive to Eastern Washington University 2014 Median household income $43,694 (up from $34,752 in 2005) Median Gross rent in 2011 $693 Employers: Fairchild Air Force, Spokane Public Schools, Sacred Heart Medical Center, Northwest Quest Resort and Casino 5

6 Proforma based on 2017 Projected P&L INCOME Scheduled Rental Income $ 420,825 Vacancy/Non-Performing 9.25% $ (38,960) Boat Slips (Reflects Vacancies) $ 22,725 Effective Gross Income $ 404,590 EXPENSES Real Estate Taxes $ 23,000 Insurance $ 9,000 Utilities -Electricity $ 7,000 -Garbage $ 2,000 -W/S:Tests/Permits $ 3,500 Maintenance/Repair/Supplies $ 35,000 Office $ 5,500 Legal/Accounting $ 3,000 Dues/Lisence/Fees $ 2,500 Manager Salary/Payroll Taxes $ 40,000 Casual Labor $ 28,000 Rent Concession (Mgt/Cas. Lbr) $ 8,000 TOTAL EXPENSES 41.15% of EGI $ 166,500 NET OPERATING INCOME $ 238,090 CAP Rate 6.9% Loan Amount 75% LTV $ 2,587,500 Interest Rate 5.25% Amortization 30 Yrs Projected Debt Service $ 171,459 Projected Cash Flow $ 66,631 Projected Cash on Cash Return 7.7% 6

Refuge, beautiful surrounding cliffs and

7 Amenities Seasonal recreation including boating, fishing, swimming and water skiing. Surrounded by Turnbull National Wildlife Refuge, beautiful surrounding cliffs and free-roaming wildlife. Large sandy beach swimming area and waterfront picnic area. Multiple nearby golf courses, wineries, breweries, hunting & sporting events. 7

8 Property Photos 8

9 Property Photos Continued 9

10 Property Photos Continued 10

Sewer Lagoon Project Sewer Lagoon Newly constructed sewer lagoon completed, inspected and operational in 2016.

11 Sewer Lagoon Project Sewer Lagoon Newly constructed sewer lagoon completed, inspected and operational in Engineered for capacity of future site development. Secured access to site including 6 chain link fence with barbed wire. New pump house accompanies the system. 11

12 Sites to be Developed 6 developed sites have water/sewer utilities installed requiring electric. ($22,320 annual revenue at current rental rates) 4 (red) graded spaces which will require water/sewer and electric installation. ($14,880 annual revenue at current rental rates) 15 undeveloped permitted spaces which will require utility installation. ($55,800 annual revenue at current rental rates) $93K additional potential revenue available! 12

4-PLEX MULTIFAMILY INVESTMENT th St SE, Salem, OR 97301

MULTIFAMILY PROPERTY FOR SALE 4-PLEX MULTIFAMILY INVESTMENT 190 14th St SE, Salem, OR 97301 PRESENTED BY: AJ NASH 503.390.1375 aj@legacyre.com Licensed Principal Broker in Oregon 925 Commercial St. SE,