Deer Pointe Meadows Alderbark Rd. Rainier, Oregon

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1 Deer Pointe Meadows Alderbark Rd. Rainier, Oregon Clean country living! A 36-Space mobile home park with an additional 13 R.V. spaces nestled along the Columbia River in Northern Oregon. April 2015 For Further Information Contact: Loren Landau Brett Case SW Boones Ferry Rd. Portland, OR 97224

2 Deer Pointe Meadows Rainier, OR TERMS OF SALE Sales Price: $ 2,000,000 Down Payment: 650,000 Balance to be Financed: $ 1,350,000 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 Financing $ 1,350, % $ 7,697 $ 92,364 Investment Summary Price per Space $40,816 Capitalization Rate 7.0% Net Operating Income $139,867 Cash Flow $47,503 Return on Cash Invested 7.3% 4/8/2015 Deer Pointe Meadows.xls

3 Deer Pointe Meadows Rainier, OR Pro Forma of Income and Expenses Income (1) Rent Income 13 RV $345 $ 53,820 1 $415 4, MH $ , Space Rental Income $ 243,600 Other Income - Budget 1,800 Vacancy (36,399) (2) Gross Effective Income $ 209,001 Expenses (4) Property Taxes 10,590 (3) Insurance - Budget 1,470 Garbage 12,367 Septic Pumping - Budget 2,000 (5) Water Testing 1,185 Telephone 1,455 Computer/Internet 1,068 Electricity 4,932 On-Site Manager Fees Salary 12,000 Space Rent 5,280 Payroll Expense 2,592 Repair/Maintenance - 5% 10,450 (6) Office Expenses 1,285 Legal and Accounting - Budget 2,461 Total Operating Expenses % $ 69,134 Notes Net Operating Income $ 139,867 Debt Service 97,152 Before Tax Cash Flow $ 42,715 The last rent increase was $20.00 on 7/1/15. There had not been a rent increase for two years prior. The vacancy shown in the pro forma is based on 50% vacancy on the RV income and 5% vacancy for the MH income. The park currently has two vacant MH space and seven vacant RV spaces. Current taxes reflect actual in 2014/2015 for subject property. Unless otherwise stated, the figures shown represent actual 2014 operating expenses. 5. The park spent $1,195 last year on septic tank pumping. The expense shown represents an annual budget. 6. The actual R&M expenses for 2014 were $12, There was $3,864 spent on replacement of well tanks, $2, paid to removal an abandoned home and $800 for ontime tree removal.

4 Deer Pointe Meadows Rainier, Oregon PROPERTY DESCRIPTION GENERAL DESCRIPTION: AGE: ACREAGE: FAIR HOUSING STATUS: ZONING: FLOOD PLAIN STATUS: MH SPACE MIX: Deer Pointe Meadows is a 36 space mobile home park with an additional 13 RV spaces located in Rainier, Oregon. Rainier is a community of approximately 1,900 residents located across the Columbia River from Longview/Kelso, Washington. This community provides a great housing option for the working class citizens of Rainier s with an addition made in the 1990 s acres Deer Pointe Meadows is designated as a 55 and older mobile home park. Rural Residential 5 Deer Pointe Meadows is a preexisting, non-conforming use within this designation. The property is not located in any floodplains. 19 DW, 17 SW PARK IMPROVEMENTS: Streets Interior streets are paved and vary in width from wide. There are no curbs or sidewalks. Off-Street Parking Electricity Interior Lighting There is a mix of paved and unpaved off-street parking provided for each space. All spaces have parking for two or more vehicles. There is a mix of both underground and overhead electrical service within the park. 200 amp service is provided to each space with 50 amp service to the RV spaces. Street lights are located throughout the park.

5 Water System Water is provided by an onsite well. There is a 12 x 20 well house with three 119 gallon pressure tanks. Sewer Additional Buildings Deer Pointe Meadows had a new onsite sanitary sewer system installed in 2012 to serve the community. The system design and installation was performed by John Smits of John Smits and Associates. The sewer system is operating efficiently and with no known issues. The system consists of two holding tanks with a combined capacity of 4,500 gallons as well as a 3,000 gallon processing tank. There is 1,080 feet of drainfield incorporated into the system. The operation can be monitored remotely. The system has a 6 x8 utility storage building which houses the equipment. The property has a 28 x 18 wood-framed laundry building which is equipped with new coin-operated, commercial Speed Queen washer and dryer. The equipment is owned by the park and was installed in The building also has a men s and women s restroom. The building is for use by RV tenants. 2014/15 TAX INFORMATION: Account # Real Market Value Assessed Value Taxes $1,171,990 $690,000 $8, $250,010 $143,470 $1, $59,860 $59,860 $ TOTALS $1,481,860 $893,330 $10, Park-Owned Homes/Contracts: There are currently two Seller-carried home sales contracts which are included in the sale. In addition, the sale includes free and clear title to three parkowned homes. There is an abandoned home (#9) which the Seller is attempting to acquire which would be included in the sale as well.

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