Leisure Days Mobile Park Hwy. 62 Shady Cove, Oregon

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1 Leisure Days Mobile Park Hwy. 62 Shady Cove, Oregon A Beautifully Maintained and Located 49-Space, 55 and Older Community August 2013 For further information contact: Loren Landau: , llandau@cwbrokers.com Brett Case: , bcase@cwbrokers.com Commonwealth Commercial Brokerage Company SW Boones Ferry Rd. Portland, OR Fax:

2 Leisure Days MHC Shady Cove, Oregon Pro Forma of Income and Expenses Income (1) Rent Current Income 1 $390 $ 4,680 4 $395 18,960 2 $ ,593 2 $400 9,600 2 $405 9, $ ,600 2 $415 9,960 2 $420 10,080 1 $ ,096 1 $460 5,520 1 $506 6,072 1 $583 6, Total Space Income $ 243,877 Utility Income (2) 49,108 Total Gross Income $ 292,985 Vacancy/Credit Loss (3) 2.5% (7,325) Gross Effective Income $ 285,661 Operating Expenses Property Taxes (4) 13,399 Insurance 2,100 Garbage 10,031 Sewer 33,987 Water - Budget 1,800 Electric 4,360 Maintenance - Budget 8,500 Management Expenses Salary 4,200 Space Rent 4,920 Payroll Taxes 550 W/C Insurance 1,000 Office/Admin Expenses 1,019 Accounting/Legal 750 Total Operating Expenses 86,615 Notes Net Operating Income $ 199,046 Debt Service - see Terms of Sale 109,356 Cash Flow $ 89,690 Rents last raised by $15.00 effective 1/1/2012. Park charges each space an additional $86.24 per month to recover the monthly cost of water, sewer and garbage costs. Vacancy loss is budgeted. There is currently one vacancy. Actual 2012 property taxes, including taxes on a park owned home. 7/29/2013 Leisure Days.xlsx.xls

3 Leisure Days MHC Shady Cove, Oregon Terms of Sale Price: $ 3,100,000 Down Payment: 1,280,000 Balance: $ 1,820,000 Financing: Purchaser to assume existing Union Bank loan which was put into place 4/1/12. All fees associated with the assumption of the loan to be borne by Purchaser. 7-Year Fixed Loan Amount $ 1,858,000 Interest 4.225% Amortization 360 Monthly Payment $ 9,113 Total Annual Loan Payment $ 109,356 Investment Summary Current Price per Space $ 63,265 Capitalization Rate 6.4% Net Operating Income $ 199,046 Cash Flow $ 89,690 Return on Cash Invested 7.0% 7/23/2013 Leisure Days.xlsx.xls

4 PROPERTY DESCRIPTION General Description: Leisure Days is a 49-space, HUD designated 55 and older Manufactured housing community located in Shady Cove, Oregon. It is located along the beautiful Rogue River where fishing and white water rafting can be enjoyed. The Rogue Umpqua National Scenic Byway allows access to the neighboring Eagle Point which is the home of the Robert Trent Jones II championship 18 hole golf course. Age: Completed in 1994 Fair Housing Status: Size: Zoning: Wetland/Flood Plain Status: Leisure Days MHP is designated as a 55 and older community. Approximately 9 acres. The two tax lots that primarily comprise Leisure Days MHP have different zoning designations. Parcel # is zoned Commercial, Manufactured Home Parks. Leisure Days MHP is an approved use within this zone. Parcel # is zoned When the park was developed it was not in the floodplain. In 2011 FEMA reset the floodplain elevations, putting a majority of the park in the floodplain. The homes have been grandfathered in, but any new homes being placed must adhere to FEMA floodplain requirements. There is NO history of flooding, despite having 100 year and 500 year events take place. Improvements: - Interior Streets Interior streets are paved, measure wide, and are in excellent condition. - Off-Street Parking Each space is provided with a paved driveway and carport, which can accommodate two cars. - Interior Lighting Brick lamp posts are located at the front of each space and there is an overhead light pole situated at the rear of the park. Utility Systems: - Water Leisure days water comes from a private well with large capacity storage tank located across Highway Sewer Public sewer service is provided by the City of Shady Cove. - Electricity 200 amp service is provided to each space. The wiring is underground throughout the park. Tenants are billed directly by the service provider.

5 - Cable TV and Telephone These services are provided by local companies and billed directly to the tenants. - Garbage Weekly garbage service is provided for each resident by Southern Oregon Sanitation. There is also a two yard dumpster available to all tenants, located at the back of the park. SW/DW Ratio: Vacancies: Space Sizes: There are 100% doublewide homes in Leisure days. There is currently one vacant space. In general, the park spaces are 55 wide x 80 deep. 2012/2013 TAX INFORMATION: PARCEL NUMBER ACREAGE REAL MARKET ASSESSED VALUE TAXES $1,596,960 $1,074,410 $13, $22,110 $12,200 $ UNDERLYING FINANCING: There is a Union Bank loan in place that would be assumed at closing. The interest rate is 4.225% with a balance of approximately $1,820,000. The loan is fixed for five (5) years from inception.

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