RundleCRE Mobile Home Park Brokers We are pleased to present: Woods Mobile Home Park For Sale $1,200,000 9.47CAP A 40 Space Plus a Single Family Home 55+ Mobile Home Park Community 700 East Isabella Street, Lebanon, OR 97355 Presented By Kim Berry Please feel free to contact me for additional information 5319 SW Westgate Drive, Suite 232, Portland, OR 97221 Phone: 503-980-3512 FAX 360-935-3512 10900 NE 8 th Street, Suite 1000, Bellevue, WA 98004 Phone: 425-996-0602 WWW.RundleCRE.com
Rundle Commercial Real Estate Woods Trailer Home Park A 40 Space 55+ Mobile Home/Permanent RV Community Plus a Very nice single family home on the river! Mobile Home /Permanent RV Park Details: Absolutely beautifully maintained Mobile Home and Permanent RV park (all tenants have their own electric account) with the vast majority of tenants having been there for many years (over 20 in one case!). The owners currently live in the house and manage the park from there. They do not allow any occupants without a month-to-month rental agreement. The current owners built the park and maintain the park beautifully with the assistance of an assistant manager. The rules are absolute with the tenants being well trained to follow every rule. They are VERY picky about who they allow in the park. Occupancy: The park is ALWAYS full. If a tenant moves out there are 2-3 waiting to move in. Seller: The sellers are Walt and Alice and Walt is a WWII Vet and Alice has lived there her entire life as her father built the park. Great people. They will stay in the house for $850 per month. Space Size: All but 9 of the spaces will accommodate a single wide MH, according to our measurements and the map provided by the owner. There is also water and sewer lines in the open space and that area would accommodate another 4 homes. The space map is at the end of this package and shows the dimensions of each space. Additional space potential: There is a large space in the middle of the park where the sewer lines and water lines are available to add approximately 4 more spaces. The owner can point out where the lines are stubbed to the surface. Adding spaces would have to be approved by local governments.
Rundle Commercial Real Estate Woods Mobile Home/RV Park 700 East Isabella Street, Lebanon, OR 97355 Park is owned free and clear by the same family since it was built in the 1960s Rental Income and Space make up: Attached is the map of the park showing the space sizes. Current Occupancy: Rents for July 2014. Last rent increase 3 years ago. Rents are at least $15 low for the area. Home Rent Total Monthly Rents 6 Mobile Homes Without Sheds $340 $2,040 #2,3,6,7,12, 37 3 Mobile Homes with Sheds $360 $ 1,080 #17, 40, 35 1 Mobile Home with Shed $390 $ 390 #11 18 RV s without sheds $340 $6,120 #1,9,13,14,15,16,17,19 20,21,22,24,30,31,32,33,34,38 11 RV s with Shed $360 $3,960 #4,5,8,10,23,25, 26,27,28,29,36 1 RV with Shed $390 $ 390 #39 40 Units $13,980 Monthly income 1 2 bedroom house $850 $ 850 Owner s current home Total 41 units $14,830 Yearly Income: $177,960 Vacancy Factor 3% $ 5,338 Total Income $172,621 The park is consistently full with moments between a space being empty and filling again.
Woods Mobile Home/RV Park Financing options are explained below Rundle Commercial Real Estate Income and Expenses Yearly Income: $177,960 Vacancy Factor 3% $ 5,338 Park is full but Total Income $172,621 Garbage: $ 2,563 Cable: $ 8,429 Comcast contract through November 2017 for 29 tenants Insurance: $ 2,142 Water and Sewer: $ 7,884 Electric: $ 3,527 Onsite Management $15,080 *Space 39 gets free rent and $200 per week Landscaping $ Included in Maintenance Property Tax $ 9,865 Office, etc $ 2,012 Auto and Fuel $ 2,12 Park owns a pick up truck Maintenance/repairs $ 5,400 Total Expenses $59,022 33.17% of income in line with industry NOI $113,599 CAP 9.47% The park is consistently full without advertising but there is ample money allocated for advertising in the office expense category. The owners say that about 10 RV spaces turn over to new tenants in 2013. The time between tenants was on average 3 days. Cable: Contract through Nov 2917 then expires! The cable contract expires in a little over 3 years. For every new tenant that moves into the park, I would not include Cable as part of their rent. Then you will easily discontinue it in 2017. Sewer: The park was connected to city sewer in 2010 so that system is fairly new. There is a pump station for the sewage to be pumped into the city sewer lines. The city owns and maintains this pump station. There is no requirement for the park to do anything with the pump station.
Rundle Commercial Real Estate Personal Property: The pick-up truck, 2 lawn mowers and multiple tools go with the park. Road Condition: The asphalt roads are in very good condition. The curbs are edged, there are no weeds growing in any cracks, absolutely no potholes. There is ample parking as every space has a clearly marked space and there is ample visitor parking. Occupancy: The park is 100% full. They do not advertise but the park stays full I-5 convenient Location: This park is located in a wonderful small town just east of I-5 by approximately 7 miles, directly East of Corvallis. Fencing: The entire park is fenced Property: 2.85 Acres Woods Mobile Home/RV Park Shop: A large shop is next to the stick built home, containing tools and equipment for the park. There is also another Storage building that used to be a bathroom. Mail Boxes: Mail boxes are provided to all the tenants.
Rundle Commercial Real Estate Senior MHP Status: Currently, the vast majority of tenants are over 55 years old and because of the pond and canal adjacent to the park, this is not a property that is conducive to children. Therefore, we recommend that the new buyer officially convert the park to an ONLY over 55 MHP. This is fairly easy to do in this park as everyone in the park desires that. If there is further interest in the park I can work through the process with you prior to close of escrow.
What past clients have said: Rundle Commercial Real Estate Your financial future is the most important park We recently bought a mobile home park from one of Kim s clients. Kim did an outstanding job gathering the facts and resolving a difficult sewer problem. In my twenty nine years in the mobile home park business I have never seen such dedication and effort. By the time it closed, Kim new more about the park than the owner RD and JT, repeat clients I wanted to follow up on the Bay Air MHP P&SA and Counter Offer. Your due diligence was very much appreciated. I have looked at many properties over the years and have never witnessed the efforts and thoroughness you exhibited. Your information was excellent and you passed along the 'not so good' as well as good information with honest comments. Most unusual, and again, appreciated. W. W. Enterprises, Most brokers who simply put the buyer and seller together but you were involved in every aspect. Even after we closed on the transaction you were still working to make sure everything was working well. You are honest as well. You certainly kept this transaction together and without you it would have fallen apart. Thank you for all your hard work L&L E, repeat clients and partners Thank you, Kim. There were times when I thought this was the end and the transaction would fall apart but you really did what you said you would and your cool head and hard work keep it together. Thanks for all your hard work. Lowell O. Seller Hi Kim, You have certainly been busy with the work at Frontier Mobile Village. I am pleased with the work that is getting done and of course with the outcome.wow! Great job! Thank you for your great service. C. Davis, owner We work hard for every buyer and seller to insure a successful transaction 5319 SW Westgate Drive, Suite 232, Portland, OR 97221 Phone: 503-980-3512 FAX 360-935-3512 10900 NE 8 th Street, Suite 1000, Bellevue, WA 98004 Phone: 425-996-0602 WWW.RundleCRE.com