FOR SALE CORVALLIS MOBILE HOME PARK CAP RATE 6.6 $5,300,000 105 UNITS 200-310 S.W. 53 rd St. Corvallis, OR SHOWING: PROPERTY TO BE SHOWN BY LISTING BROKER ONLY. PLEASE DO NOT DRIVE THE PROPERTY WITHOUT PRIOR BROKER APPROVAL. For More Information, Contact Owners/Brokers Ron Hirsch (831) 476-8194 ext 36 rhirsch@hirschandassociates.com OR Charles DuShey (760) 476-9666 Hirsch and Associates Investment Real Estate Brokers: Sales & Leasing 4375 Capitola Road - Capitola, CA 95010 Come visit us at: www.hirschandassociates.com
HIRSCH AND ASSOCIATES 4375 Capitola Road Capitola, CA 95010 (831) 476-8194 FAX (831) 477-0351 e-mail:rhirsch@hirschandassociates.com www.hirschandassociates.com ATTENTION: This brochure has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property presented. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for thorough due diligence investigation. In particular, Hirsch and Associates has not made any investigation, and makes no warranty or representation with respect to the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue or renew its occupancy of the subject property. The information contained in this brochure has been obtained from sources we believe to be reliable; however, Hirsch and Associates has not conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. IMPROVEMENTS, SIZE AND BOUNDARIES: Any oral or written representations by Seller or Broker regarding age of improvements, size and square footage of parcel or building, or location of property lines may not be accurate. Apparent boundary line indicators such as fences, hedges, walls or other barriers may not represent the true boundary lines; only a surveyor can determine the actual boundary lines. If any of these issues are important to Buyer's decision to purchase, then Buyer should consider investigating the property independently.
210-310 S.W. 53 RD ST CORVALLIS, BENTON COUNTY, OREGON PROPERTY DESCRIPTION The property consists of 105 units. There are 91 mobile home spaces, 10 long-term occupied (not transient daily RV spaces), 2 apartment units, and a convenience store currently leased to a third party. Rent survey indicates current rents are under market. The CORVALLIS MOBILE HOME PARK consists of multiple types of living units. Residents are seniors (many of whom are retired), working adults, families, and Oregon State University Graduate Students. Included in the total number of spaces are 10 legal RV spaces, which are typically occupied year round. Oregon law permits year round occupancy due to housing need. We have a variety of units including double wide units, expandables, single park models, and some RV units. Turnover of the spaces is primarily the result of State Road Construction workers who return each year during road construction and also some vacationers. The Park is a pleasant place to live due to the quiet and clean atmosphere. It is an attractive property situated in a suburban country area next to the Benton County Fair Grounds and adjacent to the Oregon State University s Western Campus.
210-310 S.W. 53 RD ST CORVALLIS, BENTON COUNTY, OREGON PROPERTY INFORMATION PRICE: $5,300,000 TERMS: Owner may finance for a qualified buyer. SCHEDULED GROSS INCOME: $574,924 NET OPERATING INCOME: $351,438 GROSS RENT MULTIPLIER: 9.22 CAPITALIZATION: 6.6 LAND AREA: 9.5+/- Acres ZONING: R-10 ACCESSOR S PARCEL NUMBER: 269286 UTILITIES: Individual meters for water, gas, and electric MIX: AMENITIES: AGE RESTRICTION: PARK OWNED COACHES: CONVENIENCE LEASE SUMMARY: Phase 1: 1979 Phase 2: 1982 92 Spaces 10 RV Spaces (converted to long term residents) 2 Apartment Units (2BR/1BA) 1 Convenience Store 9 Storage Units Laundry, RV Storage, Internet, Cable. Adjacent to the Benton County Fairgrounds and OSU Family Park 8 park owned coaches, including the onsite manager s unit. Negotiated Options to Renew on 6/1/14. Lease is NNN
210-310 S.W. 53 RD ST CORVALLIS, BENTON COUNTY, OREGON INCOME AND EXPENSE PROFORMA INCOME TOTALS Space Rent $433,980 RV Income $ 57,300 Apartments $ 13,920 Store Rent $ 26,820 Storage $ 4,320 Wireless Income $ 771 Laundry Income $ 4,174 Water Reimbursement $ 21,149 Other Income $ 12,490 Scheduled Gross Income $579,924 Less 7% Vacancy $ 35,666 Effective Gross Income $539,258 EXPENSES Administrative: 3% Off-Site* $15,180 Resident Manager $20,400 * Projected, the owner manages the park Taxes: Property Taxes $ 30,398 Payroll Taxes $ 2,230 Insurance: Park $ 3,700 Park Owned Coaches $ 1,500 $35,580 $32,628 $ 5,200 Park Maintenance: Landscape $ 4,848 Laundry and Plumbing $ 1,807 Material and Supplies $ 25,651 Contract Labor $ 686 $ 32,992
Office Expense: Dues and Subscriptions $ 675 Advertising $ 651 Telephone $ 2,613 Postage and Shipping $ 1,185 Data Processing $ 1,140 Office Supplies $ 2,112 $ 8,376 Legal and Accounting: $ 5,878 Utilities: Electricity $ 15,125 Natural Gas $ 470 Water and Sanitation $ 30,502 Trash Collection $ 16,512 TV Cable $ 2,290 $ 64,899 Other Expenses $ 2,267 TOTAL EXPENSES (37%) $187,820 NET INCOME $351,438 NET INCOME SUMMARY Effective Gross Income $539,258 Expense ` $187,820 Net Operating Income $351,438 Cap Rate 6.6
CORVALLIS, OREGON RENT ROLL Highlighted units are park owned coaches
CORVALLIS, OREGON SITE MAP
CORVALLIS, OREGON AERIAL PHOTO
CORVALLIS, OREGON PHOTOS