Leisure Days Mobile Park - Commonwealth Commercial Brokerage

Leisure Days Mobile Park
20055 Hwy. 62
Shady Cove, Oregon
A Beautifully Maintained and Located
49-Space, 55 and Older Community
August 2013
For further information contact: Loren Landau: 503-546-7662, llandau@cwbrokers.com
Brett Case: 503-546-7653, bcase@cwbrokers.com
Commonwealth Commercial Brokerage Company
18150 SW Boones Ferry Rd.
Portland, OR 97224
Fax: 503-546.7654
Leisure Days MHC
Shady Cove, Oregon
Pro Forma of Income and Expenses
Income (1)
1 Space
4 Spaces
2 Spaces
2 Spaces
2 Spaces
30 Spaces
2 Spaces
2 Spaces
1 Space
1 Space
1 Space
1 Space
49
Utility Income
@
@
@
@
@
@
@
@
@
@
@
@
Total Space Income
(2)
Total Gross Income
Vacancy/Credit Loss (3)
Gross Effective Income
Operating Expenses
Property Taxes
Insurance
Garbage
Sewer
Water - Budget
Electric
Maintenance - Budget
Management Expenses
Salary
Space Rent
Payroll Taxes
W/C Insurance
Office/Admin Expenses
Accounting/Legal
Total Operating Expenses
Net Operating Income
Debt Service - see Terms of Sale
Cash Flow
(4)
Current
Income
Rent
$390
$
4,680
$395
18,960
$399.69
9,593
$400
9,600
$405
9,720
$410
147,600
$415
9,960
$420
10,080
$424.69
5,096
$460
5,520
$506
6,072
$583
6,996
$ 243,877
49,108
$ 292,985
2.5%
(7,325)
$ 285,661
13,399
2,100
10,031
33,987
1,800
4,360
8,500
4,200
4,920
550
1,000
1,019
750
86,615
$ 199,046
109,356
$ 89,690
Notes
1. Rents last raised by $15.00 effective 1/1/2012.
2. Park charges each space an additional $86.24 per month to recover the monthly cost
of water, sewer and garbage costs.
3. Vacancy loss is budgeted. There is currently one vacancy.
4. Actual 2012 property taxes, including taxes on a park owned home .
7/29/2013
Leisure Days.xlsx.xls
Leisure Days MHC
Shady Cove, Oregon
Terms of Sale
Price:
Down Payment:
Balance:
$
$
3,100,000
1,280,000
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.
Loan Amount
Interest
Amortization
Monthly Payment
Total Annual Loan Payment
Investment Summary
Price per Space
Capitalization Rate
Net Operating Income
Cash Flow
Return on Cash Invested
7/23/2013
Leisure Days.xlsx.xls
7-Year Fixed
$
1,858,000
4.225%
360
$
9,113
$
109,356
$
$
$
Current
63,265
6.4%
199,046
89,690
7.0%
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:
Leisure Days MHP is designated as a 55 and older community.
Size:
Approximately 9 acres.
Zoning:
The two tax lots that primarily comprise Leisure Days MHP
have different zoning designations. Parcel #1-027442-5 is
zoned Commercial, Manufactured Home Parks. Leisure Days
MHP is an approved use within this zone. Parcel #1-099523-9
is zoned
Wetland/Flood Plain Status:
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 25’-30’ 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 62.
-
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.
-
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:
There are 100% doublewide homes in Leisure days.
Vacancies:
There is currently one vacant space.
Space Sizes:
In general, the park spaces are 55’ wide x 80’ deep.
2012/2013 TAX INFORMATION:
PARCEL
NUMBER
1-027442-5
1-099523-9
ACREAGE
8.83
.18
UNDERLYING FINANCING:
REAL
MARKET
$1,596,960
$22,110
ASSESSED
VALUE
$1,074,410
$12,200
TAXES
$13,398.54
$140.89
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.