A d v i s o r s, I n c. EXCLUSIVELY OFFERED FOR SALE 48 Space Senior Mobile Home Park ~ 68 Self Storage Units ~Purchase Price: $2,450,000 ~ Cap Rate: 7.17% ~ Offered By: Park Place Advisors, Inc. Christopher D. Busby 5176 Covenant Court Loomis, CA 95650
A d v i s o r s, I n c. CONFIDENTIALITY STATEMENT This Confidential Memorandum and Investment Offering ( Memorandum ) has been prepared by Park Place Advisors, Inc. (Owner s Exclusive Agent) to assist you in determining your level of interest in acquiring the ( the Property ). The Memorandum is solely for informational purposes and does not purport to be all-inclusive regarding the information needed to make a purchase decision. No representation or warranty is made by Owner, Owner s Exclusive Agent, or any of their officers, employees or agents, expressed or implied, as to the accuracy or completeness of the contents of this Memorandum. Although the information contained herein is believed to be correct, a prospective purchaser s due diligence should include independent verification of all such information as the Owner, Owner s Exclusive Agent, their employees or agents make no representation as to its accuracy or completeness. No legal commitment or obligation shall arise by reason of the Memorandum or its contents. Any representation, warranty or other statement made by Owner shall be given only to the ultimate purchaser and then only in a separate written document(s) which makes specific reference to the undertaking or representation being made or assumed. This Memorandum is subject to prior placement, errors, omissions, changes, withdrawal or cancellation without prior notice. Owner exclusively reserves the right, at its sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. Owner s Exclusive Agent is not authorized to make any representations or agreements on behalf of Owner. This Memorandum and its contents, except such information which is a matter of public record, are of a confidential nature and are the property of the Owner s Exclusive Agent. By accepting a copy of the Memorandum, you agree to treat the information herein in strict confidence and you agree not to photocopy or duplicate it or disclose it or its contents to third parties, except for outside advisors retained by you to assist you in your evaluation, without the prior written consent of the Owner or Owner s Exclusive Agent.
Price: $ 2,450,000 48 Space Senior Mobile Home Park and 68 Self Storage Units Down Payment: $ 735,000 30% New Financing: $ 1,715,000 Five year fixed rate at 4.5%, 30 year amortization due in 10 years, $8,767/month Cap Rate 7.17% NOI: $ 175,746 Price Per Space/Door: $ 21,121 Cash Flow: $ 70,542 Cash on Cash Return: 9.60% Description: Utilities: Rent: Rent Control: is a beautifully maintained senior community located in the tall ponderosa pines country of the Sierra Nevada foothills. The residents enjoy a heated swimming pool and a convenient laundry facility. The community is centrally located close to shopping, recreational lakes offering boating, hiking and biking trails. Only forty five scenic minutes to South Lake Tahoe which offers limitless year round recreational opportunities. You will notice the attention to detail throughout the park as the owner has worked very hard over the years to maintain a high level of pride of ownership. There is an onsite manager and assistant manager that oversee the mobile home park and the self storage facility. There are currently 6 vacant spaces at the park providing some upside in filling spaces. There are 3 homes that take up 2 spaces so there are a total of 45 possible rent producing sites. The community is on city water and a septic system. Cable is paid for by the park. Propane is directly billed. Electric is sub-metered except for space 48 which is directly billed. Water, sewer and garbage are included in the rent. Rent is $475. Rental homes rent for $775 (2). Storage Units rent for $85 on small units (26), $150 on large units (42). There is no Rent Control in the City of Pollock Pines This information has been secured from sources we believe to be reliable, but we make no warranties or representation, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risks for inaccuracies.
New Owner Income & Expense Income Footnotes 1 Gross Space Rent $ 255,600 1 Annualized May 2015 rent roll 2 Park Vacancy -34,200 2 Total of six vacant sites at $475 3 POH Rental Income 5,400 per space 4 Self Storage Gross Income 100,080 3 There are three park owned homes, 5 Self Storage Vacancy -30,000 two rented, see rent roll for amounts 8 Electric 18,155 4 There is a 68 door self storage 6 Miscellaneous 728 facility on the property included in the sale Total Income $ 315,763 5 22 non-revenue producing units 6 As per the owner records for 2014 7 Estimated at 1.0525% of sales price 8 Actual 2014 Expenses 9 2014, includes equipment rentals 10 One manager at $12.50 per hour 7 Property Taxes $ 25,786 estimated work hours are 30 hours 8 Insurance 4,905 per week. 10 On-Site Payroll 19,200 11 Estimated at 23% of payroll 11 Payroll Tax 4,416 9 Maintenance & Repairs 11,245 3 Park Owned Home Repairs 6,137 8 Vehicle 2,225 8 Electric 17,588 8 Propane 722 8 Water, Sewer & Garbage 17,258 8 Cable Service 8,094 8 Legal & Professional 6,469 8 Bank Fees 2,259 8 Office 7,107 8 Dues & Subscriptions 1,778 8 Permits & Licenses 464 6 Miscellaneous 4,364 Total Expense $ 140,017 NOI $ 175,746 This information has been secured from sources we believe to be reliable, but we make no warranties or representation, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risks for inaccuracies.
September 2015 Rent Roll Space Rent Space Rent Space Rent 1* $475 17 $475 33 $475 2 $475 18 $475 34 $475 3 $475 19 $475 35 $475 4 $475 20*** 36** $475 5 $475 21 $475 37 $475 6* $475 22 $475 38 $475 7 $475 23**MGR $400 39 $475 8 $475 24** $475 40* $475 9* $475 25 $475 41 $475 10 $475 26 $475 42 $475 11 $475 27 $475 43* $475 12 $475 28* $475 44 $475 13*** 29 $475 45 $475 14 $475 30 $475 46 $475 15 $475 31 $475 47 $475 16*** 32 $475 48 $475 Total $21,300 * - Vacant Space (spaces, 1, 6, 9, 28, 40, & 43) ** - Park owned Rental (spaces, 23-MGR pays $400/month, 24 Pays $200 home rental & 36- pays $250 additional for home rental) ***- Non rent producing sites because a double wide home takes up this space and the one next door (12 &13, 15 &16, 19 &20)
Self Storage Rent Roll 1 $ 85 18*** $ 85 35 $ 150 52 $ 150 2 $ 85 19*** $ 85 36*** $ 150 53a***$ 85 3*** $ 85 20 $ 85 37 $ 150 53b***$ 85 4 $ 85 21 $ 85 38** $ 0 54 $ 150 5 $ 150 22*** $ 85 39* $ 85 55 $ 150 6 $ 150 23 $ 75 40*** $ 85 56 $ 150 7 $ 150 24 $ 75 41 $ 85 57*** $ 150 8*** $ 150 25*** $ 85 42 $ 85 58 $ 150 9*** $ 150 26 $ 150 43 $ 85 59*** $ 150 10 $ 150 27 $ 150 44 $ 85 60 $ 150 11 $ 150 28 $ 150 45 $ 85 61 $ 150 12 $ 150 29 $ 150 46 $ 85 62 $ 150 13 $ 150 30 $ 150 47*** $ 150 63*** $ 150 14*** $ 150 31*** $ 150 48 $ 150 64 $ 85 15 $ 150 32 $ 150 49 $ 150 65 $ 85 16*** $ 150 33 $ 150 50 $ 150 66*** $ 85 17 $ 150 34 $ 150 51*** $ 150 67 $ 85 Total Monthly Unit Charges $ 8,690 * - Vacant Unit ** - Park Storage Unit *** Delinquent Unit This information has been secured from sources we believe to be reliable, but we make no warranties or representation, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risks for inaccuracies.
Ponderosa Pines Mobile Estates