CEDAR GROVE MOBILE HOME PARK - LoopNetimages4.loopnet.com/d2/euhOTOj-65S3Q2U3xLp2oMFO5dlBzxJ3...CEDAR GROVE MOBILE HOME PARK OFFERING SUMMARY All age community City water & newer septic

CEDAR GROVE MOBILE HOME PARKCEDAR GROVE MOBILE HOME PARK4860 Pony Express Trail • Camino, CA 957094860 Pony Express Trail • Camino, CA 95709

Offering Memorandum

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

CEDAR GROVE MOBILE HOME PARKCamino, CAACT ID Y0020519

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01 investment Overview

Property Summary

Regional Map

Local Map

Aerial Photo

Property Photos

Site Plan

FINANCIAL ANALYSIS 02 Operating Statement

Pricing Detail

MARKET COMPARABLES 03 Sales Comparables

Rent Comparables

CEDAR GROVE MOBILE HOME PARK

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4

INVESTMENT

OVERVIEW


OFFERING SUMMARY

§ All age community

§ City water & newer septic system

§ Non rent control property

§ Well maintained community

§ No park owned home rentals

§ Attractive financing available

§ On-site management in place

INVESTMENT HIGHLIGHTS

Cedar Grove Mobile Home Park is a well-maintained manufactured

home community located in Camino, California. The community is of

three-star quality and consists of 55 mobile homes. The lot size of

the property totals 4.68 acres and yields a density of 11.75 pads per

acre.

It is an all age community. Cedar Grove is located in El Dorado

County and approximately halfway between Sacramento and South

Lake Tahoe on U.S. Route 50. Residents pay for all utilities. Water,

gas, electric, sewer are all submetered while trash is passed

through to the residents. The community is serviced by city water

and a newer septic system.

In conclusion Cedar Grove is a well maintained, three-star, all age

community. A new owner will enjoy steady cash flow, on-site

management, attractive bank financing, and no rent control.

INVESTMENT OVERVIEW

5


PROPERTY SUMMARY

OFFERING SUMMARY

THE OFFERING

Property Cedar Grove Mobile Home Park

Price $3,495,000

Property Address 4860 Pony Express Trl, Camino, CA

Type of Park All Age

Rental Agreement Month-to-Month

Current Home Size Breakdown Mix

Rent Raise History $11 in 2017

Rent Control No

Assessors Parcel Number 076-180-01-100

SITE DESCRIPTION

Number of Spaces 55

Vacant Spaces 0

Vacant Homes 0

Year Built/Renovated 1960

Lot Size 4.68 Acres

Type of Ownership Fee Simple

Spaces/Acre 11.75

Parking Paved

Parking Ratio 2:1

Resident Off Street Parking Yes

Guest Parking Yes

RV Storage None

Landscaping Mature

6

UTILITIES

Paid By Meter

Water Tenant Submeter

Electric Tenant Submeter

Gas Tenant Submeter

Sewer Tenant Submeter

Trash Tenant Pass-Through

Cable TV Tenant Direct

REGIONAL MAP


7

LOCAL MAP


8

AERIAL PHOTO


9

PROPERTY PHOTO


10

PROPERTY PHOTO


11

SITE PLAN


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13

FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS


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PRICING DETAIL

Summary

Price $3,495,000

Down Payment $3,495,000 100%

Number of Spaces 55

Price Per Space $63,545

Spaces/Acre 12

Lot Size 4.68 Acres

Approx. Year Built 1960

Occupancy 100%

Returns Current Pro Forma

CAP Rate 5.84% 6.07%

GRM 12.73 12.36

Cash-on-Cash 5.84% 6.07%

Debt Coverage Ratio N/A N/A

# of Spaces

Space Type Current Rents Market Rents

55 Single Wide $416 $428

Operating Data

Income Current Pro Forma

Gross Scheduled Rent $274,560 $282,797

Less: Vacancy/Deductions (GPR) 0.0% $0 0.0% $0

Total Effective Rental Income $274,560 $282,797

Other Income $22,260 $22,260

Effective Gross Income $296,820 $305,057

Less: Expenses 31.3% $92,845 30.4% $92,845

Net Operating Income $203,975 $212,212

Total Return 5.84% $203,975 6.07% $212,212

Expenses Current Pro Forma

Real Estate Taxes $38,445 $38,445

Insurance $1,800 $1,800

On-Site Management $18,000 $18,000

Manager Rent Credit $5,100 $5,100

Common Area Utilities $10,000 $10,000

Repairs & Maintenance $9,500 $9,500

General & Administrative $10,000 $10,000

Total Expenses 31.28% $92,845 30.44% $92,845

Expenses/Space $1,688 $1,688

FINANCIAL ANALYSIS


OPERATING STATEMENT

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Income Current Pro Forma Per Space

Gross Current Site Rent 274,560 282,797

Total Vacancy $0 0.0% $0 0.0% $0

Effective Rental Income 274,560 282,797 5,142

Other Income

Laundry Room 15,000 15,000 273

2017 Rent Increases 7,260 7,260 132

Total Other Income $22,260 $22,260 $405

Effective Gross Income $296,820 $305,057 $5,546

Expenses Current Pro Forma Per Space

Real Estate Taxes 38,445 38,445 699

Insurance 1,800 1,800 33

On-Site Management 18,000 18,000 327

Manager Rent Credit 5,100 5,100 93

Common Area Utilities 10,000 10,000 182

Repairs & Maintenance 9,500 9,500 173

General & Administrative 10,000 10,000 182

Total Expenses $92,845 $92,845 $1,688

Expenses as % of EGI 31.3% 30.4%

Net Operating Income $203,975 $212,212 $3,858


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MARKET

COMPARABLES

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


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SALES COMPARABLES

Offering Price $3,495,000

No. of Spaces 55

Price/Space $63,545

CAP Rate 5.84%

GRM 12.73

Year Built 1960

CEDAR GROVE MOBILE HOME PARK4860 Pony Express Trl, Camino, CA, 95709

1

Close of Escrow 12/1/2016

Sales Price $9,750,000

No. of Spaces 96

Price/Space $101,562

CAP Rate 5.00%

Year Built 1989

TALL PINES ESTATES13960 Golden Star Road, Grass Valley, CA, 95949

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No. of Spaces 156

Price/Space $78,526

CAP Rate 6.25%

Year Built 1965

LARCHMONT MOBILE HOME PARK3700 Antelope Rd, Sacramento, CA, 95843

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


18

SALES COMPARABLES

3



No. of Spaces 126

Price/Space $55,556

CAP Rate 6.00%

GRM 8.05

Year Built 1969

OLIVE HILL MHP2921 Wyandotte Road, Oroville, CA, 95966

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No. of Spaces 50

Price/Space $78,000

CAP Rate 5.92%

GRM 8.86

Year Built 1975

GRANITE BAY MOBILE HOME PARK8880 Auburn Folsom Rd, Granite Bay, CA, 95746

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No. of Spaces 105

Price/Space $67,619

CAP Rate 6.13%

GRM 7.84

Year Built 1970

OAK SHADOWS MHP1300 Calaveritas Rd, San Andreas, CA, 95249

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


19

SALES COMPARABLES

6



No. of Spaces 69

Price/Space $82,246

CAP Rate 5.39%

GRM 11.67

Year Built 1986

TAHAMA VILLAGE MHP10780 N Highway 99, Stockton, CA, 95212

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PROPERTY NAME


SALES COMPARABLES

Cedar GroveMobile

Home Park

Tall PinesEstates

LarchmontMobile

Home Park

OliveHill MHP

GraniteBay MobileHome Park

Oak ShadowsMHP

TahamaVillage MHP

0.0

0.7

1.4

2.1

2.8

3.5

4.2

4.9

5.6

6.3

7.0

Avg. 5.78%

Average Cap Rate

SALES COMPARABLES

SALES COMPS AVG

Cedar GroveMobile

Home Park

Tall PinesEstates

LarchmontMobile

Home Park

OliveHill MHP

GraniteBay MobileHome Park

Oak ShadowsMHP

TahamaVillage MHP

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

$180,000

$200,000

Avg. $77,252

Average Price Per Space


SALES COMPARABLES MAP

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CEDAR GROVE MOBILE HOME PARK(SUBJECT)

Tall Pines Estates

Larchmont Mobile Home Park

Olive Hill MHP

Granite Bay Mobile Home Park

Oak Shadows MHP

Tahama Village MHP

SALES COMPARABLES

1

2

3

4

5

6

PROPERTY NAME

MARKETING TEAM


RENT COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


22

rentpropertyname1rentpropertyaddress1

Space Type # Spaces Rent Monthly Income

Single Wide 55 $416 $22,880

Total/Wtd. Avg. 55 $416 $22,880

CEDAR GROVE MOBILE HOME PARK4860 Pony Express Trl, Camino, CA, 95709

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Single-Wide 35 $400 $14,000

Double-Wide 36 $475 $17,100

Total/Wtd. Avg. 71 $438 $31,100

WAGON WHEEL MOBILE HOME PARK2930 Forebay Road, Pollock Pines, CA, 95726

2


Single-Wide 46 $475 $21,850

Total/Wtd. Avg. 46 $475 $21,850

PONDEROSA MOBILE ESTATES2933 Forebay Rd, Pollock Pines, CA, 95726

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RENT COMPARABLES MAP

CEDAR GROVE MOBILE HOME PARK(SUBJECT)

Wagon Wheel Mobile Home Park

Ponderosa Mobile Estates

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7

8

9

11

20

12

14

15

16

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1

2

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www.MarcusMillichap.com

Michael Brondello

AssociateMember, National Manufactured Home Communities GroupSan Francisco OfficeTel: (415) 625-2181

Fax: (415) 963-3010

[email protected]

License: CA 01999241

P R E S E N T E D B Y

CEDAR GROVE MOBILE HOME PARK - LoopNetimages4.loopnet.com/d2/euhOTOj-65S3Q2U3xLp2oMFO5dlBzxJ3...CEDAR GROVE MOBILE HOME PARK OFFERING SUMMARY All age community City water & newer septic

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