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W Main St N Dobson Rd Offering Memorandum 72 Site RV Park Green Acres RV Park 2052 W Main St Mesa, Arizona 85201 Prepared By: Barbara Lloyd, CCIM Lane Neville Logan Crum 2944 N 44th St, Suite 200 Phoenix, Arizona 85018 www.naihorizon.com
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Green Acres RV Park - LoopNet...1 The Asset The Subject Property, 2052 W Main Street (Green Acres R Park an approximate 2.29 acre site currently occupied as a space R park with the

Aug 20, 2020

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Page 1: Green Acres RV Park - LoopNet...1 The Asset The Subject Property, 2052 W Main Street (Green Acres R Park an approximate 2.29 acre site currently occupied as a space R park with the

W Main St

N D

obso

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Offering Memorandum

72 Site RV Park

Green Acres RV Park2052 W Main StMesa, Arizona 85201

Prepared By:

Barbara Lloyd, CCIMLane NevilleLogan Crum

2944 N 44th St, Suite 200Phoenix, Arizona 85018www.naihorizon.com

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Table ofContents

Disclaimer

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions prior to sale or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.

03 Section 01 The Asset

09 Section 02 Rate Comps Sale Comps Operating Data

15 Section 03 The Market

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11The AssetThe Subject Property, 2052 W Main Street (Green Acres RV Park) an approximate 2.29 acre site currently occupied as a 69 space RV park with the capacity to allow for 72 spaces. The park is very clean and well-maintained and enjoys high occupancy, year round. Amenities include a pool and spa, laundry facilities, free wifi and cable TV and restroom facilities with showers.

The property is located along the light rail, steps from the light rail stop at the intersection of Dobson and Main. The immediate area offers multiple restaurant, retail and entertainment destinations including Mesa Riverview open-air shopping destination, Sloan Park, the home of the Chicago Cubs spring training and Hohokam Stadium, home to the Oakland A’s spring training program.

This is an exceptional opportunity to own one of the few remaining RV parks in the Phoenix metro urban core. Green Acres offers a stable, cash flowing asset located in the heart of one of Mesa’s most dynamic redevelopment areas.

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Property HighlightsSection 01The Asset

Purchase Price: $3,000,000

Property Type: RV Park

# of Spaces: 69 spaces with the capacity to allow for 72 spaces There are also two apartment units located off the office that can be rented out.

Land Size: 99,729 SF or 2.29 acres

Address: 2052 W Main Street Mesa, AZ 85201

Location: W of NWC of W Main St & S Dobson Rd

Parcel: 135-47-007A, 135-47-008A, 135-47-009A, 135-47-044 - 135-47-050, 135-47-051A, 135-47-052A, 135-47-053

Zoning: C-3/R-4, City of Mesa

Green Acres RV Park is one of the few remaining parks in the heart of Mesa. The site is located near entertainment destinations including Riverview, Tempe Marketplace and spring training facilities. The property stays nearly 100% occupied year round.

Located within a five mile radius of the Property are over 373,000 people, averaging approximately $60,000 income per household per year. The location is easily accessible off the Loop 202 and Loop 101 Freeways.

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5

01 The Asset

Property Photos

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Property Location 01 The Asset

6

SUBJECT

SUBJECT

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MekongPlaza

WebsterElementary

01 The Asset

7

PropertyAerial

W Main St (16,237 VPD)

S D

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(24,

316

VP

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SUBJECT

Light Rail Stop

N S

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ore

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Light RailMap

01 The Asset

8

SUBJECT

Sycamore & Main Light Rail Stop

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Page 10: Green Acres RV Park - LoopNet...1 The Asset The Subject Property, 2052 W Main Street (Green Acres R Park an approximate 2.29 acre site currently occupied as a space R park with the

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02 Sale Comps

PROPERTY ADDRESS

2052 W Main StMesa, AZ 85201

1707 E Apache BlvdPhoenix, AZ 85281

835 W Main StMesa, AZ 85201

1847 E Apache BlvdTempe, AZ 85281

2600 E Fairmount Phoenix, AZ

85016

SALE DATE TBD 07/18/2017 02/12/2018 03/28/2018 04/02/2018

SIZE 2.29 AC 4.80 AC 1.58 AC 5.20 AC 1.51 AC

YEAR BUILT 1950 N/A 1935 1962 1945

TOTAL PRICE

$3,000,000

($41,667/unit)

$4,050,000

($48,795/unit)

$2,005,000

($48,902/unit)

$5,925,400

($63,714/unit)

$1,050,000

($35,000/unit)

SALE NOTES

69 space RV Park (capacity for 72 + 2

apartments)

96% occupied at Time of Sale; Month to Month, Class C- Mobile Home Park

Mobile Home Park

Redevelopment sale, now Tempo at McClintock Station

Class C Mobile Home Park

1 2

Sale Comps

3 4

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02 Sale Comps

4

1 23

Sale Comps Map

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02 Rate Comps

PROPERTY ADDRESS

Green Acres2052 W Main StMesa, AZ 85201

Apache Palms1836 E Apache Blvd

Tempe, AZ 85281

Scottsdale RV Ranch 7010 E Continental Dr Scottsdale, AZ 85257

Twin Palms RV Park 2225 E Main StMesa, AZ 85213

WINTER RATES $425 - $475 $540 $700 $525

SUMMER RATES $330 - $425 $485 $550 $391

DAILY $45 $45 - -

Rate Comps

31 2

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02 Rate Comps

1

2

3

Rate Comps Map

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03 The Market

Estimated Annual Income

Estimated Gross Income $434,000

Less - Total Expenses ($249,887)

Estimated Net Operating Income $184,113

Estimated Annual Expenses

2017 Property Taxes $8,048

City & State Sales Tax $10,828

Employer’s Tax $3,249

Insurance $3,051

Office Supplies $2,962

Utilities $103,915

Repairs & Maintenance (includes wages) $56,131

Payroll $42,477

Park Supplies & Materials $1,297

Advertising $3,008

Activities $2,500

Bank Fees $9,320

Miscellaneous (Dues, Licenses, Professional Fees) $3,101

Total Expenses $249,242

Operating Data

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The City of Mesa Economic has a targeted approach to provide significant opportunity for companies in;

Healthcare, Education, Aerospace/Aviation/Defense, Technology and Tourism. Based on Mesa’s strengths,

quality infrastructure, talented workforce, projected growth and global market trends, the City of Mesa is

already gaining significant results in each industry space.

Mesa boasts world-class specialty and general hospitals with more than 17,000 beds combined. Mesa City

is committed to expanding and attracting higher education institutions and developing quality projects that

create high-wage jobs. The City is home to two airports, Falcon Field and Phoenix-Mesa Gateway. Phoenix

Mesa Gateway Airport is a commercial reliever airport for Sky Harbor and is rapidly expanding its passenger

and carrier capacity as well as offering a diverse portfolio of aerospace, defense, aviation and other high-tech

industries. There are numerous aerospace, aviation and defense companies that call Mesa home. Mesa

has long been a community that attracts and fosters high tech industries. Mesa’s diverse high-tech industries

are anchored by university-based research and development and a growing skilled labor force that is present

through the region.

Some of the companies that have chosen to make Mesa their home include: Banner Health Systems, Ulthera,

Arizona State University Polytechnic Campus, A.T. Still University, Benedictine University, Boeing, Lockheed

Martin, Orbital ATK, Cessna, Mitel, First Solar, FUJIFILM, Apple, Bridgestone Americas and other intelligent

companies taking advantage of Mesa’s diverse offering.

City of Mesa

Section 3The Market

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Mesa’s Large Employers:Banner Health System 9,573

Mesa Public Schools 8,770

Boeing 4,086

City of Mesa 3,715

Maricopa County Government 2,644

Maricopa Community College 1,951

Aviall Inc 842

Apple 700

Empire Southwest 585

Mountain Vista Medical Center 530

Salt River Project 505

TRW Vehicle Safety Systems 411

Special Devices 400

The Phoenix-Mesa region is a vibrant place to live, work and play. With 325 days of sunshine annually, Mesa, Arizona, is known for its near perfect, year-round traveling weather, excellent schools, and stunning mountain and lake vistas that residents and millions of visitors enjoy.

Workforce AvailabilityLabor Force 350,472

Unemployment Rate 5.8%

Within a 30-minute drive of Downtown Mesa

Population 2,449,033

Households 918,892

Labor Force 1,890,619

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18Source: City of Tempe Economic Development

Mesa’s Large Employers:Banner Health System 9,573

Mesa Public Schools 8,770

Boeing 4,086

City of Mesa 3,715

Maricopa County Government 2,644

Maricopa Community College 1,951

Aviall Inc 842

Apple 700

Empire Southwest 585

Mountain Vista Medical Center 530

Salt River Project 505

TRW Vehicle Safety Systems 411

Special Devices 400

Workforce AvailabilityLabor Force 350,472

Unemployment Rate 5.8%

Within a 30-minute drive of Downtown Mesa

Population 2,449,033

Households 918,892

Labor Force 1,890,619

MESA BOASTS TWO AIRPORTS AND AN EXPANDING LIGHT RAIL SYSTEM THAT CAN CARRY UP TO 15,000 PEOPLE PER HOUR.

Market Access

Well Connected, Abundant Resources and Reliable Power

Mesa is a city on the move with an abundance of freeways, highways and state routes strategically located along

commerce corridors and current and future population centers. Freeways ease traffic congestion—the 101 along

Mesa’s west border and the Loop 202 circling the interior of Mesa. US 60 and SR 87 intersect in Mesa and min-

utes away are Interstates 10, 17 and 8, plus state routes 51, 74, 85 and 88 linking Mesa to other Arizona markets,

California and Mexico.

Mesa Boasts Two Airports

Both Mesa Falcon Field Airport and Phoenix-Mesa Gateway Airport offer a diverse portfolio of aerospace, defense,

aviation and other high tech industries, plus the operations to support those such as MRO, cargo and R&D activi-

ties.

Light Rail

The arrival of METRO Light Rail in late 2008 ushered in a new era of transportation to the PhoenixMesa metro area.

Mesa City Council recently approved a three-mile extension with four additional station locations through Down-

town Mesa. The light rail extension began construction in 2013 and will be completed in 2016.

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By Bill Jabjiniak | Third Quarter 2016Our nation continues to see slow, but steady economic improvement with 1.1 percent real GDP growth in the first quarter of 2016.i Arizona’s growth continues to improve as well with employment increasing 2.6 percent, outpacing last year’s 2.0 percent.ii As the economy expands, so does the demand for office and industrial space for growing companies.

In the Phoenix-Mesa metro area vacancy rates are trending downward driving new speculative construction of office and industrial buildings. Currently, Mesa is seeing impressive activity as new speculative office and industrial space comes online. Centrica, a $20 million redevelopment project by Phoenix Rising converting 100,000 sq. ft. of vacant big box retail into Class A speculative office space in the Fiesta District, was snapped up within six months by international consumer finance company, Santander Consumer USA. January 2016, just two months later, the company began operations with expectations to employ more than 970 people over three years.

October 2015, National General Lender Services snatched up 70,000 sq. ft. of office space for 400 employees just as the space came online following major renovations converting it to Class A speculative space. More recently, Dexcom, a leading manufacturer of glucose monitoring systems, leased 180,000 sq. ft. of newly constructed industrial speculative space in the Broadway 101 Commerce Park for its 500 workers almost before it could hit the market. These three projects alone account for the absorption of more than 350,000 sq. ft. of speculative space. We expect this activity to continue as quality speculative industrial and office space hits the Mesa market. Here are highlights of a few new and forthcoming projects that come to mind.

West Mesa-Broadway 101 Commerce Park – Neighboring the Dexcom facility to the south is a new 64,000 sq. ft. industrial building that is complete and ready for tenant improvements.

Fiesta Corporate Campus- Nearby in the Fiesta District is the Fiesta Corporate Campus, another adaptive reuse project converting empty retail space into Class A speculative office space. The first building is 160,000 sq. ft. and is capable of housing as many as 1,300 employees. The forthcoming second building will be 100,000 sq. ft. of Class A space when renovations are complete.

Falcon District- New speculative space is planned for Mesa’s Falcon District in close proximity to one of the nation’s most active general aviation airports, Falcon Field Airport.

North Greenfield Rd.- Approximately 96,000 sq. ft. of speculative industrial space is planned northwest of the Airport along Greenfield Road just south of Loop 202.

Falcon Commerce Park- The Falcon Commerce Park, southeast of the Airport on Higley, expects to deliver more than 66,000 sq. ft. speculative industrial space by Q1 2017.

Riverview Area- Waypoint at Riverview – In northwest Mesa, nearby the new Chicago Cubs spring training facility and adjoining Mesa’s Riverview shopping district, Harvard Investments, in partnership with Lincoln Properties, just filled a brand new 108,000 sq. ft. building with American Traffic Solutions’ corporate headquarters, and has begun construction on an additional 152,000 sq. ft. speculative office building.

US 60 Corridor- Metro East Valley Commerce Center – Another speculative property of particular note is Metro East Valley Commerce Center located at the southwest corner of US 60 and Horne Avenue. This property recently came on line and consists of four industrial buildings totaling more than 349,000 sq. ft.

These projects are just a sampling of the opportunities that will be coming online in Mesa during the next 12 to 18 months. As the economy continues to strengthen we expect to see steady interest in these and other properties, especially in Mesa’s targeted employment centers.

Economic growth driving new speculative development activity in Mesa

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2944 N 44th St Suite 200Phoenix, Arizona 85018+1 602 955 4000

naihorizon.com

For More Information Contact:

Barbara Lloyd, CCIMSenior Vice President o +1 602 393 6731f +1 602 808 3959c +1 602 321 [email protected]

Lane G. NevilleSenior Vice Presidento +1 602 393 6726m +1 602 463 9105 f +1 602 808 5296 [email protected]

Logan CrumAssociateo +1 602 852 3417m +1 509 590 6917 f +1 602 852 3866 [email protected]