Oak Leaf marketing flyer - mobilehomeparkstore.com...Potential NOI $113,197 CAP 9.84 At the asking price of $1,150,000 Make an offer that works with the numbers….It will be considered.

RundleCRE Your financial future is the most important part of our business

5101 SW Lowell St. Portland, OR 97221 Phone 503-980-3512 FAX 360-935-3512

www.RundleCRE.com

FOR SALE: Oak Leaf Mobile Home Park 4556 NE Killingsworth, Portland, OR 97218

Owner will consider any and all offers.

Owner financing may be considered with approximately $600,000 down payment.

Oak Leaf Mobile Home Park. Seller may be willing to hold a contract with approximately $600,000

down and will look at ANY offer. This is an older park with some upside in filling the 6 vacant spaces

with either single wide mobile homes or RV’s for an additional income of $29,000. Manager has been

there for many years and would like to stay. There is a large home on the property that currently rents

for $1300. The streets were redone in approximately 2003 and many of the sewer and water lines have

been worked on.

Price: $1,150,000 Owner may carry with $600,000 down. Will consider any offer.

Financing options: Non conventional financing may be available at approximately 11%

Spaces: 34 spaces Plus one house

Vacant spaces: Currently there are 6 vacant spaces

Water & Sewer: City Water and City Sewer

Space Rent: $410 per month per space, includes WSG

Acres: 1.57 Acres

Zoning: R2h

Park Owned Homes: 9 Currently

Streets: Paved, repaved in 2003 approximately

Last rent increase was $15 March, 2009. There is a laundry facility and storage building on site. Park

owns the Laundry machines but a maintenance company collects money and keeps ½ for maintenance

agreement. Did major Sewer line repairs in 2008 and water repairs in 2009 and 2010.

What the park needs:

This park is a good solid park for low income tenants and there should be no vacancies. There is not any

local management overseeing the operations of the park, filling spaces, managing tenants, etc. With local

management the park would fill up and maintenance would be much more efficient. The current owner

is out of town and does not have the experience to run this park, spending too much money on plumbing

repairs and does not attempt to fill vacancies with any urgency.

Development Value:

The property is priced at $15 per square feet.

RundleCRE 503-980-3512

Oak Leaf MHP, Portland, OR

Income and Expenses: Gross Income 2009: $134,119

Expenses

Onsite Manager: $1,200 (+Free Rent)

Garbage Services 7,291

Insurance: 3,995

Electric 1,042

Property Taxes: 11,108

Materials and supplies: 2,484

Dues 467

Water/Sewer 36,576****************

Accountant: 833

Legal: 1,856

Total Expenses $58,314

NOI 75,805 CAP 6.59 At the asking Price of $1,150,000.

Owner will consider any and all offers

Capital Improvements 4,114 Replace Electric Pole in park

5,540 Repaired Plumbing Leaks 28,000 Replace some sewer lines

***************Since many repairs have been done to stop leaks the water bill has stabilized at

$2,392/month bringing the yearly bill to approximately $28,704, a net savings of $7,872.

Improved and filled Park:

Gross Income 2009: $134,119

Filled 6 spaces $ 29,520

Income Potential $163,639

Expenses: $58,314

Savings by stabilizing water $ 7,872

Expenses $50,442

Potential NOI $113,197 CAP 9.84 At the asking price of $1,150,000

Make an offer that works with the numbers….It will be considered.

Your financial future is the most important part of our business. 5101 SW Lowell St. Portland, OR 97221 Phone 503-980-3512 FAX 360-935-3512

www.RundleCRE.com