DINOSAUR, CO
OFFERING MEMORANDUM
BLUE MOUNTAIN VILLAGEMOBILE HOME PARK
The 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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP
AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Offering Process & Terms
1. The Blue Mountain Village Mobile Home Park in Dinosaur, Colorado is being offered by Valley Mortgage, Inc. as Debtor in Possession ("Valley Mortgage, Inc".), which is currently under the control of a court appointed Receiver (the "Receiver") and recently entered bankruptcy. With approval of the Bankruptcy Court, the Property will be sold free of any debt and in its “as-is” condition, with no post closing liabilities to the Seller. Terms shall be cash to Valley Mortgage Inc. through Escrow at Closing.
2. By accepting this Offering Memorandum, Prospective Buyers agree not to contact the Receiver without permission nor to circumvent Marcus & Millichap in any way. The Information in this Offering Memorandum shall be used for the sole purpose of evaluating the potential purchase of the Property and for no other purpose. Prospective Buyers shall not tour the property without permission, contact directly any persons concerning the Property, including, without limitation, the Receiver’s employees, the Receiver's counsel, management company, residents, or lenders.
3. Any transaction shall be negotiated and closed through Marcus & Millichap. All communications regarding a possible transaction, request for additional information, requests for tours of the property, and discussion or questions regarding the Property shall be submitted or directed to your Marcus & Millichap representative.
4. Valley Mortgage, Inc. specifically reserves the right to accept, to reject, or not to respond to any offer in its sole discretion for any reason or no reason, regardless of the offered price or terms. Valley Mortgage Inc. may respond to offers as they are received and/or notify interested parties of the Final Call Date for offers. All offers will be evaluated by the Receiver and the Bankruptcy Court and neither the Receiver nor Marcus & Millichap can predict how long this process will take, although efforts to respond as quickly as possible will be made. All sales are subject to approval of the Bankruptcy Court.
5. Valley Mortgage, Inc. shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered and approved by Valley Mortgage, Inc., and the Bankruptcy Court, and all conditions to Valley Mortgage, Inc.'s and Bankruptcy Court's obligations therein have been satisfied or waived.
6. At closing, Valley Mortgage Inc. shall issue a deed to the Buyer. According to the Moffat County Assessor, there is no record of Valley Mortgage Inc.'s ownership of the three manufactured homes located at the park. However, Valley Mortgage Inc., expects that the current proceedings in Bankruptcy Court will allow it to deliver clean title to all three manufactured homes to the Buyer. There will be no adjustment to the Purchase Price if Valley Mortgage Inc. is unable to clear title to all three manufactured homes through Bankruptcy Court proceedings.
SECTION ONE
...............................................PRICING & FINANCIAL ANALYSIS
SECTION TWO
..................................................PROPERTY DESCRIPTION
SECTION THREE...................................................RECENT SALES
SECTION FOUR
............................ON MARKET COMPARABLES
SECTION FIVE
...............................RENT COMPARABLES
SECTION SIX
......................DEMOGRAPHIC ANALYSIS
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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BLUE MOUNTAIN VILLAGEMOBILE HOME PARKDINOSAUR, CO
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Offering SummaryPrice $220,000
Down Payment 100% $220,000
Total Spaces 87
Price per Space $2,529
Spaces per Acre 7.3
Vacant Spaces 84
Vacant Park Owned Homes 3
Number of Rentals 3
Year Built 1982
Lot Size 11.93
Type of Ownership Fee Simple
VITAL DATA
CAP Rate - Current -1.68%
GRM - Current 10.19
Net Operating Income - Current ($3,691)
Total Return - Current -1.7% -$3,691
CAP Rate - Pro Forma -3.29%
GRM - Pro Forma 10.19
Net Operating Income - Pro Forma -$7,239
Total Return - Pro Forma -3.3% -$7,239
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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EXISTING FINANCINGLoan Type OtherCOMMENTS
See investment overview.
Financing
The Terms of the sale are cash at closing to the Seller. No Seller Financing is available. There are existing liens on the property,however, Valley Mortgage Inc., expects that the current proceedings in Bankruptcy Court will allow it to deliver clean title to the park itself and the three manufactured homes to the Buyer. There will be no adjustment to the Purchase Price if Valley Mortgage Inc. is unable to clear title to all three manufactured homes through Bankruptcy Court proceedings.
SPACE MIX SPACE RENT
$0
$100
$200
$300
$400
$500
$600
Park Owned Home
wned Home: 3%
Single Wide: 97
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Space Mix
Single Wide (SW) Double Wide (DW) Triple Wide (TW)
Recreational Vehicle (RV) Park Owned Home (POH) Travel Trailer (TT)
Other (O)
No. ofSpaces
SpaceType
CurrentRents
MonthlyIncome
Pro FormaRents
MonthlyIncome
84 Single Wide
3 Park Owned Home $600 $1,800 $600 $1,800
87 TOTAL $1,800 $1,800
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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COMMENTS
Current expense based on 10/27/2009 thru 3/31/2010 financial data annualized.(1) Pro forma real estate taxes = asking price X current county tax rate(2) Insurance estimated (now covered by receiver's blanket policy).Pro forma insurance = estimated + 10 percent; other pro forma expenses = annualized actual X 3 percent
Expenses
CURRENT PERSPACE
PRO FORMA PERSPACE
Real Estate Taxes (1) $2,293 $26 $2,199 $25
Insurance (2) 1,200 14 1,200 14
On-Site Management 8,460 97 9,306 107
Off-Site Management 314 4
Utilities
Total Utilities 182 2 200 2
Total Utilities 182 2 200 2
Repairs & Maintenance 1,896 22 2,085 24
General & Administrative 500 6 550 6
Reserves & Replacements 2,225 26
TOTAL EXPENSES $14,531 $167 $18,079 $208
% of EGI 134.0% 166.8%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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INCOME CURRENT PERSPACE
PRO FORMA PERSPACE
GROSS POTENTIAL RENT $21,600 $248 $21,600 $248
GROSS POTENTIAL INCOME $21,600 $248 $21,600 $248
Vacancy/Collection Allowance (% of GPR) (49.8%) 10,760 124 (49.8%) 10,760 124
EFFECTIVE GROSS INCOME $10,840 $125 $10,840 $125
Total Expenses $14,531 $167 $18,079 $208
% of EGI 134.0% 166.8%
NET OPERATING INCOME ($3,691) ($42) ($7,239) ($83)
COMMENTS
Current income based on 10/27/2009 thru 3/31/2010 annualized incomeThe receiver is not in possession of financial data prior to taking control of the property October 2009.
Income & Expenses
Total Number of Spaces: 87
No. ofSpaces
SpaceType
CurrentRents
MonthlyIncome
Pro FormaRents
MonthlyIncome
84 Single Wide
3 Park Owned Home $600 $1,800 $600 $1,800
87 Total $1,800 $1,800
ANNUALIZED OPERATING DATAINCOME CURRENT PRO FORMA
Gross Potential Rent $21,600 $21,600
Gross Potential Income $21,600 $21,600Less: Vacancy/Deductions 49.8% 10,760 49.8% 10,760Effective Gross Income $10,840 $10,840Less: Expenses 14,531 18,079Net Operating Income ($3,691) ($7,239)
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
801 Blue Mountain Road
Dinosaur, CO 81610
Price $220,000
Down Payment 100% $220,000
Number of Spaces 87
Price/Space $2,529
CAP Rate - Current -1.68%
CAP Rate- Pro Forma -3.29%
GRM - Current 10.19
GRM- Pro Forma 10.19
Year Built 1982
Lot Size 11.93
Spaces/Acre 7.3
Type of Ownership Fee Simple
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EXPENSESReal Estate Taxes (1) $2,293 $2,199Insurance (2) 1,200 1,200On-Site Management 8,460 9,306Off-Site Management 314
Total Utilities 182 200Total Utilities 182 200
Repairs & Maintenance 1,896 2,085General & Administrative 500 550Reserves & Replacements 2,225TOTAL EXPENSES $14,531 $18,079EXPENSES/SPACE $167 $208% of EGI 134.0% 166.8%
SCHEDULED INCOME
Financial Overview
BLUE MOUNTAIN VILLAGEMOBILE HOME PARKDINOSAUR, CO
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Blue Mountain Village is an 87-space manufactured housing
subdivision located in Dinosaur, Colorado. The park has 84 vacant
spaces. Dinosaur is in between Vernal, Utah, and Craig, Colorado on US
Hwy 40. The park is well positioned to house energy workers during
the next energy boom. Dinosaur is near the Dinosaur National Park as
well as the Flaming Gorge National Recreation Area. According to the
city, the park was completely occupied at one time. According to the
current on-site manager, any homes brought into the park need to be
placed on a concrete foundation. The offering includes land adjacent to
the park where an office and shop are found.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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INVESTMENT HIGHLIGHTS
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Only $2,850 per Space
Park in Good Condition
Individually Subdivided Lots
Below Replacement Cost
Lots For the Area Sell for Between$4,500 and $5,500
Investment Overview
There are currently three vacant park-owned homes at the park. According the park’s manager, who is a
licensed plumbing contractor, the spaces were inspected a year ago and at that time all of the utility
connections were tested and were in working order (subject to inspection by any potential buyer). The
roads, which have been dedicated to the city and have curbs and gutters, are in good condition. The park
is serviced by city water and sewer. The park has an office building, laundry facility, workshop and
signage. The park is in good condition.
Demand for housing in Dinosaur, in the absence of an active oil and gas exploration industry, is currently
low but could accelerate when the recession is over and energy exploration resumes. Based on sales
activity in 2008 and 2009, an investor selling the lots could possibly expect to sell them for approximately
$4,500 to $5,500 per lot, subject to prevailing market conditions. Potential buyers are encouraged to
investigate with the town if it might be possible to revert the park back to an unsubdivided, traditional
land-lease park. The spaces accommodate single wides. Double Wide homes would likely need to be set
on two lots. The park is currently under the control of Valley Mortgage Inc., as Debtor in Possession, and
any sale is subject to approval by the Bankruptcy Court. According to the Moffat County Assessor, there is
no record of Valley Mortgage Inc.'s ownership of the three manufactured homes located at the park.
However, Valley Mortgage Inc., expects that the current proceedings in Bankruptcy Court will allow it to
deliver clean title to all three manufactured homes to the Buyer. However, there will be no adjustment to
the Purchase Price if Valley Mortgage Inc. is unable to clear title to all three manufactured homes through
Bankruptcy Court proceedings.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Investment Overview
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THE OFFERINGProperty Blue Mountain Village Mobile HomeProperty Address 801 Blue Mountain Road
Dinosaur, CO 81610Type of Park All-Age
Space Size Breakdown All Single Wide
Current Home Size Breakdown Approximately 50'-60' x 100'
Assessor's Parcel Number R010450 or 135-131-00-008Zoning MHC Subdivision
SITE DESCRIPTIONNumber of Spaces 87Vacant Spaces 84Number of Rentals 3
Year Built 1982Lot Size 11.93Type of Ownership Fee Simple
Spaces/Acre 7.3Parking On-Site
Parking Ratio 1:1
Landscaping Minimal
Topography Gradually Sloping
Streets/Drainage Natural
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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UTILITIES
PAID BY METER OTHER
Water TenantElectric TenantGas Tenant
Sewer Tenant
Trash Tenant
Cable TV Tenant
Property Summary
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Q & A
Questions and Answers Concerning Blue Mountain Village MHP, Dinosaur, Colorado
1) How is the park managed? The park is managed by a local licensed plumbing contractor on behalf of Valley Mortgage, Inc.
2) Do RV’s occupy any of the spaces and are there any rental homes, repossessed homes, contract homes or evictions? There are no RV’s at the park. There are three currently vacant park-owned homes that are being offered for rent. The park-owned homes are being offered for rent for $600 per month. The residents renting homes from the park pay their water/sewer/trash costs directly to the providers. There are no contract homes or evictions.
3) How are utilities delivered? Water and Sewer lines are maintained by the park. The town provides water/sewer service. The water/sewer tap fees have been paid, but anyone who moves in a home would have to buy a water meter from the town before hooking into the water line. Electricity is delivered via underground lines. Most of the pedestals are in place but residents would have to buy a meter from Moon Lake Electric Association, located in Roosevelt, Utah, to get service. The manager does not know if the electric lines are aluminum or copper. The park does not offer natural gas service. Residents use propane tanks. Cable TV service is not offered in Dinosaur. Residents use satellite dishes to get cable TV channels.
4) What is the condition of the streets? The streets surrounding the park have been dedicated to the city and are paved and are in good condition.
5) How many parking spaces per lot? There is enough space to comfortably park one vehicle on each space.
6) How is mail delivered? Mail is received through post office boxes at the US Post Office in Dinosaur.
7) How is trash handled? A private trash service from Rangely, Colorado, provides individual trash receptacles to residents in Dinosaur and picks up about once-a-week.
8) What are water/sewer lines made of? The water lines are PVC and the water lines are polyethylene.
9) Are there any other structures at the park? Yes, there is a small approximately 10’ X 20’ office/laundry and an approximately 30 ‘x 30’ workshop.
10) Is there room to expand the park? Valley Mortgage Inc. owns approximately two adjoining acres that are not included in this offering but are available for sale separately. The land is undeveloped. Contact your Marcus & Millichap representative for details.
11) What is the typical lot size? The spaces are approximately 50’ - 60’ X 100’.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Property Photos
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Property Photos
OFFICE
SHOP
LOCAL MAP
REGIONAL MAP
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Area Maps
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Aerial Photo
BLUE MOUNTAIN VILLAGEMOBILE HOME PARKDINOSAUR, CO
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11.00
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Subject Townn'
CountryMHP
TheMeadows
MHP
RiverRanchVillageMHP
ColumbineMHP
StagecoachMHP
CedarPointeMHP
Avg 10.29%
AVERAGE GRM
0.00
1.00
2.00
3.00
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Subject Townn'
CountryMHP
TheMeadows
MHP
RiverRanchVillageMHP
ColumbineMHP
StagecoachMHP
CedarPointeMHP
Avg 4.93
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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AVERAGE CAP RATE
CAP Rate & GRM
AVERAGE PRICE/SPACE
$0
$4,000
$8,000
$12,000
$16,000
$20,000
$24,000
$28,000
$32,000
$36,000
$40,000
Subject Townn'
CountryMHP
TheMeadows
MHP
RiverRanchVillageMHP
ColumbineMHP
StagecoachMHP
CedarPointeMHP
Avg $19,922
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Price/Space
1
2
TOWN N' COUNTRY MHP
3105 Main Street
Alamosa, CO 81101
THE MEADOWS MHP
1107 Doris Lane
La Junta, CO 81050
COMMENTS
Offered through Marcus & Millichap. Closed with Seller Carryback Loan at 7.25%, 30 year Amortization, 10 year call. Priceincluded 23 Park-Owned Homes that were rented. NOI is adjusted for post closing property taxes and a 4% management fee.
COMMENTS
Offered through Marcus & Millichap. Price included 30 acres of vacant land and 22 park-owned homes. Offer had no financingcontingency but Buyer procured a loan. Sold through the Bankruptcy Court.
BLUE MOUNTAIN VILLAGE MOBILE HOME PARK
801 Blue Mountain Road
Dinosaur, CO 81610
SUBJECT PROPERTY
Close of Escrow: 9.30.10 Price/Space: $12,308
No. of Spaces: 65 CAP Rate: 10.10%
Year Built: 1970 GRM: 4.56
Sales Price: $800,000
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Close of Escrow: 8.4.10 Price/Space: $6,471
No. of Spaces: 102 CAP Rate: 11.69%
Year Built: 1972 GRM: 2.17
Sales Price: $660,000
No. of Spaces: 87 Price/Space: $2,529
Year Built: 1982 CAP Rate: -1.68%
Offering Price: $220,000 GRM: 10.19
Recent Sales
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5
COLUMBINE MHP
6292 Arapahoe Road
Boulder, CO 80303
STAGECOACH MHP
1901 Constitution Road
Pueblo, CO 81001
COMMENTS
Offered through Marcus & Millichap.
COMMENTS
Offered through Marcus & Millichap.
RIVER RANCH VILLAGE MHP
1109 Tyler AvenueKremmling, CO 80459
3
COMMENTS
Offered through Marcus & Millichap. Closed with Seller Carryback Loan at 47.8% down payment, 8.5% interest, 30 yearAmortization, 5 year call, no prepayment pentalty. Price included 8 Park-Owned Homes that were rented.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
Close of Escrow: 7.30.10 Price/Space: $42,115
No. of Spaces: 26 CAP Rate: 9.28%
Year Built: 1959 GRM: 8.12
Sales Price: $1,095,000
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Close of Escrow: 6.20.10 Price/Space: $16,667
No. of Spaces: 69 CAP Rate: 10.12%
Year Built: 1972 GRM: 3.65
Sales Price: $1,150,000
20
Close of Escrow: 4.15.10 Price/Space: $21,656
No. of Spaces: 157 CAP Rate: 10.01%
Year Built: 1973 GRM: 5.39
Sales Price: $3,400,000
Recent Sales
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8
CEDAR POINTE MHP
430 East 4th StreetCraig, CO 81625
6
COMMENTS
Marketed by Marcus & Millichap. No park-owned homes. City water/sewer. All single wides.
Close of Escrow: Price/Space: $0
No. of Spaces: CAP Rate:
Year Built: GRM:
Sales Price:
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
Close of Escrow: 11.10.2009 Price/Space: $20,313
No. of Spaces: 32 CAP Rate: 10.55%
Year Built: 1974 GRM: 5.70
Sales Price: $650,000
REC
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SALES
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Close of Escrow: Price/Space: $0
No. of Spaces: CAP Rate:
Year Built: GRM:
Sales Price:
Recent Sales
BLUE MOUNTAIN VILLAGEMOBILE HOME PARKDINOSAUR, CO
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Subject PropertyUte Village Mobile Home ParkPinetree Mobile Home ParkPenrose Mobile Home Park
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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On Market Comparables Map
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
Subject UteVillageMobileHomePark
PinetreeMobileHomePark
PenroseMobileHomePark
Avg 9.40%
AVERAGE GRM
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
Subject UteVillageMobileHomePark
PinetreeMobileHomePark
PenroseMobileHomePark
Avg 6.66
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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AVERAGE CAP RATE
CAP Rate & GRM
AVERAGE PRICE/SPACE
$0
$3,000
$6,000
$9,000
$12,000
$15,000
$18,000
$21,000
$24,000
$27,000
$30,000
Subject UteVillageMobileHomePark
PinetreeMobileHomePark
PenroseMobileHomePark
Avg $25,512
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Price/Space
1
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UTE VILLAGE MOBILE HOME PARK
100 Ute Avenue
Kiowa, CO 80117
PINETREE MOBILE HOME PARK
431 Lake Avenue
Grand Lake, CO 80447
COMMENTS
Offered through Marcus & Millichap.
COMMENTS
Offered through Marcus & Millichap.
BLUE MOUNTAIN VILLAGE MOBILE HOME PARK
801 Blue Mountain Road
Dinosaur, CO 81610
SUBJECT PROPERTY
Close of Escrow: Price/Space: $24,423
No. of Spaces: 78 CAP Rate: 9.11%
Year Built: 1987 GRM: 7.04
List Price: $1,905,000
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Close of Escrow: On Market Price/Space: $29,139
No. of Spaces: 18 CAP Rate: 9.01%
Year Built: 1972 GRM: 6.56
List Price: $524,500
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No. of Spaces: 87 Price/Space: $2,529
Year Built: 1982 CAP Rate: -1.68%
Offering Price: $220,000 GRM: 10.19
On Market Comparables
4
5
PENROSE MOBILE HOME PARK
620 Fourth StreetPenrose, CO 81240
3
COMMENTS
Offered through Marcus & Millichap. The income and expenses relating to the park-owned homes have been capitalized in theunderwriting.
Close of Escrow: Price/Space: $0
No. of Spaces: CAP Rate:
Year Built: GRM:
List Price:
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Close of Escrow: On Market Price/Space: $22,973
No. of Spaces: 37 CAP Rate: 10.09%
Year Built: 1975 GRM: 6.39
List Price: $850,000
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Close of Escrow: Price/Space: $0
No. of Spaces: CAP Rate:
Year Built: GRM:
List Price:
On Market Comparables
BLUE MOUNTAIN VILLAGEMOBILE HOME PARKDINOSAUR, CO
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Space Type No. of Spaces Rent Monthly Income
Single Wide 84
Park Owned Home 3 $600 $1,800
Total/Wtd. Avg. 87 $21 $1,800
SUBJECT PROPERTYTotal Spaces: 87Vacant Spaces: 84Year Built: 1982
BLUE MOUNTAIN VILLAGE MOBILE HOME PARK
801 Blue Mountain RoadDinosaur, CO 81610
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Rent Comparables
BLUE MOUNTAIN VILLAGEMOBILE HOME PARKDINOSAUR, CO
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LYSIS
Geography: 20 Miles
PopulationIn 2009, the population in your selected geography is 2,928. The population has changed by 7.19% since 2000. It isestimated that the population in your area will be 3,281 five years from now, which represents a change of 12.08% fromthe current year. The current population is 51.00% male and 49.00% female. The median age of the population in yourarea is 33.1, compare this to the US average which is 37.1. The population density in your area is 2.33 people per squaremile.
HouseholdsThere are currently 1,033 households in your selected geography. The number of households has changed by 5.53%since 2000. It is estimated that the number of households in your area will be 1,073 five years from now, whichrepresents a change of 3.81% from the current year. The average household size in your area is 2.65 persons.
Income
In 2009, the median household income for your selected geography is $48,294, compare this to the $US average whichis currently $53,684. The median household income for your area has changed by 22.02% since 2000. It is estimated thatthe median household income in your area will be $52,173 five years from now, which represents a change of 8.03%from the current year.
The current year per capita income in your area is $20,239, compare this to the $US average, which is $26,485. Thecurrent year average household income in your area is $55,626, compare this to the $US average which is $69,346.
Race & Ethnicity
The current year racial makeup of your selected area is as follows: 94.12% White, 1.74% Black, 1.72% Native Americanand 0.51% Asian/Pacific Islander. Compare these to US% averages which are: 73.92% White, 12.38% Black, 0.78%Native American and 4.41% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 8.76% of the currentyear population in your selected area. Compare this to the US% average of 15.61%.
Housing
The median housing value in your area was $70,695 in 2000, compare this to the $US average of $115,194 for the sameyear. In 2000, there were 698 owner occupied housing units in your area and there were 281 renter occupied housingunits in your area. The median rent at the time was $358.
EmploymentIn 2009, there are 1,435 employees in your selected area, this is also known as the daytime population. The 2000 Censusrevealed that 48.5% of employees are employed in white-collar occupations in this geography, and 51.5% are employedin blue-collar occupations. In 2009, unemployment in this area is 6.99%. In 2000, the median time traveled to work was9.3 minutes.
Demographic data © 2008 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Summary Report
Number of people living in a given area per square mile.
Demographic data © 2008 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Theme Low High
High 170 or more
Above Average 107 170
Average 68 107
Below Average 43 68
Low less than 43
Population Density
Population Density
The number of people employed in a given area per square mile.
Demographic data © 2008 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Theme Low High
High 82 or more
Above Average 52 82
Average 33 52
Below Average 21 33
Low less than 21
Employment Density
Employment Density
Average income of all the people 15 years and older occupying a single housing unit.
Demographic data © 2008 by Experian/Applied Geographic Solutions.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Theme Low High
High $138,692 or more
Above Average $87,370 $138,692
Average $55,040 $87,370
Below Average $34,673 $55,040
Low less than $34,673
Average Household Income
Average Household Income
Two-way, average daily traffic Traffic Count data © 2008 by TrafficMetrix. All rights reserved.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035
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Traffic Counts
OFFERING MEMORANDUM
DINOSAUR, CO
Offices Nationwidewww.MarcusMillichap.com
BLUE MOUNTAIN VILLAGE MOBILEHOME PARK
Exclusively Listed By:Exclusively Listed By:Exclusively Listed By:Exclusively Listed By:
Chris ChildChris ChildChris ChildChris ChildSenior AssociateSenior AssociateSenior AssociateSenior Associate
National Manufactured Home Communities GroupNational Manufactured Home Communities GroupNational Manufactured Home Communities GroupNational Manufactured Home Communities GroupSalt Lake City OfficeSalt Lake City OfficeSalt Lake City OfficeSalt Lake City OfficeTel: (801) 736-2622Tel: (801) 736-2622Tel: (801) 736-2622Tel: (801) 736-2622Fax: (801) 736-2610Fax: (801) 736-2610Fax: (801) 736-2610Fax: (801) 736-2610
[email protected]@marcusmillichap.comChristian.Child@marcusmillichap.comChristian.Child@marcusmillichap.comwww.marcusmillichap.com/ChrisChildwww.marcusmillichap.com/ChrisChildwww.marcusmillichap.com/ChrisChildwww.marcusmillichap.com/ChrisChild
License: UT: 5466127-AB00, WY: AB10759, ID: AB34806, CO:License: UT: 5466127-AB00, WY: AB10759, ID: AB34806, CO:License: UT: 5466127-AB00, WY: AB10759, ID: AB34806, CO:License: UT: 5466127-AB00, WY: AB10759, ID: AB34806, CO:EA40044605EA40044605EA40044605EA40044605