sommerville almond tree rv park -...
Post on 18-Mar-2020
1 Views
Preview:
TRANSCRIPT
COALINGA, CA
Sommerville AlmondTree RV Park
OFFERING MEMORANDUM
CONFIDENTIALITY AND DISCLAIMER
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.
COALINGA, CA
Sommerville Almond Tree RV Park
Marcus & 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 YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NON-ENDORSEMENT NOTICE
Section 1 PRICING AND FINANCIAL ANALYSIS
Section 2 PROPERTY DESCRIPTION
Section 3 RECENT SALES
TABLE OF CONTENTS
Sommerville Almond Tree RV Park
Sommerville Almond Tree RV ParkCOALINGA, CA
PRICING AND FINANCIAL ANALYSIS
Scheduled Income
No. of Space Current Monthly
82 RV $437 $35,834
82 Total $35,834
1
Annualized Operating Data
Income Current
Gross Potential Rent $430,008
Gross Potential Income $430,008
Effective Gross Income $430,008
Less: Expenses $218,034
Net Operating Income $211,974
Net Cash Flow Before Debt $211,974
Net Cash Flow After Debt Service 10.6% / $211,974
Total Return 10.6% / $211,974
PRICING AND FINANCIAL ANALYSIS
41191 South Glenn Avenue
Coalinga, CA 93210
Price $2,000,000
Down Payment 100.0% / $2,000,000
Number of Spaces 82
Price/Space $24,390
CAP Rate - Current 10.60%
GRM - Current 4.65
Year Built 1990
Lot Size 5.13 Acres
Spaces/Acre 16
Type of Ownership Fee Simple
Sommerville Almond Tree RV ParkCOALINGA, CA
Location
ExpensesReal Estate Taxes $22,084
Insurance $4,960
Wages & Salaries $43,500
Utilities $113,480
Repairs & Maintenance-Estimated $8,500
Bank Charges $6,890
Legal & Other Professional Fees $890
Internet $4,030
LIcenses & Permits $2,410
Manager Benefits $10,320
Telephone $900
Subscriptions $70
TOTAL EXPENSES $218,034
EXPENSES/SPACE $2,659
% of EGI 50.7%
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
FINANCIAL OVERVIEW
2
PRICING AND FINANCIAL ANALYSIS
Sommerville Almond Tree RV ParkCOALINGA, CA
Income Current
Per
Space
GROSS POTENTIAL RENT $430,008 $5,244
GROSS POTENTIAL INCOME $430,008 $5,244
EFFECTIVE GROSS INCOME $430,008 $5,244
Total Expenses $218,034 $2,659
% of EGI 50.7%
NET OPERATING INCOME $211,974 $2,585
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
Total Number of Spaces: 82
INCOME & EXPENSES
3
PRICING AND FINANCIAL ANALYSIS
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
Current
Per
Space
Real Estate Taxes $22,084 $269
Insurance $4,960 $60
Wages & Salaries $43,500 $530
Utilities $113,480 $1,384
Repairs & Maintenance-Estimated $8,500 $104
Bank Charges $6,890 $84
Legal & Other Professional Fees $890 $11
Internet $4,030 $49
LIcenses & Permits $2,410 $29
Manager Benefits $10,320 $126
Telephone $900 $11
Subscriptions $70 $1
TOTAL EXPENSES $218,034 $2,659
% of EGI 50.7%
EXPENSES
Sommerville Almond Tree RV ParkCOALINGA, CA
PROPERTY DESCRIPTION
Sommerville Almond Tree RV Park is an 82 space, all age RV community located in Coalinga, California. Situated on 5.13 acres, the property is located on S. Glenn Avenue and West Jayne Avenue, just West of Interstate 5.
The property is serviced by a private water and sewer system, in which the responsibility for the repairs and maintenance are shared between the current Owner and multiple land owners in the area. A new water tank has already been paid for by said owners and will be installed in the near future.
The park amenities include two outdoor swimming pools, two laundry rooms, pull-thru sites, WiFi Internet service at each site, lawn and picnic tables at each site, many satellite friendly sites, and wide access paved interior roads,
Coalinga is a full-service community with a high quality of life, low crime rates, and quality housing. Coalinga also has quality schools, a library, a museum, and many recreational facilities. Key community events include the Annual Horned Toad Derby. Annual 4th of July Fireworks Display, and Wham-O-Bass Hot Air Balloon Festival.
Nestled in the Pleasant Valley at the eastern edge of California’s Coastal Mountain Range, Coalinga is surrounded by hills and ranches. The City is near the southwestern tip of Fresno County. Monterey County lies to the west. Kings County sits to the east. The spectacular view of the Valley and surrounding hills is preserved with deliberate planning.
Coalinga is situated in Fresno County and home to a growing population of over 18,000 residents. Coalinga also serves as the regional retail center of western Fresno County with a K-Mart, Rite-Aid, Walgreens, and two major grocery stores. Major Employers include Pleasant Valley Prison, Harris Ranch Inn & Restaurant, Harris Feeding Company, West Hills Community College, and Coalinga State Hospital.
5
Investment Highlights
PROPERTY DESCRIPTION
Sommerville Almond Tree RV ParkCOALINGA, CA
■ One of the Nicest and Well Equipped RV Parksalong Interstate-5
■ Well-Maintained Property
■ 10.60% Cap Rate
■ Private Water & Sewer System
■ Built in the 1990s
■ Nightly, Weekly, and Monthly Rates
■ 82 Pull-Thru Sites
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
INVESTMENT OVERVIEW
The Offering
Property Sommerville Almond Tree RV ParkProperty Address 41191 South Glenn Avenue
Coalinga, CA 93210Type of Park All-AgeRental Agreement Daily, Weekly, MonthliesCurrent Home Size Breakdown RVRent Control NoneAssessor's Parcel Number 085-330-08SZoning AE40
Site Description
Number of Spaces 82Number of Rentals 0Year Built 1990Lot Size 5.13 AcresType of Ownership Fee SimpleSpaces/Acre 16Guest Parking YesLandscaping MatureTopography FlatStreets/Drainage Paved
6
PROPERTY DESCRIPTION
Utilities
Paid By Meter Other
Water Landlord Well
Electric Landlord
Gas Landlord
Sewer Landlord Private System
Trash Landlord
Cable TV Landlord
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
PROPERTY SUMMARY
Common Area Amenities
Unit Amenities
■ 2 Sparkling swimming pools (Adult/Kids)
■ AM-PM Store next to the park and a gas station
■ Full Hookups with 30/50amp at each pedastal
■ Every site has a lawn and picnic table
■ Exercise equipment at the adult pool
■ 2 Laundry rooms
■ Satellite friendly sites
■ WiFi
■ Surrounded by almond trees
■ Wide access paved interior roads
7
PROPERTY DESCRIPTION
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
AMENITIES
8
PROPERTY DESCRIPTION
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
PROPERTY PHOTOS
9
PROPERTY DESCRIPTION
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
PROPERTY PHOTOS
Local Map Regional Map
10
PROPERTY DESCRIPTION
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
AREA MAPS
11
PROPERTY DESCRIPTION
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
SITE PLAN
Sommerville Almond Tree RV ParkCOALINGA, CA
RECENT SALES
1
2
KRS RV Resort at Camp James
13801 Sierra Way
Kernville, CA 93238
Yosemite RV Resort
34094 Highway 41
Coarsegold, CA 93614
Sommerville Almond Tree RV Park
41191 South Glenn Avenue
Coalinga, CA 93210
Subject Property
Close of Escrow: 2015 Price/Space: $43,750
No. of Spaces: 80 CAP Rate: 8.30%
Year Built: 1965 GRM: N/A
Sales Price: $3,500,000
13
RECENT SALES
Close of Escrow: 2015 Price/Space: $11,163
No. of Spaces: 215 CAP Rate: 6.04%
Year Built: 1987 GRM: 4.50
Sales Price: $2,400,000
Sommerville Almond Tree RV ParkCOALINGA, CA
No. of Spaces: 82 Price/Space: $24,390
Year Built: 1990 CAP Rate: 10.60%
Offering Price: $2,000,000 GRM: 4.65
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
RECENT SALES
4
5
Blackstone RV Park
6494 N Blackstone Avenue
Fresno, CA 93710
Oceanside RV Park
1510 S Coast Hwy
Oceanside, CA 92054
Red Bluff RV Park
80 Chestnut Ave
Red Bluff, CA 96080
3
Close of Escrow: 2016 Price/Space: $45,213
No. of Spaces: 94 CAP Rate: 6.82%
Year Built: 1946 GRM: 7.20
Sales Price: $4,250,000
14
Close of Escrow: 2015 Price/Space: $15,714
No. of Spaces: 70 CAP Rate: 8.52%
Year Built: 1991 GRM: 3.70
Sales Price: $1,100,000
RECENT SALES
Sommerville Almond Tree RV ParkCOALINGA, CA
Close of Escrow: 2015 Price/Space: $69,784
No. of Spaces: 139 CAP Rate: 6.60%
Year Built: 1978 GRM: 8.90
Sales Price: $9,700,000
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
RECENT SALES
7 Country Hills RV Park
14711 Manzanita Road
Beaumont, CA 92223
River One RV Park
751 Oro Dam Boulevard West
Oroville, CA 95965
6
Close of Escrow: 2016 Price/Space: $26,829
No. of Spaces: 82 CAP Rate: 6.78%
Year Built: 1973 GRM: 3.89
Sales Price: $2,200,000
Close of Escrow: 2016 Price/Space: $22,321
No. of Spaces: 28 CAP Rate: 9.13%
Year Built: 1978 GRM: 4.73
Sales Price: $625,000
15
RECENT SALES
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
RECENT SALES
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 KRSRV
Resortat
CampJames
YosemiteRV
Resort
RedBluffRVPark
BlackstoneRVPark
OceansideRVPark
RiverOneRVPark
CountryHillsRVPark
Average GRM
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
Subject YosemiteRV
Resort
RedBluffRVPark
BlackstoneRVPark
OceansideRVPark
RiverOneRVPark
CountryHillsRVPark
16
RECENT SALES
Sommerville Almond Tree RV ParkCOALINGA, CA
Average Cap Rate
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
CAP RATE AND GRM
Average Price per Space
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
Subject KRSRV
Resortat
CampJames
YosemiteRV
Resort
RedBluffRVPark
BlackstoneRVPark
OceansideRVPark
RiverOneRVPark
CountryHillsRVPark
17
RECENT SALES
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
PRICE PER SPACE
1)
2)
3)
4)
5)
6)
7)
Sommerville Almond Tree RV Park
KRS RV Resort at Camp James
Yosemite RV Resort
Red Bluff RV Park
Blackstone RV Park
Oceanside RV Park
River One RV Park
Country Hills RV Park
18
RECENT SALES
Sommerville Almond Tree RV ParkCOALINGA, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0020301 Marcus &Millichap. All rights reserved.
RECENT SALES MAP
COALINGA, CA
OFFERING MEMORANDUM
Sommerville Almond Tree RV Park
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
Exclusively Listed By:
Andrew WhineryFirst Vice President Investments
Senior Director, National Manufactured Home Communities GroupSan Francisco Office
License: CA: 01482964Tel: (415) 625-2190Fax: (415) 963-3010
andrew.whinery@marcusmillichap.comwww.marcusmillichap.com/AndrewWhinery
top related