Sommerville Almond Tree RV Park -...

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 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


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


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



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


Total Number of Spaces: 82

INCOME & EXPENSES

3




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


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



■ 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


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


Utilities

Paid By Meter Other

Water Landlord Well

Electric Landlord

Gas Landlord

Sewer Landlord Private System

Trash Landlord

Cable TV Landlord



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




AMENITIES

8




PROPERTY PHOTOS

9




PROPERTY PHOTOS

Local Map Regional Map

10




AREA MAPS

11




SITE PLAN


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


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



Year Built: 1987 GRM: 4.50



No. of Spaces: 82 Price/Space: $24,390

Year Built: 1990 CAP Rate: 10.60%

Offering Price: $2,000,000 GRM: 4.65


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





14





RECENT SALES







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








Sales Price: $625,000

15

RECENT SALES



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


Average Cap Rate


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



PRICE PER SPACE

1)

2)

3)

4)

5)

6)

7)


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



RECENT SALES MAP

COALINGA, CA

OFFERING MEMORANDUM


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

[email protected]/AndrewWhinery

Sommerville Almond Tree RV Park -...

Documents

Transcript of Sommerville Almond Tree RV Park -...