RundleCRE Mobile Home Park Brokers We are pleased to present: Hill Top Mobile Home Park For Sale $1,050,000 A 23, 17 Permanent RV spaces, 12 apartments New Financing is Required and available to qualified buyer Cash on cash return 21.9% 5314 Sunset Hwy, Spokane, WA 99224 Presented By Eric Owens Please feel free to contact me for additional information EricOwens@RundleCRE.com Cell 805-710-2498 5319 SW Westgate Drive, Suite 232, Portland, OR 97221 Phone: 503-980-3512 FAX: 360-935-3512 11820 Northup Way, Suite E200, Bellevue, WA 98005 Phone: 425-996-0602 WWW.Rundle CRE .com
Rundle Commercial Real Estate Your financial future is the most important part of our business Hill Top Mobile Home Park 5314 Sunset Hwy, Spokane, WA 99224 22 space Mobile Home Park with 12 apartments and 17 permanent RV spaces Mobile Home Park Details: Hill Top Mobile Home Park is a park just off Hwy 2 in Spokane, Washington. It is along the corridor running to the Spokane airport and is in an area of Hotels that service the incoming traveler. The property directly next door to the park is a combination of long term parking and storage units, and is nicely maintained. The park is serviced by city sewer and 1 onsite well. Records suggest it was built in the early 1950’s . It is in good condition with the current owner having spent a lot of time and money renovating and maintaining the park over the last several years. Of the 12 apartments, 4 have been recently renovated and are quite nice. 22 Single wide spaces 1 Double Wide Spaces 17 RV Spaces (can accommodate a single wide home) 12 Apartments One 6 plex, 3 duplexes consisting of the following: One 2 bedroom apartment Five 1 bedroom apartments Six Studio Apartments Rent: Mobile Home Space $300 - $325 Apartments: Studios $375 One Bed $400-$525 Two Bed $700 Green Shop: $500 Approximately 30’X30’ with loft and cement floor. Parking: Most of the homes have space to park 1 car. There is visitor parking around the central loop and in the front near the entrance. There is a mowed meadow area in the back of the park for RV and boat storage. Park Entrance: The entrance to the park is very old pavement gravel off the highway and has quite a few potholes. Repaving this area would be a huge improvement to the park appearance.
Rundle CRE Mobile Home Park Brokers Shop: A large 30x40 shop is in the back of the park, which the current owner rents out to a car renovation business for $500 per month. Single to Double Wide Ratio: There are approximately 22 single wide homes and 1 Double wide. Also, there are 17 RV spaces and 12 apartments on the property. Tenant makeup: There are 2 families in the park and only one has children. The remaining tenants are at least 40 according to the seller. Space Sizes: The spaces seem to be very close together, it is doubtful that all spaces would be able to accommodate a double wide home. This should be verified. Sewer/Septic System: The system is made up of cement holding tanks which are pumped into the public sewer system. Tanks are located as follows: one 1500 gallon tank in the front of the property, 3 tanks in the center of the property, totaling approximately 6000 gallons and 2 tanks in the rear of the property for grey water, that are pumped into the public sewer system. The tanks in the front and center of the property were pumped by Lilac-City Septic in August of 2011. Presented By Eric Owens Please feel free to contact me for additional information EricOwens@RundleCRE.com Cell 805-710-2498 5319 SW Westgate Drive, Suite 232, Portland, OR 97221 Phone: 503-980-3512 FAX: 360-935-3512 11820 Northup Way, Suite E200, Bellevue, WA 98005 Phone: 425-996-0602 WWW.Rundle CRE .com
Rundle Commercial Real Estate Your financial future is the most important part of our business Hill Top Mobile Home Park Financials 5314 Sunset Hwy, Spokane, WA 99224 Income and Expenses Income: $232,920 Vacancy factor10% $ 23,292 *Takes into account 2 ready to rent apartments and RV movement Net Rental Income $209,628 Garbage: $ 7,300 Phone: $ 0 Cable: $ 0 Well Testing/Up-Keep: $ 3,000 Insurance: $ 5,000 Workers Comp: $ 0 Bookkeeping /Tax Prep $ 1,200 City of Spokane Sewer: $ 26,400 Electric: $ 2,500 Professional Management 4% $ 8,500 Onsite Management $ 5,000 Landscaping $ 6,000 Unknown number. Estimated amount Property Tax $ 13,000 Extra Maintenance items $ 3,500 Maintenance/repairs $ 12,000 Estimated Amount Total Expenses $ 93,400 NOI $116,228 CAP 11.1106% Financing Purchase Price: $1,050,000 30% Down Payment: $ 315,000 Loan: $ 735,000 NOI: $116,228 Mortgage Pmt ( 30 year @5%) $ 47,348 Cash On Cash Return on Investment: $69,000 21.90%
Rundle Commercial Real Estate Your financial future is the most important part of our business Hill Top Mobile Home Park Parking: Most of the homes have space to park 1 car. There is visitor parking around the central loop and in the front near the entrance. There is a mowed meadow area in the back of the park for RV and boat storage. The current owner tries to be very strict about parking and requires tenants to park in their own spaces. Information available upon request to qualified buyer: Rent Roll Title Trio Roads: The roads are paved in the high traffic areas and are gravel on the periphery roads. Many of the gravel areas had minor pot holes; owner was in process of filling these spots with new gravel. The front of the park has many pot holes at the entrance; repair of the roads would drastically improve the look and feel of the park. Water: The park is serviced by 1 class “A” well license #33327, which is maintained and tested regularly. It is permitted for 53 hook-ups and operates at that capacity. The owner has a tenant that helps service the well for $150 a month; he would like to continue doing this job. The well logs and test records are available for review at the Washington State Department of Health. Doh.wa.gov
Rundle Commercial Real Estate Your financial future is the most important part of our business Hill Top Mobile Home Park Well: The well has recently been tested and is in good condition. The owner has installed a new pump (5 year warranty) this past year improving the well and its function. The pump was installed by Fogle Pump & Supply and is at a depth of 336ft. Laundry room/Manager Office: The Laundry room is situated near the front of the park and shares the building with a small storage garage. The location of the garage area would make an ideal space for a manager’s office. There are 2 coin operated washing machines and 2 coin operated Dryers. They are all electric. Mailboxes: Every space has a locking mailbox which is covered by an overhanging roof on the back side of the laundry room. Apartments: 12 apartments (One 6 unit and 3 duplexes). All 3 of the apartment buildings had new, 40 year roofs put on in 2007. Additionally, most of the windows have been replaced with double pane vinyl windows. 2 of the 3 the duplexes have been recently renovated with one having granite countertops..see the photos above. The rest are currently rented. Each is individually metered for electric and the park pays for water, sewer and Garbage. Double Wide: There is a very nice double wide in the back of the property that overlooks the valley with an extensive deck and nice carport. Park Security: The park pays a tenant $150 per month to monitor the park in the evenings. The owner has stated that they have not had any issues at the park. I would replace this service with an on-site manager; cost is reflected in the expenses. Property Size: The park sits on 9.48 flat acres HOWEVER, the current owner is in the process of dividing off approximately 2.5 acres to keep. This will be done prior to the sale. The land that he is keeping has nothing to do with the park This property was a vacant lot prior to being developed into a MHP.
Hill Top Mobile Home Park 5314 Sunset Hwy, Spokane, WA 99224 Presented By Eric Owens Please feel free to contact me for additional information EricOwens@RundleCRE.com Cell 805-710-2498 5319 SW Westgate Drive, Suite 232, Portland, OR 97221 Phone: 503-980-3512 FAX: 360-935-3512 11820 Northup Way, Suite E200, Bellevue, WA 98005 Phone: 425-996-0602 WWW.Rundle CRE .com
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