AMPHITHEATER RV PARK 203 NW 179th St • Ridgefield, WA 98642 · AMPHITHEATER RV PARK OFFERING SUMMARY §106 Units §Permits Paid and Issued - Shovel Ready §4.66 +/- Acres (202,989

AMPHITHEATER RV PARKAMPHITHEATER RV PARK203 NW 179th St • Ridgefield, WA 98642203 NW 179th St • Ridgefield, WA 98642

Offering Memorandum

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N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Confidentiality and DisclaimerThe 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & 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 YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

AMPHITHEATER RV PARKRidgefield, WAACT ID Y0210570

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01 Offering Summary Regional Map Local Map

Aerial Photo

Aerial Map

Site Plan

MARKET OVERVIEW 02 Market Analysis

Demographic Analysis

AMPHITHEATER RV PARK

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INVESTMENT

OVERVIEW


OFFERING SUMMARY

§ 106 Units

§ Permits Paid and Issued - Shovel Ready

§ 4.66 +/- Acres (202,989 SF)

§ On I-5 at the Clark County Event Center at the Fairgrounds and Amphitheater Entrance

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to present an opportunity to build and own a brand new, state of the art, RV and Storage Facility. Ideally located at the entrance of the Clark County Amphitheater and Fairgrounds right off Interstate 5. Site planning is completed and plans are approved for this development opportunity.

INVESTMENT OVERVIEW

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VITAL DATA

Total Price $2,500,000 Down Payment 100% / $2,500,000 Loan Type All Cash Lot Size 4.66 acre(s) Types of Ownership Fee Simple

REGIONAL MAP


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LOCAL MAP


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AERIAL PHOTO


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AERIAL MAP


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SITE PLAN


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MARKET

OVERVIEW

MARKET OVERVIEW

OVERVIEWVANCOUVER, WA

463K2016

POPULATION:

172K2016

HOUSEHOLDS:

37.82016

MEDIAN AGE:

$59,700 2016 MEDIAN

HOUSEHOLD INCOME:

DEMOGRAPHICS

U.S. Median:

37.7U.S. Median:

$57,2007.6%

Growth2016-2021*:

7.2%

Growth2016-2021*:

ECONOMY

METRO HIGHLIGHTS

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau


The Vancouver metro encompasses all of Clark County, Washington, and

is part of the Portland-Vancouver metro. The city itself is 9 miles from

downtown Portland. The local economy is characterized by the tax

environment as the state of Oregon has no sales tax and the state of

Washington levies no individual or corporate income taxes. This

depresses Vancouver's retail sector, though development of other types

of real estate thrives as Oregon has more rigid development laws.

PEACEHEALTHThe largest employer in the metro is PeaceHealth Southwest Washington Medical Center, employing more than 2,800 individuals.

FRED MEYERSuperstore chain Fred Meyer is a large source of employment in the region, providing 1,600 jobs.

PUBLIC SCHOOLSEvergreen Public Schools and Vancouver Public Schools employ roughly 4,650 staff and faculty across Clark County

§ The local economy is largely driven by nearby Portland as many Vancouver residents choose to commute into Portland, where there are more employment opportunities.

§ A median household income above the U.S. median has not translated into a homeownership rate greater than the national level. In Clark County, 64 percent of housing units are owner occupied, on par with the rest of the nation.

§ Enrollment at Washington State University Vancouver tops 3,400, providing the metro with a steady supply of renters and a college-educated workforce.

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MARKET OVERVIEW


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MANUFACTURED HOUSING RESEARCH NATIONAL REPORT

Investors Moving Inland From Coasts Amid Occupancy Gains In the Midwest

Growing demand for manufactured housing is lifting occupancies and rents for a 10th

consecutive year. The run-up in pricing of homes, condos and apartment rents is generating

renter interest in relatively affordable options in manufactured housing communities. In

particular, aging baby boomers seek communities located in warm climates with amenities

and recreational options. While newer, highly amenitized age-restricted communities in the

Sunbelt remain a top choice for older renters, many of these spaces are occupied to capacity.

Full occupancy at the newest properties pushes demand to smaller, older parks where lower

rents attract tenants. Some of these parks are now also starting to fill vacant spaces, some of

which include lot and new home rentals. A 15 percent increase in manufactured house

shipments last year shows the demand generated by all age groups. The majority of new

homes are delivered to the Southern region in markets from Texas to Florida. A recent rise in

renter demand in the Midwest region elevated shipments by more than 20 percent last year.

Vacancies in the Midwest have tumbled more than 300 basis points since peaking in 2012,

while rents have grown nearly 10 percent during the same time period. The need for spaces in

this region continues to grow at a fast pace. As home prices and apartment rents escalate,

another year of vacancy improvement in manufactured home communities will boost rents in

2017 while maintaining lower rates than other housing options.

2017 Manufactured Housing Outlook by Region

Tight supply and rising demand in the market will tighten vacancy in many areas.

Higher initial returns and a greater number of listings draw buyers from other regions.

Buyers will bid aggressively for quality properties, while value-add options will be sought.

Tight cap rates will make some buyers shift to smaller assets where amenities can be added.

Midwest: A market need for quality communities supported a large compression in vacancy, while rents increased at a fast pace. Initial yields are also above coastal metros, providing opportunities for investors seeking higher returns and value-add options, further elevating buyers’ interest.

South: Tied with the East for the second-lowest vacancy rate among regions, Southern markets also had the strongest rent growth. Average rents are above $550 per month in coastal Florida markets, while some Texas markets such as Austin inch closer to the $500 per month mark.

West: Rising demand for manufactured housing communities pushed vacancy to the lowest rate among the four regions at 6.5 percent. Strong fundamentals attract investors. Cap rates will remain tight along the coast, which already offers some of the lowest initial yields nationwide.

East: Growing demand and a 150-basis-point drop in vacancy last year foreshadows further improvement this year. Strengthening will be led by sub-8 percent vacancy in the Mid-Atlantic subregion, where rents will be maintained or grow slowly due to small, older properties being filled.

MARKET OVERVIEW


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Opportunities abound for buyers willing to look at smaller markets and older parks. Past years’ acquisitions

by institutional players and REITs have limited the number of active listings for five-star, age-restricted

Manufactured Housing Communities, boosting interest in other sites. Fierce competition for communities with

100 spaces or more heats up due to limited supply on the market. Meanwhile, a number of investors are

developing solutions to continue purchasing properties with fewer than 100 spaces. Upgrading existing park

infrastructure in older properties and adding popular amenities can produce dramatic upside. Additional

measures, such as more efficient property management, allow cap rates for traded communities to compress

further, particularly in key coastal markets. Yet, a new trend is emerging in inland markets, where dramatic

improvement in vacancies and rents provide a stronger potential for NOI growth. Investors seeking higher initial

yields increasingly target the Midwest, where returns are generally 100 to 500 basis points above coastal

communities depending on quality and location. After years of overlooking these markets, some investors target

the larger pool of listings in this part of the country amid improving fundamentals. Overall, yields will remain tight

with value-add locations in a variety of markets showing potential for cap rate compression nationwide but at a

more moderate pace than in prior years.

MARKET OVERVIEW


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§ Vacancy: Home price growth is maintained as employers expanded staffing levels in this subregion of the

East Coast. This dynamic supported a 270-basis-point drop in vacancy in 2016 to an average of 7.3 percent.

This is the third-lowest rate among subregions.

§ Rents: Tenant demand boosted rent in Baltimore to $607 per month, elevating the Mid-Atlantic average to

$367 per month. Raleigh rents averaged $393.

§ Vacancy: A 100-basis-point compression left vacancy at 8.3 percent in 2016. This is 250 basis points below

the 2010 level. The rate is particularly low in Long Island at 2.6 percent. New Hampshire posted the second-

lowest vacancy for the Northeast subregion at 4.4 percent.

§ Rents: The average monthly rent remains at $457 per month. Long Island posted monthly rents above $500

on average.


East Region

Northeast Trends

§ Cap Rates: Demand for assets in the Mid-Atlantic rose rapidly and cap rates compressed in step. Urban

assets trade in the 5 to 6 percent range, while rural properties exchange in the 10 to 15 percent area.

Northeast cap rate spreads compressed as more smaller properties changed hands.

§ Prices: Sales shifted from the Northeast to the Mid-Atlantic in 2016 to parks with fewer lots. As some of these

smaller properties sold, the average price per unit ticked slightly lower in the short-term to $27,300.

East Sales Trends

Mid-Atlantic Trends

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Datacomp-JLT

MARKET OVERVIEW


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§ Vacancy: The need for manufactured housing communities spaces expanded in 2016, pushing vacancy 150

basis points lower to 21 percent, below the five-year trend.

§ Rents: Rent advanced 2.2 percent, the largest increase in the past seven years, to an average of $378 per

month. Monthly rents rest above $400 in the Michigan markets of Ann Arbor, Detroit and Grand Rapids.

§ Vacancy: The subregion’s vacancy rate plummeted 200 basis points to 14.6 percent, the lowest rate since

2009 for the area. Vacancy was tightest in Minneapolis at 8.8 percent.

§ Rents: Average rent grew 2.6 percent annually to $395 per month. This follows a 2.9 percent gain in the prior

year.


Midwest Region

West North Central Trends

§ Cap Rates: Cap rates rose, ranging from 6 to 15 percent, as investors targeted a wider array of properties,

boosting transactions 50 percent.

§ Prices: Strong yields drew buyers into a variety of locations across the quality spectrum, pushing pricing up

11.4 percent annually to $25,500 per unit.

Midwest Sales Trends

East North Central Trends


MARKET OVERVIEW


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§ Vacancy: A need for rental space in manufactured home communities placed vacancy 50 basis points lower

to 8.3 percent. Florida markets along the Southeastern coast maintain tight rates in the 4 to 6 percent range.

§ Rents: Annual rent gains of 3.7 percent pushed average rent to $479 per month, the largest increase since

2009. Rents in Sarasota’s Manatee County rose 9 percent.

§ Vacancy: Robust job increases in the Southwest subregion supported a 220-basis-point fall in vacancy.

Vacancy rested at 6.2 percent at the end of 2016, the second-lowest level among all subregions. Shifts in the

energy sector have positively impacted this rate.

§ Rents: Average rent added 5.1 percent, the biggest improvement among subregions, to $413 per month.

Denton, Texas, grew the most at 6.6 percent.


South Region

Southwest Trends

§ Cap Rates: Accounting for a large share of trades, investors in the Southern region sought smaller assets with

a strong opportunity to renovate. Cap rates for all-age parks range from 8 to 10 percent, with smaller senior

communities garnering 7 percent. Prime coastal properties in Florida can exchange at initial yields near 5

percent. Assets in Texas can range up to 15 percent yields.

§ Prices: The number of trades grew by 38 percent and accounted for a large portion of deals nationwide.

Investor demand for a variety of properties pushed the price per unit up 5.1 percent to $28,700 last year.

South Sales Trends

Southeast Trends


MARKET OVERVIEW


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§ Vacancy: The Mountain subregion’s vacancy rate fell 240 basis points to 7.5 percent last year. The Denver

market posted a dramatic 370-basis-point decline to end vacancy at 4.0 percent last year.

§ Rents: Monthly rent grew 2.8 percent to $509, marking a ninth consecutive year of gains. The largest

subregion gain was in Salt Lake City at 9.5 percent.

§ Vacancy: The lowest vacancy among subregions was recorded in the Pacific, where the rate tightened 60

basis points to 2.9 percent. Vacancy was particularly tight in markets in Oregon and Washington, near 2

percent.

§ Rents: Rent advanced 3.3 percent to $527 per month, with gains above 10 percent in Salem and in the

Seattle market, which had the highest rent of $619.


West Region

Pacific Trends^

§ Cap Rates: Most trades occurred in the West. Properties in key areas can trade at 4 percent cap rates, while

smaller assets can yield between 7 and 15 percent, including park-owned homes/notes as part of returns.

§ Prices: Pricing inched 2.9 percent lower to $42,500 per unit as buyers moved down the quality spectrum,

trending higher in coastal markets.

West Sales Trends

Mountain Trends

^ Excludes CaliforniaSources: Marcus & Millichap Research Services; CoStar Group, Inc.; Datacomp-JLT

MARKET OVERVIEW


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Manufactured Housing Regions and Subregions

MARKET OVERVIEW


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Metro Performance

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2016 Experian

Created on November 2017

POPULATION 1 Miles 3 Miles 5 Miles§ 2021 Projection

Total Population 1,937 29,430 86,560

§ 2016 Estimate


§ 2010 Census


§ 2000 Census


§ Daytime Population

2016 Estimate 989 24,712 60,572

HOUSEHOLDS 1 Miles 3 Miles 5 Miles§ 2021 Projection

Total Households 752 11,233 32,010

§ 2016 Estimate


Average (Mean) Household Size 2.63 2.63 2.70

§ 2010 Census


§ 2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles§ 2016 Estimate

$250,000 or More 5.19% 4.02% 3.39%

$200,000 - $249,999 3.02% 2.94% 2.32%

$150,000 - $199,999 7.07% 7.75% 6.72%

$125,000 - $149,999 8.01% 8.61% 7.66%

$100,000 - $124,999 11.93% 11.64% 11.72%

$75,000 - $99,999 15.87% 16.27% 15.85%

$50,000 - $74,999 21.14% 20.39% 19.00%

$35,000 - $49,999 9.28% 10.61% 11.46%

$25,000 - $34,999 5.06% 6.42% 8.46%

$15,000 - $24,999 5.92% 6.29% 7.37%

Under $15,000 7.52% 5.05% 6.04%

Average Household Income $107,110 $102,452 $93,858

Median Household Income $76,326 $76,625 $71,818

Per Capita Income $41,626 $38,944 $34,561

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MAJOR EMPLOYERS

EMPLOYER # OF EMPLOYEES

Legacy Salmon Creek Hospital 700

Portland Plastics 500

Educational Service Dst 112 392

Hannah Motor Company 221

Legacy Health 208

Nordstrom 200

Target 200

Winco Foods 22 180

Pro Tech Industries Inc 160

Great West Casualty Company 150

Walmart 150

Northwest Natural Products Inc 140

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2016 Estimate Pop 1,756 27,060 80,785

2016 Census Pop 1,609 25,240 73,675

2016 Estimate HH 682 10,275 29,717

2016 Census HH 626 9,552 27,104

Median HH Income $76,326 $76,625 $71,818

Per Capita Income $41,626 $38,944 $34,561

Average HH Income $107,110 $102,452 $93,858

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS


Created on November 2017

POPULATION PROFILE 1 Miles 3 Miles 5 Miles§ Population by Age

0 to 4 Years 4.61% 4.86% 5.46%

5 to 14 Years 12.26% 13.58% 13.84%

15 to 17 Years 4.05% 4.64% 4.69%

18 to 19 Years 2.20% 2.63% 2.63%

20 to 24 Years 5.26% 5.16% 5.50%

25 to 29 Years 5.17% 4.62% 4.88%

30 to 34 Years 5.12% 4.93% 5.45%

35 to 39 Years 5.36% 5.50% 5.83%

40 to 49 Years 12.50% 13.93% 13.88%

50 to 59 Years 15.58% 15.84% 15.28%

60 to 64 Years 7.13% 7.30% 6.90%

65 to 69 Years 7.40% 6.51% 6.12%

70 to 74 Years 5.55% 4.29% 4.06%

75 to 79 Years 3.76% 2.77% 2.49%

80 to 84 Years 2.34% 1.75% 1.51%

Age 85+ 1.71% 1.70% 1.49%

Median Age 45.00 43.12 41.31

POPULATION PROFILE 1 Miles 3 Miles 5 Miles§ Population 25+ by Education Level

2016 Estimate Population Age 25+ 1,258 18,708 54,833

Elementary (0-8) 1.62% 1.27% 1.73%

Some High School (9-11) 5.00% 3.85% 4.47%

High School Graduate (12) 23.65% 18.92% 21.29%

Some College (13-15) 24.06% 27.60% 28.36%

Associate Degree Only 9.21% 10.25% 10.25%

Bachelors Degree Only 19.92% 23.29% 21.36%

Graduate Degree 14.90% 14.18% 12.07%

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IncomeIn 2016, the median household income for your selected geography is $76,326, compare this to the US average which is currently $54,505. The median household income for your area has changed by 22.43% since 2000. It is estimated that the median household income in your area will be $89,568 five years from now, which represents a change of 17.35% from the current year. The current year per capita income in your area is $41,626, compare this to the US average, which is $29,962. The current year average household income in your area is $107,110, compare this to the US average which is $78,425.

PopulationIn 2016, the population in your selected geography is 1,756. The population has changed by 48.31% since 2000. It is estimated that the population in your area will be 1,937.00 five years from now, which represents a change of 10.31% from the current year. The current population is 48.13% male and 51.87% female. The median age of the population in your area is 45.00, compare this to the US average which is 37.68. The population density in your area is 557.51 people per square mile.

HouseholdsThere are currently 682 households in your selected geography. The number of households has changed by 43.28% since 2000. It is estimated that the number of households in your area will be 752 five years from now, which represents a change of 10.26% from the current year. The average household size in your area is 2.63 persons.

EmploymentIn 2016, there are 573 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 65.38% of employees are employed in white-collar occupations in this geography, and 33.22% are employed in blue-collar occupations. In 2016, unemployment in this area is 4.77%. In 2000, the average time traveled to work was 24.00 minutes.

Race and EthnicityThe current year racial makeup of your selected area is as follows: 87.75% White, 1.11% Black, 0.17% Native American and 4.00% Asian/Pacific Islander. Compare these to US averages which are: 70.77% White, 12.80% Black, 0.19% Native American and 5.36% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 6.71% of the current year population in your selected area. Compare this to the US average of 17.65%.

PROPERTY NAME

MARKETING TEAM


HousingThe median housing value in your area was $323,444 in 2016, compare this to the US average of $187,181. In 2000, there were 403 owner occupied housing units in your area and there were 73 renter occupied housing units in your area. The median rent at the time was $811.


DEMOGRAPHICS

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DEMOGRAPHICS

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www.MarcusMillichap.com

Staci Walbridge

Associate

Portland OfficeTel: (503) 200-2021Fax: (503) 200-2010

[email protected]

Licenses: OR 201209083, WA 116534

P R E S E N T E D B Y

Documents

AMPHITHEATER RV PARK 203 NW 179th St • Ridgefield, WA 98642 · AMPHITHEATER RV PARK OFFERING SUMMARY §106 Units §Permits Paid and Issued - Shovel Ready §4.66 +/- Acres (202,989