Idle Wheels MHP - MobileHomeParkStore.com...Insurance 2,700$ 3,155$ 1,649$ 3,811$ 2,227$ 3,850$ Workers Comp 737$ 1,263$ 1,463$ 1,741$ 777 Office Expense 243$ -$ 160$ -$ -$ 500$ Payroll

BAKERSFIELD, CA

Idle Wheels MHP

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.

BAKERSFIELD, CA

Idle Wheels MHP

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

Section 4 ON MARKET COMPARABLES

Section 5 RENT COMPARABLES

Section 6 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS

Idle Wheels MHP

Idle Wheels MHPBAKERSFIELD, CA

PRICING AND FINANCIAL ANALYSIS

1

Price $995,000

Down Payment 35% $350,000

Total Spaces 33

Price per Space $30,152

Spaces per Acre 16.85

Vacant Spaces 1

Vacant Park Owned Homes 9

Year Built 1960

Lot Size 1.96 acres

Type of Ownership Fee Simple

Vital Data

CAP Rate - Current 8.23%

GRM - Current 6.27

Net Operating Income - Current $81,880

Net Cash Flow After Debt Service - Current 11.5% / $40,330

Total Return - Current 14.2% / $49,846



Major Employers

CompanyLocal

Employees

Bcsd 1,449

US Post Office 1,260

County of Kern 1,226

Memorial Center 1,100

Human Services Dept 1,058

Kern County Superintendent of 1,000

SAN JOAQUIN COMMUNITY 850

Public Health Dept 833

Sherriffs Department 800

Walmart 742

Target 652

Narcotics Division 611

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. © 2015 W0090510 Marcus &Millichap. All rights reserved.

Demographics

1-Mile 3-Miles 5-Miles

2014 Total

Population15,432 84,691 221,993

2019 Total

Population15,490 87,889 229,890

2014 Total

Households5,810 30,574 74,810

2019 Total

Households5,832 31,814 77,680

Median HH Income $23,836 $35,430 $39,422

Per Capita Income

(based on Total $12,889 $18,749 $19,489

Average (Mean) HH

Income$33,856 $51,292 $57,221

OFFERING SUMMARY

Two Star, 32 Site, Plus 1,100 Square Foot Single Family

Residence and 500 Sq Ft Laundry and Storage Facility on

1.96 acres.

Suburban Location Located off a Main Arterial and

Freeway.

Direct Meter for Gas, Electric & Submetered Water with

Pass-Through for Trash & Sewer

One Vacant Site and Eight (8) Vacant POH.

All City Services

2 Bedroom 1 Bath Home with Office for On-Site Manager

Rehab & Resale of Existing Homes Upside.

Scheduled Income

No. of Space Current Monthly

23 Single-Wide $385 $8,855

1 Vacant Lot $385 $385

8 Vacant POH $385 $3,080

1 SFR $900 $900

33 Total $13,220

FIRST TRUST DEED

Loan Amount $645,000

Loan Type Proposed New

Interest Rate 5.0%

Amortization 30 Years

2

Annualized Operating Data

Income Current

Gross Potential Rent $158,640

Other Income $10,908

Gross Potential Income $169,548

Less: Vacancy/Deductions 14.2% / $22,500

Effective Gross Income $147,048

Less: Expenses $65,168

Net Operating Income $81,880

Net Cash Flow Before Debt $81,880

Debt Service $41,550

Debt Coverage Ratio 1.97

Net Cash Flow After Debt Service 11.5% / $40,330

Principal Reduction $9,516

Total Return 14.2% / $49,846


224 McCord Avenue

Bakersfield, CA 93308

Price $995,000

Down Payment 35% $350,000

Number of Spaces 33

Price/Space $30,152

CAP Rate - Current 8.23%

GRM - Current 6.27

Year Built 1960

Lot Size 1.96 acres

Spaces/Acre 16.85

Type of Ownership Fee Simple


Location

Financing ExpensesReal Estate Taxes $11,503

Insurance $3,850

Salaries $6,000

Advertising $100

Electric $800

Water $3,500

Trash $5,400

Other Utilities $5,600

Total Utilities $15,300

Bank Service Charges $100

Dues & Subscriptions $350

Fees $2,500

Worker's Comp $1,500

Office Expenses $500

Payroll Fees $1,000

Payroll Taxes $500

Legal Fees $3,000

Total Other Expenses $18,965

TOTAL EXPENSES $65,168

EXPENSES/SPACE $1,975

% of EGI 44.3%


Loan information is time sensitive and subject tochange. Contact your local Marcus & Millichap CapitalCorporation representative.

FINANCIAL OVERVIEW

The homes on sites 10, 15, 19, 22 & 32 are in the selling process and scheduled to close on or before September 30, 2015.

3



Existing Financing

Loan Type Other

Interest Rate 6.875%

Amortization 30

Lender Name Union Bank

Comments

Balance of the existing loan is $809,892, with a payment of $5,978 (P&I). The loan may be assumable with a pay down of

principal.


Proposed Financing

First Trust Deed

Loan Amount $645,000

Loan Type Proposed New

Interest Rate 5.0%

Amortization 30 Years

Debt Coverage Ratio 1.97

FINANCING

4




RENT ROLL

SP# RENT SP# RENT

1 $385.00 VPOH 30 $385.00

2 $385.00 31 $385.00

3 $385.00 32 $385.00 VPOH

4 $385.00 33 $900.00 M/SFR

5 $385.00

6 $385.00

7 $385.00 SP# RENT

8 $385.00 33 $13,220.00

9 $385.00

10 $385.00 VPOH V Vacant (9 @ $3,465)

11 $385.00 M Manager (1 @ $900)

12 $385.00

13 $385.00 Seller w ill rehab homes on f ive sites

14 $385.00 and sell them prior to COE: 19, 32, 22, 10, 15

15 $385.00 VPOH

16 $385.00

17 $385.00 V LOT

18 $385.00

19 $385.00 VPOH

20 $385.00

21 $385.00

22 $385.00 VPOH

23 $385.00 VPOH

24 $385.00

25 $385.00

26 $385.00 VPOH

27 $385.00

28 $385.00

29 $385.00

TOTALS

5




HISTORICAL SPREADSHEET

2010 Actuals 2011 Actuals 2012 Actuals 2013 Actuals 2014 Actuals Broker Budget

Estimate

IncomeMH Site Rental Income 148,771$ 137,193$ 139,254$ 132,129$ 120,339$ 147,840$

SFR Rent -$ -$ -$ -$ -$ 10,800$ Trash -$ -$ -$ -$ -$ 5,652$

Sewer -$ -$ -$ -$ -$ 3,216$ Water -$ -$ -$ -$ -$ 2,040$

Laundry 228$ -$ -$ -$ 94$ -$ Vacancy -$ -$ -$ -$ -$ (22,500)$

Total Income 148,999$ 137,193$ 139,254$ 132,129$ 120,433$ 147,048$

ExpensesAdvertising 165$ -$ 75$ -$ 105$ 100$

Bank Service Charges 76$ 233$ 44$ 279$ 75$ 100$ Bookkeeping -$ -$ -$ -$ -$ -$

Dues & Subcriptions -$ 331$ 331$ 331$ -$ 350$ Fees 3,507$ 1,330$ 2,497$ 3,092$ 1,354$ 2,500$

Insurance 2,700$ 3,155$ 1,649$ 3,811$ 2,227$ 3,850$ Workers Comp 737$ 1,263$ 1,463$ 1,741$ 777$ 1,500$ Office Expense 243$ -$ 160$ -$ -$ 500$

Payroll Fees 1,013$ 1,004$ 891$ 644$ 1,070$ 1,000$ Payroll Reimbursed Expense -$ -$ -$ -$ 284$ -$

Payroll Taxes 551$ 770$ 498$ 183$ 670$ 500$ Postage -$ -$ -$ -$ 103$ -$

Legal Fees 4,959$ 5,734$ 1,000$ 3,583$ -$ 3,000$ Repairs & Maintenance 4,375$ 3,725$ 2,792$ 20,641$ 2,490$ 4,000$

Rent Tax -$ 44$ -$ -$ -$ -$ Salaries* 3,104$ 4,100$ 3,705$ -$ -$ 6,000$

Supplies Expense 1,282$ 2,663$ 1,146$ 1,446$ 1,416$ 2,000$ Property Taxes 14,788$ 15,678$ 15,892$ 16,863$ 17,784$ 11,503$

KCSWMP Land Use** -$ -$ -$ -$ -$ 2,188$ Sewer** -$ -$ -$ -$ -$ 5,275$

KMVCO Vector Assessment** -$ -$ -$ -$ -$ 2$ Gas -$ -$ -$ -$ 294$ -$

Telephone 2,170$ 1,671$ 1,985$ 2,148$ 1,511$ 2,000$ Wages -$ -$ -$ 1,107$ 2,540$ -$

Replacement & Reserves -$ -$ -$ -$ -$ 3,500$

Utilities:Electricity 697$ 775$ -$ 747$ 547$ 800$

Water 3,542$ 3,316$ -$ 4,656$ 4,573$ 3,500$ Trash 4,908$ 5,374$ 5,304$ 5,314$ 6,653$ 5,400$

Other Utilities - Park -$ -$ 5,534$ -$ -$ 5,600$ Total Utilities 9,147$ 9,465$ 10,839$ 10,718$ 11,772$ 15,300$

Total Expenses 48,816$ 51,167$ 44,968$ 66,586$ 44,472$ 65,168$

Net Operating Income 100,183$ 86,025$ 94,287$ 65,543$ 75,960$ 81,880$ * Manager no longer gets a salary. They are credited for the rent in the SFR of $950**The KSCWMP Land Use, Sewer charge and KMVCO Vector Assessment are billed on the property tax bill.

6


SPACE MIX


SPACE RENT

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

SW Vacant Lot Vacant POH SFR

SFR: 3%

Vacant POH: 24%

Vacant Lot: 3%

SW: 70%


Single-Wide (SW) Double-Wide (DW) Triple-Wide (TW)

Recreational Vehicle (RV) Park-Owned Home (POH) Travel Trailer (TT)

Other (O)

No. of

Spaces

Space

Type

Current

Rents

Monthly

Income

23 Single-Wide $385 $8,855

1 Vacant Lot $385 $385

8 Vacant POH $385 $3,080

1 SFR $900 $900

33 TOTAL $13,220

SPACE MIX

The homes on sites 10, 15, 19, 22 & 32 are in the selling process and scheduled to close on or before December 31, 2015.

7




Current

Per

Space

Real Estate Taxes $11,503 $349

Insurance $3,850 $117

Salaries $6,000 $182

Advertising $100 $3

Utilities

Electric $800 $24

Water $3,500 $106

Trash $5,400 $164

Other Utilities $5,600 $170

Bank Service Charges $100 $3

Dues & Subscriptions $350 $11

Fees $2,500 $76

Worker's Comp $1,500 $45

Office Expenses $500 $15

Payroll Fees $1,000 $30

Payroll Taxes $500 $15

Legal Fees $3,000 $91

Repairs & Maint. $4,000 $121

Supplies $2,000 $61

KCSWMP Land Use $2,188 $66

Sewer $5,275 $160

KMVCO Vector Assessment $2 $0

Telephone $2,000 $61

Replacements & Reserves $3,500 $106

TOTAL EXPENSES $65,168 $1,975

% of EGI 44.3%

EXPENSES

8



Income Current

Per

Space

GROSS POTENTIAL RENT $158,640 $4,807

Other Income

Utility Income

Water $2,040 $62

Trash $5,652 $171

Sewer $3,216 $97

Total Other Income $10,908 $331

GROSS POTENTIAL INCOME $169,548 $5,138

Vacancy/Collection Allowance (% of GPR) 14.2% / $22,500 $682

EFFECTIVE GROSS INCOME $147,048 $4,456

Total Expenses $65,168 $1,975

% of EGI 44.3%

NET OPERATING INCOME $81,880 $2,481


Total Number of Spaces: 33

INCOME & EXPENSES


PROPERTY DESCRIPTION

Idle Wheels is a 2 star, all age community built in the 1960's on 1.96 acres, the park has a density of 16.85 sites per acre. There are four (4) double-wide homes, twenty seven (27) single-wide homes and one (1) vacant site. The seller has five (5) resale homes scheduled to close by December 31, 2015. The site rents are $385. Gas and electric are directly billed, the water is submetered and the sewer and trash are passed through to the Residents. The Manager lives on-site in the 1,100 square foot two bedroom home which has an attached office. There is a Laundry Facility and Storage Area in a detached 500 square foot building.

The park has a decorative perimeter block wall and appealing entry on the Southern boundary facing McCord Street. There are two entry points and the traffic circulation is "U" shaped. The road surfaces are asphalt and are in fair to good condition with speed bumps throughout the park. Most of the sites have cement driveways and two car off street parking. There is some guest parking and vehicle storage on the west side of the park.

The electrical pedestals are 50-100 AMP service and the electric use is directly billed to the residents. The natural gas service is directly billed and the water is submetered. The sewer charge and trash pick up is a pass through to the residents. The water and sewer lines appear to be in good condition and a video inspection of the sewer and PSI/Flow testing of the water lines is always recommended as part of the physical inspection.

10

Investment Highlights



■ 32 site + 1,100 square foot SFR and 500 square foot Laundryand Storage Facility on 1.96 acres.

■ Suburban location located off main arterials and freeway.

■ Direct Metered for gas, electric & submetered water withpass through for trash & sewer.

■ One vacant site and Eight (8) Vacant POHs in therefurbishing state. Five (5) POHs in the sales process and arescheduled to close by December 31, 2015.

■ Expense load of $1,975 per site (44.32%) stabilized vacancyat 14.2% and NOI at $81,880. Projected cash flow return of11.52%

■ All City Services.

■ Two star, all age community.

■ Senior Park, 55+ until 2009


INVESTMENT OVERVIEW

The Oildale/McCord Street sub-market has many MHPs and the competition for residents is evident in the number of resale homes at Idle Wheels. The demand for homes is increasing and the resale of existing refurbished inventory has greater absorption that the incubation of vacant sites. The resale homes at Idle Wheels will sell quickly once they are refurbished to attract credit worthy residents. The park was originally senior and converted to all age in 2009. The all age conversion was necessary to maintain occupancy over the past five years.

Idle Wheels is listed at $30,152 per site at a 8.23 Cap with an expense load of $1,975 per site (44.32% of SGI). The property is positioned with new 65% financing at 5% and will yield a cash flow of 10% with 35% down.

11




INVESTMENT OVERVIEW

The Offering

Property Idle Wheels MHPProperty Address 224 McCord Avenue

Bakersfield, CA 93308Type of Park All-AgeRental Agreement Month-to-MonthRent Control NoAssessor's Parcel Number 11423042Zoning R2 (Medium Density Residential)

Site Description

Number of Spaces 33Vacant Spaces 1Number of Rentals 1,100 SF SFRYear Built 1960Lot Size 1.96 acresType of Ownership Fee SimpleSpaces/Acre 16.85Parking AmpleParking Ratio 2:1Capital Improvements Asphalt Streets & Street LightsFlood Plain Zone CLandscaping MatureTopography Generally Level

12


Utilities

Paid By Meter Other

Water Tenant Submetered Oildale Mutual Water

Electric Tenant Direct PG&E

Gas Tenant Direct PG&E

Sewer Tenant Pass Through Municipal

Trash Tenant Pass Through Varner Bros Inc.

Cable TV Tenant Direct AT&T



PROPERTY SUMMARY

Common Area Amenities

Unit Amenities

■ Laundry and storage facility (500 SF)

■ 1,100 Square-Foot 2 bedroom 1 bath with a separateoffice

■ Vehicle Storage Area adjoining the Laundry

■ Central Mail Boxes

■ All City Services

■ Direct Gas & Electricity

■ Cement Driveway with two car off street parking

■ Room for storage shed

■ Rehab & Resale of existing homes opportunity

■ Submetered water

13




AMENITIES

14




PROPERTY PHOTOS

Local Map Regional Map

15




AREA MAPS

16




SITE PLAN

17




AERIAL PHOTO


RECENT SALES

1)

2)

3)

4)

5)

6)

7)

8)

9)

10)

11)

12)

Idle Wheels MHP

Grandview Mobile Manor

Kennedy Flat

Westside MHP

Sawmill Road

M Street

Old Redwood

Porterville MHP

El Dorado Mobile Home Park

Norseman Mobile Home Park

North Star Mobile Home Park

Arbor Village Mobile Home

Community

Westbrook Mobile Home Park

19

RECENT SALES



RECENT SALES MAP

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

Subject 1 2 4 5 6 7 8 9 10 11 12

Average GRM

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

Subject 5 7 8 9 10 11 12

20

RECENT SALES


Average Cap Rate


CAP RATE AND GRM

Average Price per Space

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

$28,000

$32,000

$36,000

$40,000

$44,000

$48,000

Subject 1 2 3 4 5 6 7 8 9 10 11 12

21

RECENT SALES



PRICE PER SPACE

1

2

Grandview Mobile Manor

8562 C Avenue

Hesperia, CA 92345

Kennedy Flat

12594 Kennedy Flat Road

Jackson, CA 95642

Comments

Located on 5 acres in Hesperia. Approximately half double-wides and half single-wides with all double-wide spaces.

The park was built in two phases with 20 spaces in 1966 and 30 spaces in 1978. 10 sites per acre density.

Comments

Mobile Home Park is 5.010 AC & has 50 spaces. The park is on sewer & currently is in a no rent control area. The park

is located close to the Downtown area of Hesperia, with shopping nearby. 10 sites per acre density.

Idle Wheels MHP

224 McCord Avenue


Comments

2 star, all age park, Oildale location. One vacant site, nine vacant POH. 1.96 acres, 16.05 sites per acre. 1,100 square

foot SFR, 500 square foot Laundry.

Subject Property

Close of Escrow: 12/28/2012 Price/Space: $35,000

No. of Spaces: 50 CAP Rate: 8.93%

Year Built: 1968 GRM:

Sales Price: $1,750,000

22

RECENT SALES




Sales Price: $800,000


No. of Spaces: 33 Price/Space: $30,152

Year Built: 1960 CAP Rate: 8.23%

Offering Price: $995,000 GRM: 6.27


RECENT SALES

4

5

Sawmill Road

5393 Sawmill Road

Paradise, CA 95969

M Street

1328 M Street

Newman, CA 95360

Comments

Idlewild Mobile Estates is a lovely pride of ownership senior mobile home park consisting of 35 mobile home spaces an

2 RV spaces set on approximately 4.25 acres of land. There is a community club house building and laundry building.

8.7 sites per acre.

Comments

Last sold for $775,000 ($28.70/SF) on July 23, 2013. 1.41 acres, 19.14 spaces per acre.

Westside MHP

4209 W Rosamond Boulevard

Rosamond, CA 93560

3

Comments

13.34 acres, 9.52 sites per acre.

Close of Escrow: Under Price/Space: $43,243




23


No. of Spaces: 33 CAP Rate: N/A

Year Built: 1980 GRM: N/A


RECENT SALES




Year Built: 1952 GRM: 7.60



RECENT SALES

7

8

Porterville MHP

74 E Vandalia Avenue

Porterville, CA 93257

El Dorado Mobile Home Park9630 Highway 41

Lemoore, CA 93245

Comments

19 Unit Class B Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1965. Built on 1.91 acres the

park yields a 9.94 site per acre density.

Comments

108 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1963. Built on 20.05 acres

the park yields a 5.38 site per acre density.

Old Redwood

6070 Old Redwood Hwy

Penngrove, CA 94951

6

Comments

This is a bread and butter mobile home park sitting on a 3 acre lot. There are 34 mobile home spaces, 7 permanent R.V

spaces and a triplex. Total of 44 rents. There are 2 park owned Mobile homes which generate 2 more rents. 14.66 sites

per acre.









24

RECENT SALES







RECENT SALES

10

11

North Star Mobile Home Park

300-348 Petrol Road


Arbor Village Mobile Home Community

317 McCord Avenue


Comments

49 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1960. Built on 4.77 acres the


Comments


park yields an 14.65 site per acre density.

Norseman Mobile Home Park

39850 Road 16

Kingsburg, CA 93631

9

Comments











25

RECENT SALES







RECENT SALES

Westbrook Mobile Home Park

3513 W Clinton Avenue

Fresno, CA 93722

12

Comments

23 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building. Built on 3.21 acres the park yields a

7.16 site per acre density.





26

RECENT SALES



RECENT SALES


ON MARKET COMPARABLES

1)

2)

3)

4)

5)

6)

7)

Idle Wheels MHP

De Rancho Y Mobile Villa

Oakridge Mobile Home Park

Jesse James Trailer Park

Avanti Mobile Home Park

Meadows Mobile Home Park

Trail's End Mobile Home Park

Sierra View Mobile Home Park

28




ON MARKET COMPARABLES MAP

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Subject DeRancho

YMobileVilla

OakridgeMobileHomePark

JesseJamesTrailerPark

AvantiMobileHomePark

MeadowsMobileHomePark

Trail'sEnd

MobileHomePark

SierraView

MobileHomePark

Average GRM

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Subject DeRancho

YMobileVilla



Trail'sEnd

MobileHomePark

SierraView

MobileHomePark

29




Average Cap Rate

CAP RATE AND GRM

Average Price per Space

$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

$21,000

$24,000

$27,000

$30,000

$33,000

Subject DeRancho

YMobileVilla



AvantiMobileHomePark

MeadowsMobileHomePark

Trail'sEnd

MobileHomePark

SierraView

MobileHomePark

30




PRICE PER SPACE

1

2

De Rancho Y Mobile Villa

6201 Wible Road


Oakridge Mobile Home Park

657 Lebec Road

Lebec, CA 93243

Comments

All age, family mobile home park in Southwest Bakersfield. Close to shopping and the auto mall. 9 acres 391,604 S.F.,

10 units per acre.

Comments



Idle Wheels MHP

224 McCord Avenue


Comments

2 star, all age park, Oildale location. One vacant site, nine vacant POH. 1.96 acres, 16.05 sites per acre. 1,100 square

foot SFR, 500 square foot Laundry.

Subject Property

Close of Escrow: On Market Price/Space: $20,300



List Price: $4,060,000

31







No. of Spaces: 33 Price/Space: $30,152

Year Built: 1960 CAP Rate: 8.23%

Offering Price: $995,000 GRM: 6.27



4

3

5

Avanti Mobile Home Park535 W Atkins Avenue

Ridgecrest, CA 93555

Meadows Mobile Home Park

16 Ohio Drive


Comments

This 1.5 star all age park has 38 spaces and 1 stick built home. There is no rent control in the town of Ridgecrest. 15.7

space per acre site density.

Comments

Property is a mobile home park that consist of 25 spaces, 1 laundry room and a duplex. The duplex is 1000 square-

foot and the laundry room is 150 sqft. 24.1 site per acre site density.

Jesse James Trailer Park

316 Cypress Lane

Wofford Heights, CA 93285

Comments

Beautiful Lakeside park with lovely views near the lake and marina. This unique mountain lake hideaway is

unobstructed in its approach to the lake. Just a short stroll to the beach. 9.23 sites per acre density.




List Price: $595,000

32









Year Built: GRM: N/A




7 Sierra View Mobile Home Park109 N E Street

Porterville, CA 93257

Comments



Trail's End Mobile Home Park541 E H Street

Tehachapi, CA 93561

6

Comments

Well Maintained and Recently Upgraded at $300K Potential for More Permanent Coaches Long Term

Ownership/Potential for Aggressive Owner Potential 10.20 Cap on 85% Occupancy. Built on 3.58 acres the park yields

a 20.39 site per acre density.









33






RENT COMPARABLES

1)

2)

3)

4)

Idle Wheels MHP

Orange Grove

Sycamore Mobile

Riverdale Village

Smoke Tree Mobile Estates

35

RENT COMPARABLES



RENT COMPARABLES MAP

0

50

100

150

200

250

300

350

400

450

500

Subject OrangeGrove

SycamoreMobile

RiverdaleVillage

SmokeTree

MobileEstates

36

RENT COMPARABLES


AVERAGE RENTS - SINGLE-WIDE


OCCUPANCY AND AVERAGE RENTS

Comments

Water and Trash included in rent

Comments

Water and Trash included in rent

Space Type No. of Spaces Rent Monthly Income

Single-Wide 23 $385 $8,855

Vacant Lot 1 $385 $385

Vacant POH 8 $385 $3,080

SFR 1 $900 $900

Total/Wtd. Avg. 33 $401 $13,220

Comments

2 star, all age park, Oildale location. One vacant site, nine vacant POH. 1.96 acres, 16.05 sites per acre. 1,100 square-foot SFR, 500

square foot Laundry.

Subject Property

1

2

Total Spaces: 33

Vacant Spaces: 1

Year Built: 1960

Idle Wheels MHP

224 McCord Avenue


Total Spaces: 48

Vacant Spaces:

Year Built:

Total Spaces: 19

Vacant Spaces:

Year Built:

Orange Grove

510 Roberts Lane


Sycamore Mobile

327 Beardsley Avenue


37

RENT COMPARABLES


Single-Wide 48 $240 $11,520

Total/Wtd. Avg. 48 $240 $11,520



Single-Wide 19 $310 $5,890

Total/Wtd. Avg. 19 $310 $5,890


RENT COMPARABLES

Riverdale Village

811 Roberts Lane


Smoke Tree Mobile Estates

4401 Hughes Lane


3

4

Comments

Water, Trash and Sewer included in rent.

Comments

Trash, Sewer and Water included in rent.

38

Total Spaces: 334

Vacant Spaces:

Year Built:

RENT COMPARABLES


Total Spaces: 202

Vacant Spaces:

Year Built:


RENT COMPARABLES


Single-Wide 334 $410 $136,940

Total/Wtd. Avg. 334 $410 $136,940


Single-Wide 202 $471 $95,142

Total/Wtd. Avg. 202 $471 $95,142


DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 14,551 73,399 194,295

2010 Population 15,035 81,877 216,065

2014 Population 15,432 84,691 221,993

2019 Population 15,490 87,889 229,890

2000 Households 5,745 26,889 66,450

2010 Households 5,587 29,131 71,874

2014 Households 5,810 30,574 74,810

2019 Households 5,832 31,814 77,680

2014 Average Household Size 2.62 2.74 2.93

2014 Daytime Population 4,105 54,449 99,964

2000 Owner Occupied Housing Units 34.97% 43.67% 49.93%

2000 Renter Occupied Housing Units 53.93% 47.84% 42.74%

2000 Vacant 11.11% 8.49% 7.34%



2014 Vacant 10.24% 7.18% 6.27%



2019 Vacant 10.11% 7.00% 6.15%

$ 0 - $14,999 32.4% 21.2% 18.6%

$ 15,000 - $24,999 19.9% 15.5% 14.8%

$ 25,000 - $34,999 12.1% 12.8% 12.0%

$ 35,000 - $49,999 14.0% 14.2% 14.2%

$ 50,000 - $74,999 12.7% 15.7% 16.4%

$ 75,000 - $99,999 5.3% 9.4% 10.2%

$100,000 - $124,999 2.2% 5.4% 6.3%

$125,000 - $149,999 0.5% 2.4% 2.9%

$150,000 - $199,999 0.8% 2.0% 2.7%

$200,000 - $249,999 0.1% 0.6% 0.8%

$250,000 + 0.1% 0.9% 1.2%

2014 Median Household Income $23,836 $35,430 $39,422

2014 Per Capita Income $12,889 $18,749 $19,489

2014 Average Household Income $33,856 $51,292 $57,221

Demographic data © 2012 by Experian.

40




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2014, the population in your selected geography is 221,993. The population has changed by 14.25% since 2000. It is estimated

that the population in your area will be 229,890 five years from now, which represents a change of 3.55% from the current year. The

current population is 49.22% male and 50.77% female. The median age of the population in your area is 30.4, compare this to the

Entire US average which is 37.3. The population density in your area is 2,825.24 people per square mile.

Households

There are currently 74,810 households in your selected geography. The number of households has changed by 12.58% since 2000.

It is estimated that the number of households in your area will be 77,679 five years from now, which represents a change of 3.83%

from the current year. The average household size in your area is 2.93 persons.

Income

In 2014, the median household income for your selected geography is $39,422, compare this to the Entire US average which is

currently $51,972. The median household income for your area has changed by 30.60% since 2000. It is estimated that the median

household income in your area will be $45,569 five years from now, which represents a change of 15.59% from the current year.

The current year per capita income in your area is $19,489, compare this to the Entire US average, which is $28,599. The current

year average household income in your area is $57,220, compare this to the Entire US average which is $74,533.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 59.12% White, 6.69% Black, 0.12% Native American and 2.37%

Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and

5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 50.24% of the current year

population in your selected area. Compare this to the Entire US average of 17.13%.

Housing

In 2000, there were 35,801 owner occupied housing units in your area and there were 30,648 renter occupied housing units in your

area. The median rent at the time was $418.

Employment

In 2014, there are 99,964 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 50.96% of employees are employed in white-collar occupations in this geography, and 49.11% are employed in blue-collar

occupations. In 2014, unemployment in this area is 17.87%. In 2000, the average time traveled to work was 22.5 minutes.


41




SUMMARY REPORT

Number of people living in a given area per square mile.


42




POPULATION DENSITY

The number of people employed in a given area per square mile.


43




EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a

single housing unit.


44




AVERAGE HOUSEHOLD INCOME

Two-way, average daily traffic volumes.Traffic Count data © 2012 by TrafficMetrix. All rights reserved.

45




TRAFFIC COUNTS

* Traffic Count Estimate

BAKERSFIELD, CA

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www.MarcusMillichap.com

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