1 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.OFFERING MEMORANDUM
2 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
PROPERTY InformationLocated in the heart of the Central Coast wine country, this unique manufactured home community has recently been completed and is now 100% occupied. Gorgeous new homes have been leased at market rents in an area of extremely high barriers to entry and low vacancy rates. This asset operates similar to a multi-family property with 62 park owned homes and 4 legacy coaches paying ground rent.
Completed in 2018, construction of the project included all new infrastructure with new roads, utilities, lighting, signage, landscaping and fencing in addition to the 62 new manufactured homes.
Property Information
Address VALLEY GARDENS 2950 Mission Dr. Solvang, CA 93463
County Santa Barbara
APN 141-211-062
Project Description
• 66 home sites, 62 of which are park-owned homes leased at market rents• 4 Land leases (subject to rent control)• 2 car tandem parking per unit + storage units• Laundry Room/Office
Year Built Built in 2010, 2018
Occupancy 100%
Parcel Size 5.71 Acres
Zoning MHP
3 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
INVESTMENT SummaryWith new, modern manufactured homes this asset capitalizes on the strength of the multi-family asset class while offering a unique product to the community with stand-alone housing in a new development. Extremely low vacancy rates in the region together with the desirable housing product drives the high performance of this property.
Valley Gardens location adds to its housing demand with surrounding amenities including the adjacent El Rancho Market, the YMCA and Santa Ynez Valley High School across the street, Chumash Casino Resort one mile away, the towns of Santa Ynez and Solvang just down the road offering a variety of restaurants, drug stores, wineries, shops and grocers.
Investment SummaryPrice UNPRICED
Current Rents $ 1,189,252
Expenses 2020 Budget
$ 450,825
Proforma NOI $ 738,427
4 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
INCOME & 2020 Budgeted Expenses
IncomeAnnual Rent $ 1,189,252
ExpensesAdvertising $ 1,200Building Repairs $ 1,800Contract Cleaning $ 2,400Electricity/Cable $ 5,400Gas $ 900HVAC Maintenance $ 3,600Insurance $ 21,600Landscaping Maintenance $ 32,400Management - Onsite $ 12,000Management Fee 3% $ 35,142Maint./Turnover Repair $ 49,200Plumbing $ 1,200*Taxes (Est) $ 164,823Trash $ 18,000Water/Sewer $ 101,160Total Expenses $ 450,825
NOI = $ 738,427
* Assumes Reassessment
5 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
Space Bdrms/Baths Size SF Rent
1 1 BDRM + 1 BATH 35 ft 560 $ 1,275.002 1 BDRM + 1 BATH 35 ft 560 $ 1,375.003 1 BDRM + 1 BATH 35 ft 560 $ 1,450.004 1 BDRM + 1 BATH 35 ft 560 $ 1,325.005 1 BDRM + 1 BATH 35 ft 560 $ 1,375.006 1 BDRM + 1 BATH 35 ft 560 $ 1,340.007 1 BDRM + 1 BATH 35 ft 560 $ 1,325.008 1 BDRM + 1 BATH 35 ft 560 $ 1,325.009 1 BDRM + 1 BATH 35 ft 560 $ 1,325.00
10 Land -- $ 307.7011 1 BDRM + 1 BATH 35 ft 560 $ 1,325.0012 2 BDRM + 1 BATH 48 ft 768 $ 1,450.0013 2 BDRM + 1 BATH 48 ft 768 $ 1,550.0014 1 BDRM + 1 BATH 35 ft 560 $ 1,325.0015 2 BDRM + 1 BATH 48 ft 768 $ 1,450.0016 2 BDRM + 1 BATH 48 ft 768 $ 1,550.0017 2 BDRM + 1 BATH 48 ft 768 $ 1,450.0018 2 BDRM + 1 BATH 48 ft 768 $ 1,450.0019 2 BDRM + 1 BATH 48 ft 768 $ 1,425.0020 2 BDRM + 1 BATH 48 ft 768 $ 1,425.0021 2 BDRM + 1 BATH 48 ft 768 $ 1,425.0022 2 BDRM + 1 BATH 48 ft 768 $ 1,600.0023 2 BDRM + 1 BATH 48 ft 768 $ 1,575.0024 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0025 2 BDRM + 1 BATH 52 ft 832 $ 1,525.0026 2 BDRM + 1 BATH 52 ft 832 $ 1,495.0027 2 BDRM + 1 BATH 52 ft 832 $ 1,650.0028 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0029 2 BDRM + 1 BATH 52 ft 832 $ 1,600.0030 2 BDRM + 1 BATH 52 ft 832 $ 1,525.00 31 Land -- -- $ 346.7832 Land -- -- $ 352.1033 Land -- -- $ 357.80
RENT ROLL
Space Bdrms/Baths Size SF Rent
34 2 BDRM + 1 BATH 52 ft 832 $ 1,650.0035 2 BDRM + 1 BATH 52 ft 832 $ 1,650.0036 2 BDRM + 1 BATH 52 ft 832 $ 1,650.0037 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0038 2 BDRM + 1 BATH 52 ft 832 $ 1,650.0039 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0040 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0041 2 BDRM + 1 BATH 52 ft 832 $ 1,650.0042 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0043 2 BDRM + 2 BATH 60 ft 960 $ 1,945.0044 2 BDRM + 2 BATH 60 ft 960 $ 1,850.0045 2 BDRM + 2 BATH 60 ft 960 $ 1,850.0046 2 BDRM + 2 BATH 60 ft 960 $ 1,900.0047 2 BDRM + 2 BATH 60 ft 960 $ 1,895.0048 2 BDRM + 2 BATH 60 ft 960 $ 1,895.0049 2 BDRM + 2 BATH 60 ft 960 $ 1,850.0050 2 BDRM + 2 BATH 60 ft 960 $ 1,850.0051 2 BDRM + 2 BATH 60 ft 960 $ 1,900.0052 2 BDRM + 2 BATH 60 ft 960 $ 1,850.0053 2 BDRM + 2 BATH 60 ft 960 $ 1,900.0054 2 BDRM + 2 BATH 60 ft 960 $ 1,895.0055 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0056 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0057 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0058 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0059 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0060 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0061 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0062 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0063 2 BDRM + 1 BATH 52 ft 832 $ 1,550.0064 2 BDRM + 1 BATH 52 ft 832 $ 1,600.0065 2 BDRM + 1 BATH 52 ft 832 $ 1,600.0066 2 BDRM + 1 BATH 52 ft 832 $ 1,550.00
Total Monthly Rent $ 99,104
Total Annual Rent $ 1,189,252
6 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
FOR SALE: VALLEY GARDENS COMMUNITY | 66 HOMES 2950 Mission Drive, Solvang, CA 93463
7 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
SPACE Plan
Valley Model - 2Bed/1Bath
Meadow Model - 1Bed/1Bath
Canyon Model - 2Bed/2Bath
Mountain Model - 2Bed/1Bath
Walking Path
Land Lease
8 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
PLAT Map
9 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
AMENITIES• Air Conditioning and Central Heat • Side by Side Refrigerator• Dishwasher• Gas Stove & Microwave• Stacked Washer & Dryer• Hardwood Cabinets• Nine Foot Ceiling Height
• Private Storage Shed • Two Car Private Parking• Front Balcony• Allergy Friendly Flooring• Green-belt and Walking Path• Guest Parking
10 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
Valley Gardens
Santa Ynez Valley High School
The Golden Inn & Village (Senior Living)
AREA Overview
11 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
NEARBY Attractions
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7 8
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32 Miles | 40 Min
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23
4
56
9
8
1011
Easy access to HighwaysConnecting to Los Angeles and San Francisco
32 miles to Santa Barbara 128 miles to Los Angeles300 Miles to San Francisco
Chumash Casino ResortSanta Ynez AirportYMCA El Rancho MarketSanta Ynez Cottage HospitalRite AidAlbertsons/ CVSCVS / New Frontiers MarketValley Fresh MarketGolden Inn and Village (senior living)Brothers Restaurant at the Red Barn
39 45
1 2
10
7
12 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
MARKET InformationMAJOR EMPLOYERS• Chumash Casino Resort • The Alisal Guest Ranch & Resort • Cottage Hospital • Hotel Corque • City of Solvang • Root 246 • Solvang Lutheran Home • Santa Ynez Valley High School• Valley Fresh Market • New Frontiers Market • Solvang School
EL RANCHO MARKETLocated adjacent to Valley Gardens and connected by a pedestrian gate, El Rancho market is one of the finest gourmet and natural markets serving the Central Coast. With a delicatessen, prepared foods, sushi bar, wine department and full service coffee bar, and, catering services.
SANTA YNEZ VALLEY UNION HIGH SCHOOLA California Distinguished School, located directly across the street from Valley Gardens. Santa Ynez Valley Union High school was founded in 1896. SYVUHS enjoys a long and rich tradition of excellence, and has 1,000 students enrolled.
SANTA YNEZ COTTAGE HOSPITALOpened in 1964 SYVCH provides 24-Hour emergency services, outpatient surgery to the Valley’s residents. Their newly renovated facilities include a Cardiac Rehabilitation Center, and a Physicians office Lease program that brings specialists to the area on a regular basis.
WINE COUNTRYThe Santa Ynez Valley produces some of the finest premium wines in the world. The Santa Barbara County wine industry has more than doubled in size since 1996. There are currently over 18,000 acres of grapevines and over 120 wineries producing over 1 million cases each year. The Santa Ynez wine country was popularized by move “Sideways” in 2004. Santa Ynez wine country is know for its Chardonnay and Pinot Noir but also produces Riesling, Sauvingnon Blanc, Syrah, Cabernet Sauvingnon and many other varietals.
GOLFThe area has several world class golf courses to choose from. Alisal River Course has 4 lakes which grace its beautiful terrain. La Purisma was the site for the LPGA qualifying round. Zaca Creek Golf Course offers a challenging 9-hole, par 29 layout with a nice view of the Santa Ynez River and the mountains. The new 18-hole, 7,000-yard Rancho San Marcos Golf Course was designed by Robert Trent Jones, Jr.
CHUMASH CASINOThe Chumash Casino Resort is located less than 1 mile away fromValley Gardens near Santa Ynez. The Casino is equipped with a 94,000sf of gaming area with slot machines and table games.• Over 3 million visitors annually • AAA Four Diamond Award• 320 Rooms • Grandstand Arena• Spa & heated rooftop pool • 5 Restaurants SOLVANG
Solvang is a beautiful city nestled in the Santa Ynez Valley of California and only two hours from Los Angeles, and 40 minutes from Santa Barbara. Orbitz has named Solvang as one of the “Top 5 US Domestic Destinations with International Flair.” Over 1 million people visit the city each year to experience the Northern European culture, cuisine, unique boutique shopping and wine tasting. The pedestrian-friendly village hosts three museums, 15 inns and hotels, a full-service guest ranch, wineries and tasting rooms, 30+ restaurants and bakeries, 150 retail shops and the Solvang Festival Theater.
13 The information contained herein has been obtained from sources that have been deemed reliable. While we have no reason to doubt its accuracy we do not guarantee it.
CLARICE CLARKEPrincipal O: 805.962.6700 x1102 C: 805.689.6036 [email protected] CalDRE #943106
STEVE LEIDERPrincipal O: 805.962.6700 x1103 C: 805.729.3634 [email protected] CalDRE #967865
DAVID HAYPrincipal O: 805.669.7100C: 805.245.9016 [email protected] CalDRE #01912130
FOR SALE: VALLEY GARDENS COMMUNITY | 66 HOMES 2950 Mission Drive, Solvang, CA 93463
www.ValleyGardensHomes.com