blue mountain village mobile home park

DINOSAUR, CO

OFFERING MEMORANDUM

BLUE MOUNTAIN VILLAGEMOBILE HOME PARK

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.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP

AGENT FOR MORE DETAILS.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services of Denver, Inc. © 2011 Marcus & Millichap R0200035

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Offering Process & Terms

1. The Blue Mountain Village Mobile Home Park in Dinosaur, Colorado is being offered by Valley Mortgage, Inc. as Debtor in Possession ("Valley Mortgage, Inc".), which is currently under the control of a court appointed Receiver (the "Receiver") and recently entered bankruptcy. With approval of the Bankruptcy Court, the Property will be sold free of any debt and in its “as-is” condition, with no post closing liabilities to the Seller. Terms shall be cash to Valley Mortgage Inc. through Escrow at Closing.

2. By accepting this Offering Memorandum, Prospective Buyers agree not to contact the Receiver without permission nor to circumvent Marcus & Millichap in any way. The Information in this Offering Memorandum shall be used for the sole purpose of evaluating the potential purchase of the Property and for no other purpose. Prospective Buyers shall not tour the property without permission, contact directly any persons concerning the Property, including, without limitation, the Receiver’s employees, the Receiver's counsel, management company, residents, or lenders.

3. Any transaction shall be negotiated and closed through Marcus & Millichap. All communications regarding a possible transaction, request for additional information, requests for tours of the property, and discussion or questions regarding the Property shall be submitted or directed to your Marcus & Millichap representative.

4. Valley Mortgage, Inc. specifically reserves the right to accept, to reject, or not to respond to any offer in its sole discretion for any reason or no reason, regardless of the offered price or terms. Valley Mortgage Inc. may respond to offers as they are received and/or notify interested parties of the Final Call Date for offers. All offers will be evaluated by the Receiver and the Bankruptcy Court and neither the Receiver nor Marcus & Millichap can predict how long this process will take, although efforts to respond as quickly as possible will be made. All sales are subject to approval of the Bankruptcy Court.

5. Valley Mortgage, Inc. shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered and approved by Valley Mortgage, Inc., and the Bankruptcy Court, and all conditions to Valley Mortgage, Inc.'s and Bankruptcy Court's obligations therein have been satisfied or waived.

6. At closing, Valley Mortgage Inc. shall issue a deed to the Buyer. According to the Moffat County Assessor, there is no record of Valley Mortgage Inc.'s ownership of the three manufactured homes located at the park. However, Valley Mortgage Inc., expects that the current proceedings in Bankruptcy Court will allow it to deliver clean title to all three manufactured homes to the Buyer. There will be no adjustment to the Purchase Price if Valley Mortgage Inc. is unable to clear title to all three manufactured homes through Bankruptcy Court proceedings.

SECTION ONE

...............................................PRICING & FINANCIAL ANALYSIS

SECTION TWO

..................................................PROPERTY DESCRIPTION

SECTION THREE...................................................RECENT SALES

SECTION FOUR

............................ON MARKET COMPARABLES

SECTION FIVE

...............................RENT COMPARABLES

SECTION SIX

......................DEMOGRAPHIC ANALYSIS


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BLUE MOUNTAIN VILLAGEMOBILE HOME PARKDINOSAUR, CO

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Offering SummaryPrice $220,000

Down Payment 100% $220,000

Total Spaces 87

Price per Space $2,529

Spaces per Acre 7.3

Vacant Spaces 84

Vacant Park Owned Homes 3

Number of Rentals 3

Year Built 1982

Lot Size 11.93

Type of Ownership Fee Simple

VITAL DATA

CAP Rate - Current -1.68%

GRM - Current 10.19

Net Operating Income - Current ($3,691)

Total Return - Current -1.7% -$3,691

CAP Rate - Pro Forma -3.29%

GRM - Pro Forma 10.19

Net Operating Income - Pro Forma -$7,239

Total Return - Pro Forma -3.3% -$7,239


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EXISTING FINANCINGLoan Type OtherCOMMENTS

See investment overview.

Financing

The Terms of the sale are cash at closing to the Seller. No Seller Financing is available. There are existing liens on the property,however, Valley Mortgage Inc., expects that the current proceedings in Bankruptcy Court will allow it to deliver clean title to the park itself and the three manufactured homes to the Buyer. There will be no adjustment to the Purchase Price if Valley Mortgage Inc. is unable to clear title to all three manufactured homes through Bankruptcy Court proceedings.

SPACE MIX SPACE RENT

$0

$100

$200

$300

$400

$500

$600

Park Owned Home

wned Home: 3%

Single Wide: 97


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Space Mix

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

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

Other (O)

No. ofSpaces

SpaceType

CurrentRents

MonthlyIncome

Pro FormaRents

MonthlyIncome

84 Single Wide

3 Park Owned Home $600 $1,800 $600 $1,800

87 TOTAL $1,800 $1,800


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COMMENTS

Current expense based on 10/27/2009 thru 3/31/2010 financial data annualized.(1) Pro forma real estate taxes = asking price X current county tax rate(2) Insurance estimated (now covered by receiver's blanket policy).Pro forma insurance = estimated + 10 percent; other pro forma expenses = annualized actual X 3 percent

Expenses

CURRENT PERSPACE

PRO FORMA PERSPACE

Real Estate Taxes (1) $2,293 $26 $2,199 $25

Insurance (2) 1,200 14 1,200 14

On-Site Management 8,460 97 9,306 107

Off-Site Management 314 4

Utilities

Total Utilities 182 2 200 2

Total Utilities 182 2 200 2

Repairs & Maintenance 1,896 22 2,085 24

General & Administrative 500 6 550 6

Reserves & Replacements 2,225 26

TOTAL EXPENSES $14,531 $167 $18,079 $208

% of EGI 134.0% 166.8%


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INCOME CURRENT PERSPACE

PRO FORMA PERSPACE

GROSS POTENTIAL RENT $21,600 $248 $21,600 $248

GROSS POTENTIAL INCOME $21,600 $248 $21,600 $248

Vacancy/Collection Allowance (% of GPR) (49.8%) 10,760 124 (49.8%) 10,760 124

EFFECTIVE GROSS INCOME $10,840 $125 $10,840 $125

Total Expenses $14,531 $167 $18,079 $208

% of EGI 134.0% 166.8%

NET OPERATING INCOME ($3,691) ($42) ($7,239) ($83)

COMMENTS

Current income based on 10/27/2009 thru 3/31/2010 annualized incomeThe receiver is not in possession of financial data prior to taking control of the property October 2009.

Income & Expenses

Total Number of Spaces: 87

No. ofSpaces

SpaceType

CurrentRents

MonthlyIncome

Pro FormaRents

MonthlyIncome

84 Single Wide

3 Park Owned Home $600 $1,800 $600 $1,800

87 Total $1,800 $1,800

ANNUALIZED OPERATING DATAINCOME CURRENT PRO FORMA

Gross Potential Rent $21,600 $21,600

Gross Potential Income $21,600 $21,600Less: Vacancy/Deductions 49.8% 10,760 49.8% 10,760Effective Gross Income $10,840 $10,840Less: Expenses 14,531 18,079Net Operating Income ($3,691) ($7,239)


801 Blue Mountain Road

Dinosaur, CO 81610

Price $220,000

Down Payment 100% $220,000

Number of Spaces 87

Price/Space $2,529

CAP Rate - Current -1.68%

CAP Rate- Pro Forma -3.29%

GRM - Current 10.19

GRM- Pro Forma 10.19

Year Built 1982

Lot Size 11.93

Spaces/Acre 7.3

Type of Ownership Fee Simple

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EXPENSESReal Estate Taxes (1) $2,293 $2,199Insurance (2) 1,200 1,200On-Site Management 8,460 9,306Off-Site Management 314

Total Utilities 182 200Total Utilities 182 200

Repairs & Maintenance 1,896 2,085General & Administrative 500 550Reserves & Replacements 2,225TOTAL EXPENSES $14,531 $18,079EXPENSES/SPACE $167 $208% of EGI 134.0% 166.8%

SCHEDULED INCOME

Financial Overview


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Blue Mountain Village is an 87-space manufactured housing

subdivision located in Dinosaur, Colorado. The park has 84 vacant

spaces. Dinosaur is in between Vernal, Utah, and Craig, Colorado on US

Hwy 40. The park is well positioned to house energy workers during

the next energy boom. Dinosaur is near the Dinosaur National Park as

well as the Flaming Gorge National Recreation Area. According to the

city, the park was completely occupied at one time. According to the

current on-site manager, any homes brought into the park need to be

placed on a concrete foundation. The offering includes land adjacent to

the park where an office and shop are found.


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INVESTMENT HIGHLIGHTS

8

Only $2,850 per Space

Park in Good Condition

Individually Subdivided Lots

Below Replacement Cost

Lots For the Area Sell for Between$4,500 and $5,500

Investment Overview

There are currently three vacant park-owned homes at the park. According the park’s manager, who is a

licensed plumbing contractor, the spaces were inspected a year ago and at that time all of the utility

connections were tested and were in working order (subject to inspection by any potential buyer). The

roads, which have been dedicated to the city and have curbs and gutters, are in good condition. The park

is serviced by city water and sewer. The park has an office building, laundry facility, workshop and

signage. The park is in good condition.

Demand for housing in Dinosaur, in the absence of an active oil and gas exploration industry, is currently

low but could accelerate when the recession is over and energy exploration resumes. Based on sales

activity in 2008 and 2009, an investor selling the lots could possibly expect to sell them for approximately

$4,500 to $5,500 per lot, subject to prevailing market conditions. Potential buyers are encouraged to

investigate with the town if it might be possible to revert the park back to an unsubdivided, traditional

land-lease park. The spaces accommodate single wides. Double Wide homes would likely need to be set

on two lots. The park is currently under the control of Valley Mortgage Inc., as Debtor in Possession, and

any sale is subject to approval by the Bankruptcy Court. According to the Moffat County Assessor, there is

no record of Valley Mortgage Inc.'s ownership of the three manufactured homes located at the park.

However, Valley Mortgage Inc., expects that the current proceedings in Bankruptcy Court will allow it to

deliver clean title to all three manufactured homes to the Buyer. However, there will be no adjustment to

the Purchase Price if Valley Mortgage Inc. is unable to clear title to all three manufactured homes through

Bankruptcy Court proceedings.


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Investment Overview

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THE OFFERINGProperty Blue Mountain Village Mobile HomeProperty Address 801 Blue Mountain Road

Dinosaur, CO 81610Type of Park All-Age

Space Size Breakdown All Single Wide

Current Home Size Breakdown Approximately 50'-60' x 100'

Assessor's Parcel Number R010450 or 135-131-00-008Zoning MHC Subdivision

SITE DESCRIPTIONNumber of Spaces 87Vacant Spaces 84Number of Rentals 3

Year Built 1982Lot Size 11.93Type of Ownership Fee Simple

Spaces/Acre 7.3Parking On-Site

Parking Ratio 1:1

Landscaping Minimal

Topography Gradually Sloping

Streets/Drainage Natural


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UTILITIES

PAID BY METER OTHER

Water TenantElectric TenantGas Tenant

Sewer Tenant

Trash Tenant

Cable TV Tenant

Property Summary


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Q & A

Questions and Answers Concerning Blue Mountain Village MHP, Dinosaur, Colorado

1) How is the park managed? The park is managed by a local licensed plumbing contractor on behalf of Valley Mortgage, Inc.

2) Do RV’s occupy any of the spaces and are there any rental homes, repossessed homes, contract homes or evictions? There are no RV’s at the park. There are three currently vacant park-owned homes that are being offered for rent. The park-owned homes are being offered for rent for $600 per month. The residents renting homes from the park pay their water/sewer/trash costs directly to the providers. There are no contract homes or evictions.

3) How are utilities delivered? Water and Sewer lines are maintained by the park. The town provides water/sewer service. The water/sewer tap fees have been paid, but anyone who moves in a home would have to buy a water meter from the town before hooking into the water line. Electricity is delivered via underground lines. Most of the pedestals are in place but residents would have to buy a meter from Moon Lake Electric Association, located in Roosevelt, Utah, to get service. The manager does not know if the electric lines are aluminum or copper. The park does not offer natural gas service. Residents use propane tanks. Cable TV service is not offered in Dinosaur. Residents use satellite dishes to get cable TV channels.

4) What is the condition of the streets? The streets surrounding the park have been dedicated to the city and are paved and are in good condition.

5) How many parking spaces per lot? There is enough space to comfortably park one vehicle on each space.

6) How is mail delivered? Mail is received through post office boxes at the US Post Office in Dinosaur.

7) How is trash handled? A private trash service from Rangely, Colorado, provides individual trash receptacles to residents in Dinosaur and picks up about once-a-week.

8) What are water/sewer lines made of? The water lines are PVC and the water lines are polyethylene.

9) Are there any other structures at the park? Yes, there is a small approximately 10’ X 20’ office/laundry and an approximately 30 ‘x 30’ workshop.

10) Is there room to expand the park? Valley Mortgage Inc. owns approximately two adjoining acres that are not included in this offering but are available for sale separately. The land is undeveloped. Contact your Marcus & Millichap representative for details.

11) What is the typical lot size? The spaces are approximately 50’ - 60’ X 100’.


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Property Photos


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Property Photos

OFFICE

SHOP

LOCAL MAP

REGIONAL MAP


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Area Maps


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Aerial Photo


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11.00

12.00

Subject Townn'

CountryMHP

TheMeadows

MHP

RiverRanchVillageMHP

ColumbineMHP

StagecoachMHP

CedarPointeMHP

Avg 10.29%

AVERAGE GRM

0.00

1.00

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7.00

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Subject Townn'

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TheMeadows

MHP


ColumbineMHP

StagecoachMHP

CedarPointeMHP

Avg 4.93


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AVERAGE CAP RATE

CAP Rate & GRM

AVERAGE PRICE/SPACE

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

$28,000

$32,000

$36,000

$40,000

Subject Townn'

CountryMHP

TheMeadows

MHP


ColumbineMHP

StagecoachMHP

CedarPointeMHP

Avg $19,922


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Price/Space

1

2

TOWN N' COUNTRY MHP

3105 Main Street

Alamosa, CO 81101

THE MEADOWS MHP

1107 Doris Lane

La Junta, CO 81050

COMMENTS

Offered through Marcus & Millichap. Closed with Seller Carryback Loan at 7.25%, 30 year Amortization, 10 year call. Priceincluded 23 Park-Owned Homes that were rented. NOI is adjusted for post closing property taxes and a 4% management fee.

COMMENTS

Offered through Marcus & Millichap. Price included 30 acres of vacant land and 22 park-owned homes. Offer had no financingcontingency but Buyer procured a loan. Sold through the Bankruptcy Court.

BLUE MOUNTAIN VILLAGE MOBILE HOME PARK


Dinosaur, CO 81610

SUBJECT PROPERTY

Close of Escrow: 9.30.10 Price/Space: $12,308

No. of Spaces: 65 CAP Rate: 10.10%

Year Built: 1970 GRM: 4.56

Sales Price: $800,000


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No. of Spaces: 87 Price/Space: $2,529

Year Built: 1982 CAP Rate: -1.68%

Offering Price: $220,000 GRM: 10.19

Recent Sales

4

5

COLUMBINE MHP

6292 Arapahoe Road

Boulder, CO 80303

STAGECOACH MHP

1901 Constitution Road

Pueblo, CO 81001

COMMENTS

Offered through Marcus & Millichap.

COMMENTS


RIVER RANCH VILLAGE MHP

1109 Tyler AvenueKremmling, CO 80459

3

COMMENTS

Offered through Marcus & Millichap. Closed with Seller Carryback Loan at 47.8% down payment, 8.5% interest, 30 yearAmortization, 5 year call, no prepayment pentalty. Price included 8 Park-Owned Homes that were rented.





Sales Price: $1,095,000

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Recent Sales

7

8

CEDAR POINTE MHP

430 East 4th StreetCraig, CO 81625

6

COMMENTS

Marketed by Marcus & Millichap. No park-owned homes. City water/sewer. All single wides.

Close of Escrow: Price/Space: $0

No. of Spaces: CAP Rate:

Year Built: GRM:

Sales Price:






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Year Built: GRM:

Sales Price:

Recent Sales


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1)2)3)

Subject PropertyUte Village Mobile Home ParkPinetree Mobile Home ParkPenrose Mobile Home Park


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On Market Comparables Map

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1.00

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10.00

11.00

Subject UteVillageMobileHomePark

PinetreeMobileHomePark

PenroseMobileHomePark

Avg 9.40%

AVERAGE GRM

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

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11.00




Avg 6.66


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AVERAGE CAP RATE

CAP Rate & GRM

AVERAGE PRICE/SPACE

$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

$21,000

$24,000

$27,000

$30,000




Avg $25,512


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Price/Space

1

2

UTE VILLAGE MOBILE HOME PARK

100 Ute Avenue

Kiowa, CO 80117

PINETREE MOBILE HOME PARK

431 Lake Avenue

Grand Lake, CO 80447

COMMENTS


COMMENTS




Dinosaur, CO 81610

SUBJECT PROPERTY

Close of Escrow: Price/Space: $24,423



List Price: $1,905,000


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Close of Escrow: On Market Price/Space: $29,139



List Price: $524,500

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No. of Spaces: 87 Price/Space: $2,529

Year Built: 1982 CAP Rate: -1.68%

Offering Price: $220,000 GRM: 10.19

On Market Comparables

4

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PENROSE MOBILE HOME PARK

620 Fourth StreetPenrose, CO 81240

3

COMMENTS

Offered through Marcus & Millichap. The income and expenses relating to the park-owned homes have been capitalized in theunderwriting.



Year Built: GRM:

List Price:


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Close of Escrow: On Market Price/Space: $22,973



List Price: $850,000

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Year Built: GRM:

List Price:

On Market Comparables


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Space Type No. of Spaces Rent Monthly Income

Single Wide 84

Park Owned Home 3 $600 $1,800

Total/Wtd. Avg. 87 $21 $1,800

SUBJECT PROPERTYTotal Spaces: 87Vacant Spaces: 84Year Built: 1982


801 Blue Mountain RoadDinosaur, CO 81610


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Rent Comparables


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LYSIS

Geography: 20 Miles

PopulationIn 2009, the population in your selected geography is 2,928. The population has changed by 7.19% since 2000. It isestimated that the population in your area will be 3,281 five years from now, which represents a change of 12.08% fromthe current year. The current population is 51.00% male and 49.00% female. The median age of the population in yourarea is 33.1, compare this to the US average which is 37.1. The population density in your area is 2.33 people per squaremile.

HouseholdsThere are currently 1,033 households in your selected geography. The number of households has changed by 5.53%since 2000. It is estimated that the number of households in your area will be 1,073 five years from now, whichrepresents a change of 3.81% from the current year. The average household size in your area is 2.65 persons.

Income

In 2009, the median household income for your selected geography is $48,294, compare this to the $US average whichis currently $53,684. The median household income for your area has changed by 22.02% since 2000. It is estimated thatthe median household income in your area will be $52,173 five years from now, which represents a change of 8.03%from the current year.

The current year per capita income in your area is $20,239, compare this to the $US average, which is $26,485. Thecurrent year average household income in your area is $55,626, compare this to the $US average which is $69,346.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 94.12% White, 1.74% Black, 1.72% Native Americanand 0.51% Asian/Pacific Islander. Compare these to US% averages which are: 73.92% White, 12.38% Black, 0.78%Native American and 4.41% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 8.76% of the currentyear population in your selected area. Compare this to the US% average of 15.61%.

Housing

The median housing value in your area was $70,695 in 2000, compare this to the $US average of $115,194 for the sameyear. In 2000, there were 698 owner occupied housing units in your area and there were 281 renter occupied housingunits in your area. The median rent at the time was $358.

EmploymentIn 2009, there are 1,435 employees in your selected area, this is also known as the daytime population. The 2000 Censusrevealed that 48.5% of employees are employed in white-collar occupations in this geography, and 51.5% are employedin blue-collar occupations. In 2009, unemployment in this area is 6.99%. In 2000, the median time traveled to work was9.3 minutes.

Demographic data © 2008 by Experian/Applied Geographic Solutions.


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Summary Report

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



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LYSIS

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Theme Low High

High 170 or more

Above Average 107 170

Average 68 107

Below Average 43 68

Low less than 43

Population Density

Population Density

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



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Theme Low High

High 82 or more

Above Average 52 82

Average 33 52

Below Average 21 33

Low less than 21

Employment Density

Employment Density

Average income of all the people 15 years and older occupying a single housing unit.



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Theme Low High

High $138,692 or more

Above Average $87,370 $138,692

Average $55,040 $87,370

Below Average $34,673 $55,040

Low less than $34,673

Average Household Income

Average Household Income

OFFERING MEMORANDUM

DINOSAUR, CO

Offices Nationwidewww.MarcusMillichap.com

BLUE MOUNTAIN VILLAGE MOBILEHOME PARK

Exclusively Listed By:Exclusively Listed By:Exclusively Listed By:Exclusively Listed By:

Chris ChildChris ChildChris ChildChris ChildSenior AssociateSenior AssociateSenior AssociateSenior Associate

National Manufactured Home Communities GroupNational Manufactured Home Communities GroupNational Manufactured Home Communities GroupNational Manufactured Home Communities GroupSalt Lake City OfficeSalt Lake City OfficeSalt Lake City OfficeSalt Lake City OfficeTel: (801) 736-2622Tel: (801) 736-2622Tel: (801) 736-2622Tel: (801) 736-2622Fax: (801) 736-2610Fax: (801) 736-2610Fax: (801) 736-2610Fax: (801) 736-2610

[email protected]@marcusmillichap.comChristian.Child@marcusmillichap.comChristian.Child@marcusmillichap.comwww.marcusmillichap.com/ChrisChildwww.marcusmillichap.com/ChrisChildwww.marcusmillichap.com/ChrisChildwww.marcusmillichap.com/ChrisChild

License: UT: 5466127-AB00, WY: AB10759, ID: AB34806, CO:License: UT: 5466127-AB00, WY: AB10759, ID: AB34806, CO:License: UT: 5466127-AB00, WY: AB10759, ID: AB34806, CO:License: UT: 5466127-AB00, WY: AB10759, ID: AB34806, CO:EA40044605EA40044605EA40044605EA40044605

blue mountain village mobile home park

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