FIR HAVEN MOBILE HOME PARK
46 Mobile Home / RV Spaces + 8 Apartments Investment Property 17007 SE Stark Street, Portland, Oregon 97233
MOBILE HOME/RV PARK & MULTI-FAMILY INVESTMENT
136 NE 28th Avenue Portland, Oregon 97232
503-327-8237 Office 503-954-3087 Fax
www.equitypacificrealestate.com
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Exterior Photos
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Subject Property Exterior Photos
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Price: $3,995,000
Down Payment: 35% $1,398,250
Number of Units: 54
Price/Unit: $73,981 $2,596,750
Land SF: 106,433
Land Price/SF: $37.54
Current Cap: 6.44%
Market Cap: 7.02% Parcel ID
Current GIM 9.9 Lot Size
Market GIM 9.3 Utilities paid by Tenant
Year Built: 1928
Current Market 2018 Actual % EGI Per Unit INCOME EXPENSES
Scheduled Rent Income $410,400 $437,760 Taxes $10,921 - $202 RUBS/Laundry $7,230 $7,230 Insurance $7,179 - $133 Scheduled Gross Income $417,630 $444,990 Water & Sewer $37,248 - $690 Less: Vacancy (3%) ($12,529) ($13,350) Trash/Recycling $18,521 - $343 Effective Gross Income $405,101 $431,640 Gas & Electricity $12,003 - $222 Less: Expenses ($147,984) ($151,169) Management $28,357 7.00% $525 Net Operating Income $257,117 $280,471 Maintenance & Repairs $12,153 3.00% $225
Turnover & Cleaning $8,102 2.00% $150 Year 1 Debt Service ($165,380) ($165,380) Reserves $13,500 - $250 Pre-Tax Cash Flow $91,737 $115,092 Principal Reduction $39,007 $39,007 Total Expenses $147,984 36.5% $2,740 Total Return 9.4% $130,745 11.0% $154,099 Cash Yield 6.6% $91,737 8.2% $115,092
Current Market
Total Units Unit Type Rent Rent
8 Apts $525 - $995 $560 - $1,065
46 MH $525 - $800 $560 - $960
54 $34,200 $36,480
Scheduled Income
Additional Information
R293945
2.44 Acre (106,433 SF)
Electricity
Annualized Operating Data Annualized Expenses
17007 SE Stark St Portland, Oregon 97223
Financing Summary
New Multi-Family Loan in the amount of
Summary Location
Amortized over 30 Years
at 4.90% Principal and Interest
INVESTMENT SUMMARY
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Rockwood Rising Redevelopment
18535 SE Stark St, Portland, OR 97233 Completion in 2021
Rockwood Rising is a $70 million redevelopment project on a 5.5-acre lot located at 18535 SE Stark Street. It will comprise three buildings surrounding a public plaza. The buildings will include a four-story office building with retail storefronts, a mixed-use residential building and a food market. The plaza will provide outdoor public space for concerts, farmer's markets, and cultural celebrations.
* https://www.rockwoodrising.com/
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
The Rockwood Boys & Girls Club
454 SE 165th Ave, Portland, OR 97233 Opened October, 2017
The Rockwood Boys & Girls Club is the newest Club facility in the Portland Metro Area, which opened for youth programs on October 9, 2017. The Club features learning, innovation, and activity
spaces for youth 6 to 12 years of age and has a stand-alone center for teens, ages 13 to 18.
*https://bgcportland.org/rw
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Unit #Move-in
Date
Rental Agreement End Date
Rent
Electric Billed
Back by MGMT
Water Bill Back
Security Deposit
M-1 (1BR/1BA) 5/15/18 MTM $950 No $0 $0
M-2 (Studio) 6/16/13 MTM $565 No $50 $500
M-3 (Studio) 12/20/17 MTM $795 No $0 $795
M-4 (1BR/1BA) 9/15/18 9/15/19 $995 No $0 $1,000
M-5 (Studio) 12/1/08 MTM $555 No $50 $300
M-6 (Studio) 7/1/99 MTM $525 No $50 $150
M-7 (Studio) $1,095 No $0
M-8 (1BR/1BA) 9/1/18 MTM $825 No $0 $1,000
Sp-1(SW MH Space)
10/1/97 MTM $600 No $0 $500
Sp-2(SW MH Space)
8/1/99 MTM $600 No $0 $200
Sp-3(RV Space)
3/14/18 MTM $550 No $0 $400
Sp-4(RV Space)
8/1/11 MTM $550 No $0 $425
17007 SE Stark Street - Rent Roll
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Unit #Move-in
Date
Rental Agreement End Date
Rent
Electric Billed
Back by MGMT
Water Bill Back
Security Deposit
Sp-5(RV Space)
12/1/18 5/1/19 $625 No $0 $200
Sp-6(RV Space)
3/1/19 3/1/20 $625 Yes $0 $600
Sp-7(RV Space)
8/10/18 7/31/19 $565 Yes $0 $200
Sp-8(RV Space)
7/1/13 MTM $550 Yes $0 $425
Sp-9(RV Space)
$625 Yes $0
Sp-10(SW MH Space)
6/5/14 MTM $565 No $0 $425
Sp-11(RV Space)
9/1/10 MTM $525 Yes $0 $425
Sp-12(RV Space)
3/1/17 MTM $545 Yes $0 $200
Sp-13(RV Space)
10/1/14 MTM $570 No $0 $425
Sp-14(RV Space)
6/11/19 6/11/20 $565 No $0 $300
Sp-15(SW MH Space)
6/1/10 MTM $550 No $0 $475
Sp-16(RV Space)
6/14/19 MTM $600 No $0 $500
Sp-17(SW MH Space)
10/15/14 MTM $600 No $0 $475
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Unit #Move-in
Date
Rental Agreement End Date
Rent
Electric Billed
Back by MGMT
Water Bill Back
Security Deposit
Sp-18(SW MH Space)
11/15/14 MTM $600 No $0 $490
Sp-19(SW MH Space)
7/1/19 MTM $625 No $0 $0
Sp-20(SW MH Space)
8/6/18 MTM $600 No $0 $0
Sp-21(RV Space)
10/1/18 MTM $575 No $0 $150
Sp-22(SW MH Space)
7/1/09 MTM $600 No $0 $500
Sp-24(SW MH Space)
6/5/12 MTM $600 No $0 $550
Sp-25(SW MH Space)
2/1/16 MTM $600 No $0 $495
Sp-26(RV Space)
3/12/18 MTM $600 No $0 $400
Sp-30(SW MH Space)
6/1/07 MTM $655 No $0 $485
Sp-32(SW MH Space)
8/1/14 MTM $600 No $0 $490
Sp-33(RV Space)
6/1/15 MTM $550 No $22 $450
Sp-34(SW MH Space)
1/15/04 MTM $600 No $0 $300
Sp-35(SW MH Space)
1/1/13 MTM $590 No $0 $475
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Unit #Move-in
Date
Rental Agreement End Date
Rent
Electric Billed
Back by MGMT
Water Bill Back
Security Deposit
Sp-37(RV Space)
8/3/16 MTM $590 No $0 $475
Sp-38(SW MH Space)
5/1/17 MTM $650 No $0 $600
Sp-39(SW MH Space)
2/1/09 MTM $610 No $0 $0
Sp-40(SW MH Space)
5/1/10 MTM $610 No $0 $200
Sp-41(SW MH Space)
5/1/18 4/30/19 $560 No $0 $0
Sp-42(SW MH Space)
4/1/11 MTM $600 No $0 $0
Sp-43(SW MH Space)
6/7/19 MTM $600 No $0 $0
Sp-44(SW MH Space)
3/1/15 MTM $610 No $0 $475
Sp-45(RV Space)
4/1/18 MTM $600 No $0 $0
Sp-46(RV Space)
(Rent to Own)6/12/16 MTM $590 No $22 $500
23-A(Tiny-House "RV")
(Park Owned)7/11/19 7/11/20 $795 Yes $0 $800
23-B(Tiny-House "RV")
(Park Owned)$795 Yes $0 NA
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
Unit #Move-in
Date
Rental Agreement End Date
Rent
Electric Billed
Back by MGMT
Water Bill Back
Security Deposit
23-C(Tiny-House "RV")
(Rent to Own)4/3/18 3/31/19 $550 Yes $0 $0
29-A(Tiny-House "RV")
(Rent to Own)6/1/18 5/31/19 $525 Yes $0 $0
29-B(Tiny-House "RV")
(Park Owned)6/22/19 12/22/19 $800 Yes $0 $800
29-C(Tiny-House "RV")
(Park Owned)7/1/19 6/30/20 $795 Yes $0 $800
$34,19012 Spaces
Billed Back for Electricity
$194 $19,355
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and
bears all risk for any inaccuracies.
ZONING
Fir Haven (17007 SE Stark Street, Multnomah Co Tax Parcel R293945) is within the city limits of Gresham. The parcel is 2.44 Acres (106,433 SF) and is split into two zones: TLDR and CMU. Transit Low Density Residential (TLDR) Orange Section This district designation is applied primarily to existing low-density residential neighborhoods within close proximity of light rail and/or bus transit service and is intended for single family detached and attached dwellings, manufactured homes, and duplexes at a maximum net density of 20 units per acre. For all subdivisions, and for those partitions of parent parcels greater than 13,000 square feet, a minimum net density of 10 units per acre is required. This district is intended to continue as a lower-density neighborhood, with detached single-family housing on small lots. Manufactured dwelling parks are allowed at a maximum net density of 14 units per acre and a minimum net density of 7 units per acre. Corridor Mixed Use (CMU) Purple Section This district designation is applied to certain clusters of properties along Transit Streets. In addition to moderate-density, multi-family residential uses, the CMU district permits small-scale commercial uses and mixed-use developments. Commercial businesses operating in this district will serve primarily the day-today needs of residents in nearby housing developments and neighborhoods. Design standards in Section 7.0600 for new construction and remodels which meet the thresholds described in Section 7.0003 will help to ensure that new buildings become attractive additions to existing and developing neighborhoods.
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Aerial Photo
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
RENT SURVEY – MOBILE HOME PAD SPACES
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF UNITS
UNIT TYPE
CURRENT RENT
UTILITIES INCLUDED SOURCE PHOTO
Fir Haven MHP 17007 SE Stark Street Portland, OR 97233 *Subject Property
1945 54 46 – Mobile Homes/Spaces
8 – Apts
$525 - $800
$525 - $995
MGMT Water/Sewer
Trash
Owner
4621 SE 134th Dr Portland, OR 97236
1994 118 Mobile Home Space
$850 MGMT RMLS 7/17/19
18345 NE Glisan St Portland, OR 97035
1996 14 Mobile Home Space
$660 MGMT Water/Sewer
Trash
RMLS 7/17/19
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF UNITS
UNIT TYPE
CURRENT RENT
UTILITIES INCLUDED SOURCE PHOTO
Buxton Place 13243 SE Reedway Pl Portland, OR 97236
1995 NA Mobile Home Space
$726 MGMT Landscaping Water/Sewer
RMLS 5/28/19
4802 SE 133rd Dr Portland, OR 97236
1994 118 Mobile Home Space
$813 MGMT Water/Sewer
Trash
RMLS 5/28/19
4608 SE 133rd Dr Portland, OR 97236
1994 118 Mobile Home Space
$799 MGMT Water/Sewer
Trash
RMLS 5/28/19
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
RENT SURVEY - APARTMENTS
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF UNITS
UNIT TYPE UNIT SF
CURRENT RENT
RENT PSF SOURCE PHOTO
Fir Haven MHP 17007 SE Stark Street Portland, OR 97233 *Subject Property
1945 54 8 – 1BR/1BA Apartments
46 – Mobile
Homes/Spaces
$525 - $995
$525 - $850
Owner
Village North 345 NE 162nd Ave Portland, OR 97230
1976 24 1BR/1BA 565 $1045 $1.85 Craigslist 7/17/19
Lincoln Court 2135 SE 122nd Ave Portland, OR 97233
1970 30 1BR/1BA 640 $1100 $1.72 Craigslist 7/17/19
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT
TOTAL # OF UNITS
UNIT TYPE UNIT SF
CURRENT RENT
RENT PSF SOURCE PHOTO
Emerald Park Apts 650 SE 148th Ave Portland, OR 97233
1976 44 1BR/1BA 775 $1199 $1.55 Craigslist 7/17/19
2631 SE 111th Ave Portland, OR 97266
1969 10 1BR/1BA 600 $1195 $1.99 Craigslist 5/28/19
Arbor View Apts 2675 SE 162nd Ave Portland, OR 97236
1975 69 1BR/1BA 543 $1195
& $65 W/S/G
Bill Back
$2.20 Craigslist 5/28/19
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
RECENT SALES COMPARABLES
PROPERTY LOCATION
YEAR BUILT # UNITS PRICE PRICE / SPACE CAP RATE SOLD PHOTO
Fir Haven MHP 17007 SE Stark Street Portland, OR 97233 *Subject Property
1945 54 $3,995,000
$73,981
6.44%
TBD
Arbor Mobile Home Park 6415 NE Killingsworth St Portland, OR 97218
1981 122 $9,000,000 $73,770 NA March 2019
Viking Mobile Villa 3441 SE 111th Ave Portland, OR 97266 SOLD by
1977 31 $2,225,000 $71,774 5.25% Oct 2018
FIR HAVEN MOBILE HOME/RV PARK
This information has been secured from sources we believe to be reliable, but Equity Pacific Real Estate LLC makes no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY LOCATION
YEAR BUILT # UNITS PRICE PRICE / SPACE CAP RATE SOLD PHOTO
Tonisgah MHP 4264 SE 122nd Ave Portland, OR 97236 SOLD by
1951 40
$2,825,000 $70,625 5.85% Dec 2017
Nine Oaks MHP 4239 SE 122nd Ave Portland, OR 97236
1993 15 $1,050,000 $70,000 5.50% Aug 2017
Aspen Meadows 13400 SE Holgate Blvd Portland, OR 97236
1994 118 $12,765,000 $108,178 4.75% July 2017