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: 6.45%

Market Cap: 7.04% Parcel ID

Current GIM 9.8 Lot Size

Market GIM 9.2 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 $8,047 $8,047 Insurance $7,179 - $133 Scheduled Gross Income $418,447 $445,807 Water & Sewer $37,248 - $690 Less: Vacancy (3%) ($12,553) ($13,374) Trash/Recycling $18,521 - $343 Effective Gross Income $405,894 $432,433 Gas & Electricity $12,003 - $222 Less: Expenses ($148,079) ($151,264) Management $28,413 7.00% $526 Net Operating Income $257,814 $281,169 Maintenance & Repairs $12,177 3.00% $225

Turnover & Cleaning $8,118 2.00% $150 Year 1 Debt Service ($165,380) ($165,380) Reserves $13,500 - $250 Pre-Tax Cash Flow $92,435 $115,789 Principal Reduction $39,007 $39,007 Total Expenses $148,079 36.5% $2,742 Total Return 9.4% $131,442 11.1% $154,796 Cash Yield 6.6% $92,435 8.3% $115,789

Current Market

Total Units Unit Type Rent Rent

8 Apts $525 - $995 $560 - $1,065

46 MH $525 - $850 $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 #Approx.

DimensionsApprox.

SFMove-in

Date

Rental Agreement End Date

Amount of Last

Increase

Date of Last Rent Increase

RentUtility

Charge*Security Deposit

M-1 (1BR/1BA) NA 600 5/15/18 MTM NA NA $950 $0 $0

M-2 (Studio) NA 350 6/16/13 MTM $45 9/1/17 $565 $50 $500

M-3 (Studio) NA 350 12/20/17 12/31/18 NA NA $795 $0 $795

M-4 (1BR/1BA) NA 600 9/15/18 9/15/19 NA NA $995 $0 $850

M-5 (Studio) NA 400 12/1/08 MTM $45 9/1/17 $555 $50 $300

M-6 (Studio) NA 400 7/1/99 MTM $30 9/1/17 $525 $50 $0

M-7 (Studio) NA 500 1/16/18 1/31/19 NA NA $995 $0 $1,000

M-8 (1BR/1BA) NA 500 9/1/18 2/28/19 NA NA $825 $0 $1,000

Sp-1(SW MH Space) 30 x 45 1,350 10/1/97 MTM $40 12/1/18 $600 $0 $250

Sp-2(SW MH Space) 40 x 40 1,600 8/1/99 MTM $45 12/1/18 $600 $0 $200

Sp-3(RV Space) 25 x 35 875 3/14/18 MTM NA NA $550 $0 $400

Sp-4(RV Space) 30 x 35 1,050 8/1/11 MTM $45 12/1/18 $550 $0 $425

Sp-5(RV Space) 20 x 35 700 12/1/18 5/1/19 NA NA $625 $0 $200

Sp-6(RV Space) 15 x 30 450 3/1/20 MTM NA NA $600 $0 $600

Sp-7(RV Space) 25 x 35 875 8/10/18 7/31/19 NA NA $565 $0 $200

Sp-8(RV Space) 25 x 35 875 7/1/13 MTM $45 12/1/18 $550 $50 $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 #Approx.

DimensionsApprox.

SFMove-in

Date

Rental Agreement End Date

Amount of Last

Increase

Date of Last Rent Increase

RentUtility

Charge*Security Deposit

Sp-9(RV Space) 25 x 35 875 9/2/17 MTM NA NA $550 $50 $100

Sp-10(SW MH Space) 30 x 35 1,050 6/5/14 MTM $50 12/1/18 $565 $0 $425

Sp-11(RV Space) 20 x 35 700 9/1/10 MTM NA NA $520 $50 $425

Sp-12(RV Space) 30 x 35 1,050 3/1/17 MTM $45 12/1/18 $545 $0 $200

Sp-13(RV Space) 25 x 35 875 10/1/14 MTM $50 12/1/18 $570 $0 $425

Sp-14(RV Space) 25 x 35 875 9/8/10 MTM $50 12/1/18 $565 $0 $300

Sp-15(SW MH Space) 30 x 45 1,350 6/1/10 MTM $45 9/1/17 $550 $0 $475

Sp-16(RV Space) 20 x 45 900 NA NA $600 $0 $0

Sp-17(SW MH Space) 30 x 45 1,350 10/15/14 MTM $50 12/1/18 $600 $0 $475

Sp-18(SW MH Space) 20 x 45 900 11/15/14 MTM $40 12/1/18 $600 $0 $490

Sp-19(SW MH Space) 60 x 30 1,800 10/1/09 MTM $20 12/1/18 $625 $0 $500

Sp-20(SW MH Space) 70 x 30 2,100 8/6/18 MTM NA NA $600 $0 $0

Sp-21(RV Space) 60 x 30 1,800 10/1/18 MTM NA NA $575 $0 $150

Sp-22(SW MH Space) 100 x 30 300 7/1/09 MTM $40 12/1/18 $600 $0 $500

Sp-24(SW MH Space) 70 x 30 2,100 6/5/12 MTM $35 12/1/18 $600 $0 $550

Sp-25(SW MH Space) 100 x 30 300 2/1/16 MTM $45 12/1/18 $600 $0 $495

Sp-26(RV Space) 50 x 30 1,500 3/12/18 MTM NA NA $600 $0 $400

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 #Approx.

DimensionsApprox.

SFMove-in

Date

Rental Agreement End Date

Amount of Last

Increase

Date of Last Rent Increase

RentUtility

Charge*Security Deposit

Sp-30(SW MH Space) 70 x 30 2,100 6/1/07 MTM $55 12/1/18 $655 $0 $485

Sp-32(SW MH Space) 30 x 50 1,500 8/1/14 MTM $45 12/1/18 $600 $0 $490

Sp-33(RV Space) 20 x 50 1,000 6/1/15 MTM $50 12/1/18 $550 $22 $450

Sp-34(SW MH Space) 25 x 50 1,250 1/15/04 MTM $55 12/1/18 $600 $0 $150

Sp-35(SW MH Space) 30 x 50 1,500 1/1/13 MTM $50 12/1/18 $590 $0 $475

Sp-37(RV Space) 25 x 50 1,250 8/3/16 MTM $50 12/1/18 $590 $0 $475

Sp-38(SW MH Space) 30 x 50 1,500 5/1/17 MTM $50 12/1/18 $650 $0 $600

Sp-39(SW MH Space) 25 x 50 1,250 2/1/09 MTM $50 12/1/18 $610 $0 $0

Sp-40(SW MH Space) 35 x 50 1,750 5/1/10 MTM $40 12/1/18 $610 $0 $200

Sp-41(SW MH Space) 50 x 50 2,500 5/1/18 4/30/19 NA NA $560 $0 $0

Sp-42(SW MH Space) 35 x 50 1,750 4/1/11 MTM NA NA $600 $0 $625

Sp-43(SW MH Space) 30 x 50 1,500 NA NA $600 $0 NA

Sp-44(SW MH Space) 20 x 50 1,000 3/1/15 MTM $50 12/1/18 $610 $0 $475

Sp-45(RV Space) 35 x 50 1,750 4/1/18 MTM $30 12/1/18 $600 $0 $0

Sp-46(RV Space)

(Rent to Own)20 x 30 600 6/12/16 MTM $50 12/1/18 $590 $22 $500

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 #Approx.

DimensionsApprox.

SFMove-in

Date

Rental Agreement End Date

Amount of Last

Increase

Date of Last Rent Increase

RentUtility

Charge*Security Deposit

23-A(Tiny-House "RV")

(Park Owned)25 x 30 750 NA NA $850 NA NA

23-B(Tiny-House "RV")

(Park Owned)20 x 30 750 NA NA $850 NA Na

23-C(Tiny-House "RV")

(Rent to Own)20 x 30 600 4/3/18 3/31/19 NA NA $550 $0 $0

29-A(Tiny-House "RV")

(Rent to Own)20 x 30 600 6/1/18 5/31/19 NA NA $525 $0 $0

29-B(Tiny-House "RV")

(Park Owned)20 x 30 600 NA NA $850 NA NA

29-C(Tiny-House "RV")

(Park Owned)25 x 30 750 NA NA $850 NA NA

$34,200 $344 $17,980(*Some Individual Electric Meters. Some additional Water & Electricity Billed Back Monthly based on usage. See P&L for Total Bills & Bill Backs.)

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 - $850

$525 - $995

MGMT Water/Sewer

Trash

Owner

4621 SE 134th Dr Portland, OR 97236

1994 118 Mobile Home Space

$850 MGMT RMLS 5/28/19

18345 NE Glisan St Portland, OR 97230

NA NA Mobile Home Space

$625 MGMT

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.

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.

PROPERTY LOCATION

YEAR BUILT

TOTAL # OF UNITS

UNIT TYPE

CURRENT RENT

UTILITIES INCLUDED SOURCE PHOTO

5200 SE 132nd Ave Portland, OR 97236

1999 24 Mobile Home Space

Double Wide

$625 MGMT RMLS 11/6/18

Zeida's MH Court 6112 SE Clatsop St Portland, OR 97206

1962 26 Mobile Home Space

Single Wide

$630 MGMT Water/Sewer

Trash

RMLS 10/25/18

Garden Meadows 14308 NE Sandy Blvd Portland, OR 97230

1996 50 Mobile Home Space

Double Wide

$655 MGMT RMLS 10/25/18

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

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.

PROPERTY LOCATION

YEAR BUILT

TOTAL # OF UNITS

UNIT TYPE UNIT SF

CURRENT RENT

RENT PSF SOURCE PHOTO

County Square 15151 SE Stark St Portland, OR 97233

1967 20 1BR/1BA 600 $950 $1.58 Craigslist 5/28/19

17439 SE Stark St Portland, OR 97233

1980 NA 1BR/1BA 690 $995 $1.44 Craigslist 5/28/19

Alder Royal 16124 SE Alder St Portland, OR 97233

1971 75 1BR/1BA 650 $900 $1.50 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 6.45% 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