idle wheels mhp - mobilehomeparkstore.com...insurance 2,700$ 3,155$ 1,649$ 3,811$ 2,227$ 3,850$...
TRANSCRIPT
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
PRICING AND FINANCIAL ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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
PRICING AND FINANCIAL ANALYSIS
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
Idle Wheels MHPBAKERSFIELD, CA
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%
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.
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
PRICING AND FINANCIAL ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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.
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.
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
PRICING AND FINANCIAL ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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.
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 $385.00
TOTALS
5
PRICING AND FINANCIAL ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0090510 Marcus &Millichap. All rights reserved.
HISTORICAL SPREADSHEET
2010 Actuals 2011 Actuals 2012 Actuals 2013 Actuals 2014 Actuals Broker Budget
Estimate
IncomeMH Site Rental Income 148,771$ 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
PRICING AND FINANCIAL ANALYSIS
SPACE MIX
Idle Wheels MHPBAKERSFIELD, CA
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%
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.
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
PRICING AND FINANCIAL ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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.
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
PRICING AND FINANCIAL ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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
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.
Total Number of Spaces: 33
INCOME & EXPENSES
Idle Wheels MHPBAKERSFIELD, CA
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
PROPERTY DESCRIPTION
Idle Wheels MHPBAKERSFIELD, CA
■ 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
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.
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
PROPERTY DESCRIPTION
Idle Wheels MHPBAKERSFIELD, CA
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.
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
PROPERTY DESCRIPTION
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
Idle Wheels MHPBAKERSFIELD, CA
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.
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
PROPERTY DESCRIPTION
Idle Wheels MHPBAKERSFIELD, CA
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.
AMENITIES
14
PROPERTY DESCRIPTION
Idle Wheels MHPBAKERSFIELD, CA
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.
PROPERTY PHOTOS
Local Map Regional Map
15
PROPERTY DESCRIPTION
Idle Wheels MHPBAKERSFIELD, CA
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.
AREA MAPS
16
PROPERTY DESCRIPTION
Idle Wheels MHPBAKERSFIELD, CA
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.
SITE PLAN
17
PROPERTY DESCRIPTION
Idle Wheels MHPBAKERSFIELD, CA
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.
AERIAL PHOTO
Idle Wheels MHPBAKERSFIELD, CA
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
Idle Wheels MHPBAKERSFIELD, CA
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.
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
Idle Wheels MHPBAKERSFIELD, CA
Average Cap Rate
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.
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
Idle Wheels MHPBAKERSFIELD, CA
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.
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
Bakersfield, CA 93308
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
Close of Escrow: 01/18/2013 Price/Space: $33,333
No. of Spaces: 24 CAP Rate: 8.79%
Year Built: 1980 GRM:
Sales Price: $800,000
Idle Wheels MHPBAKERSFIELD, CA
No. of Spaces: 33 Price/Space: $30,152
Year Built: 1960 CAP Rate: 8.23%
Offering Price: $995,000 GRM: 6.27
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.
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
No. of Spaces: 37 CAP Rate: 7.06%
Year Built: 1967 GRM:
Sales Price: $1,600,000
23
Close of Escrow: 12/14/2012 Price/Space: $45,455
No. of Spaces: 33 CAP Rate: N/A
Year Built: 1980 GRM: N/A
Sales Price: $1,500,000
RECENT SALES
Idle Wheels MHPBAKERSFIELD, CA
Close of Escrow: 07/23/2013 Price/Space: $28,704
No. of Spaces: 27 CAP Rate: 9.00%
Year Built: 1952 GRM: 7.60
Sales Price: $775,000
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.
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.
Close of Escrow: 11/14/2014 Price/Space: $21,053
No. of Spaces: 19 CAP Rate: 15.65%
Year Built: 1965 GRM: 4.15
Sales Price: $400,000
Close of Escrow: 04/05/2013 Price/Space: $37,500
No. of Spaces: 44 CAP Rate: 9.20%
Year Built: 1948 GRM: N/A
Sales Price: $1,650,000
24
RECENT SALES
Idle Wheels MHPBAKERSFIELD, CA
Close of Escrow: 04/09/2014 Price/Space: $25,463
No. of Spaces: 108 CAP Rate: 9.00%
Year Built: 1963 GRM: 7.20
Sales Price: $2,750,000
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.
RECENT SALES
10
11
North Star Mobile Home Park
300-348 Petrol Road
Bakersfield, CA 93308
Arbor Village Mobile Home Community
317 McCord Avenue
Bakersfield, CA 93308
Comments
49 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1960. Built on 4.77 acres the
park yields a 10.27 site per acre density.
Comments
49 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1960. Built on 6.14 acres the
park yields an 14.65 site per acre density.
Norseman Mobile Home Park
39850 Road 16
Kingsburg, CA 93631
9
Comments
30 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 2003. Built on 2.31 acres the
park yields a 12.98 site per acre density.
Close of Escrow: 09/09/2014 Price/Space: $22,959
No. of Spaces: 49 CAP Rate: 8.79%
Year Built: 1960 GRM: 7.39
Sales Price: $1,125,000
Close of Escrow: 01/30/2015 Price/Space: $35,833
No. of Spaces: 30 CAP Rate: 7.80%
Year Built: 2003 GRM: 8.33
Sales Price: $1,075,000
25
RECENT SALES
Idle Wheels MHPBAKERSFIELD, CA
Close of Escrow: 10/15/2014 Price/Space: $15,556
No. of Spaces: 90 CAP Rate: 7.20%
Year Built: 1948 GRM: 9.02
Sales Price: $1,400,000
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.
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.
Close of Escrow: 08/01/2013 Price/Space: $25,435
No. of Spaces: 23 CAP Rate: 9.17%
Year Built: 1934 GRM: 7.08
Sales Price: $585,000
26
RECENT SALES
Idle Wheels MHPBAKERSFIELD, CA
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.
RECENT SALES
Idle Wheels MHPBAKERSFIELD, CA
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
Idle Wheels MHPBAKERSFIELD, CA
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.
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
OakridgeMobileHomePark
JesseJamesTrailerPark
Trail'sEnd
MobileHomePark
SierraView
MobileHomePark
29
ON MARKET COMPARABLES
Idle Wheels MHPBAKERSFIELD, CA
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.
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
OakridgeMobileHomePark
JesseJamesTrailerPark
AvantiMobileHomePark
MeadowsMobileHomePark
Trail'sEnd
MobileHomePark
SierraView
MobileHomePark
30
ON MARKET COMPARABLES
Idle Wheels MHPBAKERSFIELD, CA
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.
PRICE PER SPACE
1
2
De Rancho Y Mobile Villa
6201 Wible Road
Bakersfield, CA 93313
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
70 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building. Built on 13.35 acres the park yields a
5.24 site per acre density.
Idle Wheels MHP
224 McCord Avenue
Bakersfield, CA 93308
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
No. of Spaces: 200 CAP Rate: 6.97%
Year Built: 1900 GRM: 11.24
List Price: $4,060,000
31
Close of Escrow: On Market Price/Space: $34,286
No. of Spaces: 70 CAP Rate: 6.60%
Year Built: 1950 GRM: 9.80
List Price: $2,400,000
ON MARKET COMPARABLES
Idle Wheels MHPBAKERSFIELD, CA
No. of Spaces: 33 Price/Space: $30,152
Year Built: 1960 CAP Rate: 8.23%
Offering Price: $995,000 GRM: 6.27
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.
ON MARKET COMPARABLES
4
3
5
Avanti Mobile Home Park535 W Atkins Avenue
Ridgecrest, CA 93555
Meadows Mobile Home Park
16 Ohio Drive
Bakersfield, CA 93307
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.
Close of Escrow: On Market Price/Space: $15,256
No. of Spaces: 39 CAP Rate: 13.30%
Year Built: 1941 GRM: N/A
List Price: $595,000
32
Close of Escrow: On Market Price/Space: $13,333
No. of Spaces: 60 CAP Rate: 5.37%
Year Built: 1960 GRM: 12.10
List Price: $800,000
ON MARKET COMPARABLES
Idle Wheels MHPBAKERSFIELD, CA
Close of Escrow: On Market Price/Space: $18,889
No. of Spaces: 27 CAP Rate: 9.50%
Year Built: GRM: N/A
List Price: $510,000
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.
ON MARKET COMPARABLES
7 Sierra View Mobile Home Park109 N E Street
Porterville, CA 93257
Comments
33 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building. Built on 1.4 acres the park yields a
23.57 site per acre density.
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.
Close of Escrow: On Market Price/Space: $33,303
No. of Spaces: 33 CAP Rate: 6.40%
Year Built: 1950 GRM: 10.15
List Price: $1,099,000
Close of Escrow: On Market Price/Space: $30,137
No. of Spaces: 73 CAP Rate: 7.00%
Year Built: 1951 GRM: 5.70
List Price: $2,200,000
33
ON MARKET COMPARABLES
Idle Wheels MHPBAKERSFIELD, CA
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.
ON MARKET COMPARABLES
Idle Wheels MHPBAKERSFIELD, CA
RENT COMPARABLES
1)
2)
3)
4)
Idle Wheels MHP
Orange Grove
Sycamore Mobile
Riverdale Village
Smoke Tree Mobile Estates
35
RENT COMPARABLES
Idle Wheels MHPBAKERSFIELD, CA
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.
RENT COMPARABLES MAP
0
50
100
150
200
250
300
350
400
450
500
Subject OrangeGrove
SycamoreMobile
RiverdaleVillage
SmokeTree
MobileEstates
36
RENT COMPARABLES
Idle Wheels MHPBAKERSFIELD, CA
AVERAGE RENTS - SINGLE-WIDE
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.
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
Bakersfield, CA 93308
Total Spaces: 48
Vacant Spaces:
Year Built:
Total Spaces: 19
Vacant Spaces:
Year Built:
Orange Grove
510 Roberts Lane
Bakersfield, CA 93308
Sycamore Mobile
327 Beardsley Avenue
Bakersfield, CA 93308
37
RENT COMPARABLES
Space Type No. of Spaces Rent Monthly Income
Single-Wide 48 $240 $11,520
Total/Wtd. Avg. 48 $240 $11,520
Idle Wheels MHPBAKERSFIELD, CA
Space Type No. of Spaces Rent Monthly Income
Single-Wide 19 $310 $5,890
Total/Wtd. Avg. 19 $310 $5,890
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.
RENT COMPARABLES
Riverdale Village
811 Roberts Lane
Bakersfield, CA 93308
Smoke Tree Mobile Estates
4401 Hughes Lane
Bakersfield, CA 93304
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
Idle Wheels MHPBAKERSFIELD, CA
Total Spaces: 202
Vacant Spaces:
Year Built:
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.
RENT COMPARABLES
Space Type No. of Spaces Rent Monthly Income
Single-Wide 334 $410 $136,940
Total/Wtd. Avg. 334 $410 $136,940
Space Type No. of Spaces Rent Monthly Income
Single-Wide 202 $471 $95,142
Total/Wtd. Avg. 202 $471 $95,142
Idle Wheels MHPBAKERSFIELD, CA
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 Owner Occupied Housing Units 30.41% 41.06% 46.38%
2014 Renter Occupied Housing Units 69.59% 58.94% 53.62%
2014 Vacant 10.24% 7.18% 6.27%
2019 Owner Occupied Housing Units 30.10% 40.92% 46.16%
2019 Renter Occupied Housing Units 69.90% 59.08% 53.84%
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 ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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.
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.
Demographic data © 2012 by Experian.
41
DEMOGRAPHIC ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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.
SUMMARY REPORT
Number of people living in a given area per square mile.
Demographic data © 2012 by Experian.
42
DEMOGRAPHIC ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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.
POPULATION DENSITY
The number of people employed in a given area per square mile.
Demographic data © 2012 by Experian.
43
DEMOGRAPHIC ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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.
EMPLOYMENT DENSITY
Average income of all the people 15 years and older occupying a
single housing unit.
Demographic data © 2012 by Experian.
44
DEMOGRAPHIC ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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.
AVERAGE HOUSEHOLD INCOME
Two-way, average daily traffic volumes.Traffic Count data © 2012 by TrafficMetrix. All rights reserved.
45
DEMOGRAPHIC ANALYSIS
Idle Wheels MHPBAKERSFIELD, CA
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.
TRAFFIC COUNTS
* Traffic Count Estimate
BAKERSFIELD, CA
OFFERING MEMORANDUM
Idle Wheels MHP
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
Presented By:
Kent WilliamsBroker
Marcus & Millichap, San DiegoLicense: CA: 00823860
Tel: (858) 373-3100Fax: (858) 373-3110