Contact Information

Saundra Price
License: WA#: 106415 OR#: 201216252
Northwest Park Brokerage
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Mobile Home Park Details

  • Price: $3,650,000
  • Purchase Method: Cash, New Loan
  • Cap Rate: 6.7%
  • Listing ID: 4600237
  • Posted On: Mar 5, 2024
  • Updated On: Mar 15, 2024

Description

Tingley Lake Estates is a well-cared for 55+ Community located in Klamath Falls, Oregon. The Property consists of 40 mobile homes sites (all tenant owned), 14 monthly RV Sites and sits on a 39.09-acre lot.

Tingley lake is currently dry due to 3 record years of droughts, the Klamath County Irrigation has told that they will not make decision on providing additional water to the lake until June 1st. There is still hope of the lake returning as this years rainfall has far exceeded from previous years.

Current Space rents are $480-$520, with all mobile sites tenant owned. Lot rent includes water (well) and sewer (septic) and garbage. Electricity and cable are directly billed to tenants. The last rent increase was for $40 that went into effect January 2024. The 14 RV spaces are currently rented on long-term monthly basis at $495/month with electricity sub-metered and billed monthly.

Upside includes raising rents, advertising RV storage area as it is currently offered for tenants use at no charge and potential expansion of RV as sellers have approved plans for additional 15 RV spaces.

Location

The City of Klamath Falls has a population of approximately 42,000. Once known for timber, the economy of Jackson County has diversified. Healthcare, including Asante Health System and Providence Medical Center, is the largest employment group in the County.

The second largest group is retail/manufacturing, including Harry & David and Amy's Kitchen. Government is the third largest employment group; this reflects the fact that the Federal government owns 53 percent of the land within the County's boundaries. Industries that show steady growth in Jackson County include hemp, wine, film, and farming—pointing to how Jackson County is distinguished as a place where entrepreneurship thrives.

Amenities

  • Storage
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Park Information

Community Type: 55 And Over
Number of MH Lots: 54
Year Built: 1980
Average MH Lot Rent: $480
Size: 39 acre(s)

Financial Information (Actual)

Gross Income: $304,280
Operating Expense: $61,163
Net Operating Income: $243,117
Expense Ratio: 20.1 %

Lot Information

Singlewide Lots: 20
Doublewide Lots: 20

RV Information

Number of RV Lots: 14
Average RV Lot Rent: $495

Utility Information

Water: Well
Water Paid By: Park
Sewer: Septic

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