Contact Information

Saundra Price
License: WA#: 106415 OR#: 201216252

Northwest Park Brokerage

CONTACT BROKER

Price: $3,550,000
Purchase Method: Cash, New Loan
Cap Rate: 8.1% (Actual)
Listing ID: 6799866
Posted On: Jan 6, 2025
Updated On: Jan 6, 2025

Description

~8% Cap Rate with New Rent Increase effective Jan 2025~
*$65k Per Space*

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 long term RV Sites and sits on a 39.09-acre lot.

Current Space rents are $520-$540 with Lot rent including water (well) and sewer (septic) and garbage. Electricity and cable are directly billed to tenants. The latest rent increase was for $40 for Mobiles and $45 for RV that just went into effect January 2025.

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.

Drone Tour:
https://vimeo.com/user134798165/tingleylakeestates?share=copy

Location

Located in the south-central region of Oregon and bordering northern California, Klamath Falls sits on the eastern slopes of the Cascade Mountains and enjoys nearly 300 days of sunshine each year.

The City of Klamath Falls has a population of approximately 42,000. Amazon has finished construction on a 19,000 sq ft delivery station in downtown Klamath Falls, which is expected to create more than 100+ jobs.

The U.S. Government, through Bipartisan Infrastructure Law, is investing a total of $162 million over five years to restore the Klamath region’s ecosystem and repair local economies.