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Aloha Park Estates

Manufactured Home Community for Sale in Seaview, Washington

1701 30th Street
Seaview, WA 98644

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Mobile Home Park for Sale

Purchase Method: Cash, Seller Financing, New Loan, Assumable Loan
Status: Sold
Property ID: 873782
Posted on: Oct 29, 2017
Updated on: Aug 30, 2018

Property Description

Sold as a package deal - Sale Price: $1,750,000
Financing: 30% down and owner will assign loan with 3% fixed interest rate.

Gross Income: $216,732.00
NOI: $143,821.56
CAP Rate: 8.2%

Property #1

Aloha Park Estates - 1701 30th Street, Seaview, WA 98644
An RV Park with
- 18 RV's
- 2 mobile homes
- 2 duplexes
- 2 single family homes
- large shop
- laundry facilities
- men's and women's showers
- fish cleaning station
- picnic area.

Aloha Park Estates is conveniently located on the corner of 30th Street and Sandridge Rd. in the quaint town of Seaview. The walking trail to the ocean is located at the west end of 30th Street.

Property #2
Pacific Avenue Living - 1510 Pacific Avenue N., Long Beach, WA 98631

- One tri-plex
- One duplex
- one single family home
- Additional space to add four to six more units.

Property #3

Pacific Ave. Rentals & Storage - 1502 Pacific Ave. N., Long Beach, WA 98631

- One double wide MFH
- Three mobile homes
- 25 mini-storage units

The Pacific Avenue properties are conveniently located just minutes from downtown Long Beach.

Brief History

In October 2015, Aloha Partners I, LLC (API) purchased the three subject properties from Gary and Virginia Oberg. Each property and the grounds had suffered deferred maintenance for years. Gary and Virginia were in their mid 80's when API purchased the properties, and they had grown tired of taking care of them. Three months after the purchase, Gary Oberg passed away.

Since taking ownership, API has spent over $150,000 cleaning up the properties, installing new roofs and appliances, new flooring and new kitchens and exterior painting. API purchased new coin operated machines for the laundry facilities, and paid for installation of electric meters for several units and new cable lines and service for all of the units.

In an effort to provide affordable housing to the communities that it serves, API is proud to work closely with the local housing agencies of CCAP and Longview Housing Authority. These agencies work with people that need affordable housing in Washington. API currently has nine residents that live in their properties. The agencies pay API by the fifth of the month every month through direct deposit or by mail.

Management and Maintenance

API hired and trained the current onsite manager Dana Marteeny. Dana lives in the Front Duplex at Aloha Park Estates and manages all three properties. She collects the monthly rents and makes direct deposits for API at Bank of the Pacific in Long Beach. Dana also posts any Notices of Violations, and works with API to handle any evictions when necessary. Dana is passionate about serving every resident, and is an important part of the team and the community.

The lawn and grounds of each property are maintained by independent operator Kevin Martin and his company. From spring through summer, the lawns are mowed once each week. During the winter months, they are mowed and kept as needed. Kevin also helps with small repairs of the RV's when necessary, and has the equipment to make larger dump runs, haul gravel and sand, etc.

Ron Fine and Ted Roberts of CUE Enterprises, LLC are the General Contractor and electrician that we engage when necessary to work on larger projects including carpentry, electric, roofing and painting.

The owners have several housing projects in Eastern Oregon, and are selling Aloha Properties to consolidate their real estate holdings geographically. They have identified an RV Park in Eastern Oregon to purchase. When they accept an offer for Aloha Properties, they will move to purchase the RV Park in Eastern Oregon.

Location Description

This investment includes three separate tax lots. See description for details regarding each one.

Utility Information

Water Paid By: Tenant - Individual Service