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PINETOP, AZ

Pine Cone CourtMobile Home Park

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.

PINETOP, AZ

Pine Cone Court Mobile Home Park

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 YOUR

MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENT NOTICE

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 RECENT SALES

Section 4 IN ESCROW COMPARABLES

Section 5 ON MARKET COMPARABLES

Section 6 RENT COMPARABLES

Section 7 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS


Pine Cone Court Mobile HomePark

PINETOP, AZ

PRICING AND FINANCIAL ANALYSIS

1

Price $375,000

Down Payment 27% $100,000

Total Spaces 31

Price per Space $12,097

Spaces per Acre 20.94

Vacant Spaces 13

Vacant Park Owned Homes 0

Year Built 1975

Lot Size 1.48

Type of Ownership Fee Simple

Vital Data

CAP Rate - Current 7.02%

GRM - Current 3.42

Net Operating Income - Current $26,316

Net Cash Flow After Debt Service - Current 12.6% / $12,566

Total Return - Current 12.6% / $12,566


Pine Cone Court Mobile Home ParkPINETOP, AZ

Major Employers

CompanyLocal

Employees

Hon Dah Resort 450

Blue Ridge Unified Schl Dst 32 360

Ace Hardware 153

McDonalds 149

Johns Hopkins University 105

Oas Aircraft Support LLC 99

Navopache Electric Coop Inc 80

Overseas Aircraft Support Inc 80

Alchesaw/Will Creek Nat Fish H 79

Safeway 70

Wme Village 8 70

Charlie Clarks Steakhouse LLC 68

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 W0090236 Marcus &Millichap. All rights reserved.

Demographics

1-Mile 3-Miles 5-Miles

2014 Total 1,450 5,833 10,824

2019 Total 1,479 5,964 11,364

2014 Total 461 2,414 4,305

2019 Total 467 2,492 4,570

Median HH Income $44,433 $44,882 $43,610

Per Capita Income $19,515 $26,186 $23,994

Average (Mean) HH $61,203 $63,149 $60,221

OFFERING SUMMARY

One Star, All-Age, 30 Space Trailer Park and a Cabin

All City Services

27% Down Seller Financing at 5%, Interest Only, Due in 10 Years

12.6% Cash Flow at 62% Occupancy.

Electric is Submetered

Electric System Upgraded in 2012

In Town Location, Near Shopping and Restaurants

Two Park Owned Homes for Sale (#8 and #12)

Near The Lion's Den, a Local Restaurant & Night Spot

Incubation and Seasonal Occupancy Upside

The Cabin May Have Been Original to the Site and Built in 1920

One-Half Mile East of Charlie Clark's Steakhouse

Scheduled Income

No. of Space Current Monthly

17 Single-Wide $250 - $295 $4,938

1 Cabin $430 $430

13 Vacant $250 - $295 $3,777

31 Total $9,145

FIRST TRUST DEED

Loan Amount $275,000

Loan Type Seller

Interest Rate 5.0%

Program 5% Interest Only

Loan to Value 73%

2

Annualized Operating Data

Income Current

Gross Potential Rent $109,740

Other Income $16,356

Gross Potential Income $126,096

Less: Physical Vacancy 38.7% / $42,480

Effective Gross Income $78,816

Less: Expenses $52,500

Net Operating Income $26,316

Net Cash Flow Before Debt Service $26,316

Debt Service $13,750

Debt Coverage Ratio 1.91

Net Cash Flow After Debt Service 12.6% / $12,566

Total Return 12.6% / $12,566


2437 E. Poplar Drive

Pinetop, AZ 85935

Price $375,000

Down Payment 27% $100,000

Number of Spaces 31

Price/Space $12,097

CAP Rate - Current 7.02%

GRM - Current 3.42

Year Built 1975

Lot Size 1.48

Spaces/Acre 20.94



Location

Financing ExpensesReal Estate Taxes $2,100

Insurance $2,200

Off-Site Management $4,500

Sewer, Water, Gas, Trash $20,000

Electric $13,000

Total Utilities $33,000

Cleaning & Maint. $1,500

Repairs $3,000

Advertising $500

Transaction Privilege Tax (2.5% $2,250

Supplies $450

Reserves $3,000

TOTAL EXPENSES $52,500

EXPENSES/SPACE $1,694

% of EGI 66.6%


FINANCIAL OVERVIEW

3



Existing Financing

Loan Type Free and Clear


Proposed Financing

First Trust Deed

Loan Amount $275,000

Loan Type Seller

Interest Rate 5.0%

Program 5% Interest Only

Loan to Value 73%

Due Date 10 years

Debt Coverage Ratio 1.91

FINANCING

4




RENT ROLL

SP# RENT

1 $295.00 M

2 $250.00

3 $295.00 V

4 $295.00

5 $295.00

6 $295.00 V

7 $295.00 V

8 $295.00 VPOH

9 $295.00

10 $295.00 V

12 $295.00 VPOH

13 $250.00

15 $295.00

16 $295.00 ** Laundry Income $125/mo17 $295.00 ** Water, Sewer, Trash are included with Rent18 $295.00 V ** Electric: Submetered19 $295.00 ** Manager gets free rent & electric20 $295.00 ** Space Rent for #2, #13 & #23 is $250. These 3 residents pay $750 quarterly21 $295.00 V

22 $295.00

23 $250.00

24 $295.00 V

25 $295.00 V

26 $295.00 V

27 $295.00 V

28 $295.00 SP# RENT

29 $295.00 V 31 $9,145.00

30 $295.00

31 $295.00 V = Vacant 13 @ $295 = $3,835

32 $295.00 M = Manager 1 @ $295

Cabin $430.00

5




HISTORICAL SPREADSHEET

2012 Actuals 2013 Actual 2014 ActualsCurrent Budget

Estimate

IncomeSpace Rent 52,916$ 69,691$ 58,474$ 104,580$

Cabin (1 Cabin) 5,160$ 5,160$ 5,197$ 5,160$ Laundry 951$ 1,941$ 1,147$ 1,500$ Electric Included Included 10,165$ 14,856$

Physical Vacancy -$ -$ -$ (42,480)$ On Site Manager Rent/Utility Credit Deducted Deducted Deducted (4,800)$

-$ -$ -$ -$

Total Income 59,027$ 76,792$ 74,983$ 78,816$

ExpensesCleaning & Maintenance 1,479$ 6,055$ 2,006$ 1,500$

Insurance 1,997$ 2,152$ 2,415$ 2,200$ Off Site Management Fees 4,564$ 4,915$ 3,735$ 4,500$

Repairs 3,109$ 13,395$ 14,550$ 3,000$ Advertising 283$ 422$ 211$ 500$

Supplies 411$ 430$ 404$ 450$ Transaction Privilege & Severance Tax (2.5%) 1,555$ 1,884$ 1,759$ 2,250$

Legal Fees -$ -$ 2,993$ -$ Real Estate Taxes 1,816$ 2,028$ 2,030$ 2,100$

Reserves -$ -$ -$ 3,000$

Utilities:Utilities (sewer, water, gas, electric, garbage) 32,539$ 40,198$ 32,806$ 33,000$

Total Utilities 32,539$ 40,198$ 32,806$ 33,000$

Total Expenses 47,752$ 71,479$ 62,909$ 52,500$

Net Operating Income 11,275$ 5,313$ 12,074$ 26,316$ *In 2012 & 2013 electric was included with the rent

*On-site manager's rent and utility credit is deducted from the 2012, 2013 & 2014 collections

PRICE CURRENT CAP COST PER SITE375,000$ 7.02% $12,097

GRM EXP PER SITE EXP / %4.76 $1,694 66.61%

6


SPACE MIX


SPACE RENT

$0

$40

$80

$120

$160

$200

$240

$280

$320

$360

$400

SW Cabin Vacant

Vacant: 42%

Cabin: 3%

SW: 55%


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

17 Single-Wide $250 - $295 $4,938

1 Cabin $430 $430

13 Vacant $250 - $295 $3,777

31 TOTAL $9,145

SPACE MIX

7




Current

Per

Space

Real Estate Taxes $2,100 $68

Insurance $2,200 $71

Off-Site Management $4,500 $145

Utilities

Sewer, Water, Gas, Trash $20,000 $645

Electric $13,000 $419

Cleaning & Maint. $1,500 $48

Repairs $3,000 $97

Advertising $500 $16

Transaction Privilege Tax (2.5% $2,250 $73

Supplies $450 $15

Reserves $3,000 $97

TOTAL EXPENSES $52,500 $1,694

% of EGI 66.6%

EXPENSES

8



Income Current

Per

Space

GROSS POTENTIAL RENT $109,740 $3,540

Other Income

Laundry Income $1,500 $48

Utility Income

Electric $14,856 $479

Total Other Income $16,356 $528

GROSS POTENTIAL INCOME $126,096 $4,068

Physical Vacancy (% of GPR) 38.7% / $42,480 $1,370

Manager Rent/Utility Credit 4.4% / $4,800 $155

EFFECTIVE GROSS INCOME $78,816 $2,542

Total Expenses $52,500 $1,694

% of EGI 66.6%

NET OPERATING INCOME $26,316 $849


Total Number of Spaces: 31

INCOME & EXPENSES


PINETOP, AZ

PROPERTY DESCRIPTION

Pine Cone Court is a one star, all age Mobile Home Park nestled in the middle of the Pinetop-Lakeside Community. The

property is located off Highway 260, approximately five miles from the Rainbow lake which offers fishing, hiking and water sport

activities. There are 30 mobile home sites with one cabin at the park. The single family residence/cabin (one bedroom/one bath)

is approximately 300-square feet, which is occupied by a long term tenant. There are two park owned homes on the property for

sale (#8 & #12). These homes need to be renovated to be in resale condition. Three cabins were removed from the park to

potentially create additional parking and storage. However, these sites have not been utilized to date. The park provides a

laundry facility which has two washers and one dryer that run on propane gas.

The park was built in 1975 on 1.48 acres and has a site density of 21 sites per acre. There are mature pine trees throughout the

property. There is a manager that lives on site who gets free rent and electric for his services. The park has all city services.

Water, sewer and trash are included with rent. The road surfaces are not paved and are gravel. The roads could be chip sealed to

improve the appearance of the park. The Master Plan zoning for the area is C-1 and the usage code for the current development

is 0840-MH Park, 4+ spaces.

The electrical service is 30 to 50 Amps. The park has three 200 Amp master meters, the individual sites are sub-metered and

billed to the residents. The electrical system and the plumbing in the laundry room were upgraded in 2012. The Seller added

submeters for the electrical service in 2014. There are propane gas hook-ups to the laundry room and the cabin only. The

original horizontal water lines are galvanized and some have been replaced with PVC. There appears to be 3/4 inch-copper risers

at each site. The water pressure and flow need to be checked by the potential Buyer.

The 1.48 acre parcel has Highway 260 access to the west of the former Gerber's Music Store. The Pine Top-Lakeside Zoning allows for the possibility of adding signage on Highway 260 which would increase visibility to the park. The park slopes from south to north (Highway 260 north to Poplar Drive) and the access from the Highway 260 is used by the resident in site #20. This informal access between the C-21 Real Estate Office and the adjoining building to the west is not granted by an easement. This access appears to be required by the Fire Department.

10

Investment Highlights



■ One Star, All-Age, 30 Space Mobile Home Park Plus A SmallCabin

■ All City Services

■ 27% Down Seller Financing at 5% Interest Only, Due in 10Years

■ 13.65% Percent Cash Flow at 62% Occupancy

■ Electric is Submetered

■ Electrical System Upgraded in 2012


INVESTMENT OVERVIEW

The park is located near the Lion's Den, a local restaurant and night spot along Highway 260. The park is situated between Show Low (6 Miles) and Sunrise Park Ski Resort (30 Miles). The RV season for the park begins in April and runs through the end of October. The Seller anticipates renting three (3) of the vacant sites to transient seasonal visitors. This analysis utilized the lease up of three (3) sites during the season for a total of 12 non-revenue producing sites in the package underwriting. There are currently eleven (11) vacant sites and two (2) vacant POHs.

Poplar Drive has several Mobile Home and Trailer Parks and the park next door to the East, Holiday Forest Mobile Home Park, is a good example of an upgraded older community. Pine Cone Court's appeal can be enhanced with road work, Poplar Street decorative fencing and signage. Conversion of the demolished cabin sites into storage/parking/better access and a general grooming of the park grounds.

Pine Cone Court Mobile Home Park is ideal for either an owner operator or an investor. The Buyer can buy the park at a 7.02% cap rate with an expense ratio of 66.6% or $1,694 per site. The park offers leverage 27% down and long term seller financing at 5% interest only, loan due in 10 years. At 62% occupancy there is a pre-tax cash flow of $12,566 or 12.6%. This park has tremendous potential for the new owner to increase income through incubation of the sites. The combination of the current cash flow and the repositioning upside, along with favorable seller financing make this offering worth considering.

11




INVESTMENT OVERVIEW

The Offering

Property Pine Cone Court Mobile Home Park

Property Address 2437 E. Poplar Drive

Pinetop, AZ 85935

Type of Park All-Age

Rental Agreement Month-to-Month

Current Home Size Breakdown Single-Wide & Double-Wide

Rent Control No

Assessor's Parcel Number 441-43-005

Zoning (Existing) 0840 - MH Park 4+ Spaces

Site Description

Number of Spaces 31Vacant Spaces 13

Year Built 1975

Lot Size 1.48


Spaces/Acre 20.94

Parking Off Street

Parking Ratio 1:1

Guest Parking Some

RV Storage None

Capital Improvements 2012 Electric System Upgrade

Flood Plain X

Landscaping Minimal

Topography Sloping

12


Utilities

Paid By Meter Other

Water Landlord Master Pinetop Water

Electric Tenant Submetered Navopache Electric

Gas Tenant Direct Propane

Sewer Landlord Master Pinetop Sewer

Trash Landlord Direct Waste Management

Cable TV Tenant Direct COX



PROPERTY SUMMARY

Zoning: C-1 Current Master Plan.

Cabin was built in 1920 & is approximately 300 square feet.

Common Area Amenities

Unit Amenities

■ On-Site Laundry Unit With 2 Washers and 1 Dryer

■ Two (2) Park Owned Home Rentals/Resales

■ Group Mail Box

■ All City Services

■ 21 Sites Per Acre

■ Park Has Three 200 Amp Master Meters

■ There are no Gas Lines in the Park, Tenants ProvideTheir Own Propane

■ Electric is Submetered, 30 to 50 Amp Electrical Services

■ Mature Tree Canopy

■ Water, Sewer & Trash are Included in the Rent

■ Some Off-Street Parking

■ RVs Welcome!

■ Near The Lion's Den, A Local Restaurant and NightSpot

■ Upgraded Electrical

13




AMENITIES

14




PROPERTY PHOTOS

Local Map Regional Map

15




AREA MAPS

16




SITE PLAN

17




PLAT MAP

18




EVACUATION PLAN

19




PARCEL SUMMARY REPORT 411-43-005

20




PARCEL OUTLINE AND VICINITY

21




AERIAL PHOTO


PINETOP, AZ

RECENT SALES

1)

2)

3)

4)


Casa Grande East Mobile Home & RV

Park

Adult Haven Mobile Home Park

Pepper Tree Trailer Park

Wagon Wheel Mobile Home Park

23

RECENT SALES



RECENT SALES MAP

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Subject CasaGrande

EastMobileHome

&RV

Park

AdultHavenMobileHomePark

PepperTree

TrailerPark

WagonWheelMobileHomePark

Average GRM

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Subject CasaGrande

EastMobileHome

&RV

Park


PepperTree

TrailerPark


24

RECENT SALES


Average Cap Rate


CAP RATE AND GRM

Average Price per Space

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

Subject CasaGrande

EastMobileHome

&RV

Park


PepperTree

TrailerPark


25

RECENT SALES



PRICE PER SPACE

1

2

Casa Grande East Mobile Home & RV Park

1010 E 1st Street

Casa Grande, AZ 85122

Adult Haven Mobile Home Park

3600 E Benson Hwy

Tucson, AZ 85706

Comments

37 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1977. Built on 3.37 acres the

park yields a 10.97.

Comments


park yields a 14.94 site per acre density.



Pinetop, AZ 85935

Comments

Pine Cone Court Mobile Home Park is located in Pinetop, Arizona and consists of 1 cabin, community laundry room

and 30 mobile home spaces on 1.48 acres of land. Parcel Number: 411-43-005. 21 sites per acre, all city services.

Subject Property

Close of Escrow: 03/27/2014 Price/Space: $18,919

No. of Spaces: 37 CAP Rate: 11.00%

Year Built: 1977 GRM: 5.90

Sales Price: $700,000

26

RECENT SALES






No. of Spaces: 31 Price/Space: $12,097

Year Built: 1975 CAP Rate: 7.02%

Offering Price: $375,000 GRM: 3.42


RECENT SALES

4 Wagon Wheel Mobile Home Park

2002 W Gardner Lane

Tucson, AZ 85705

Comments

Distress Sale: 23 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1962. Built on

2.37 acres the park yields a 9.7 site per acre density.

Pepper Tree Trailer Park

372 E Chandler Boulevard

Chandler, AZ 85225

3

Comments







27





RECENT SALES



RECENT SALES


PINETOP, AZ

IN ESCROW COMPARABLES


29

IN ESCROW COMPARABLES



IN ESCROW COMPARABLES MAP


PINETOP, AZ

ON MARKET COMPARABLES

1)

2)

3)

4)

5)

6)


Adobe Palms Mobile Home Park

Dolan Springs RV Park

River's Edge R.V. Park

Desert Hills Mobile Home RAnch

Mongollon RV Park and Storage

Kino Mobile Home Park

31




ON MARKET COMPARABLES MAP

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

Subject AdobePalmsMobileHomePark

DolanSprings

RVPark

River'sEdgeR.V.Park

DesertHills

MobileHomeRAnch

MongollonRV

Parkand

Storage

KinoMobileHomePark

Average GRM

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00


DolanSprings

RVPark

River'sEdgeR.V.Park

DesertHills

MobileHomeRAnch

MongollonRV

Parkand

Storage

KinoMobileHomePark

32




Average Cap Rate

CAP RATE AND GRM

Average Price per Space

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000


DolanSprings

RVPark

River'sEdgeR.V.Park

DesertHills

MobileHomeRAnch

MongollonRV

Parkand

Storage

KinoMobileHomePark

33




PRICE PER SPACE

1

2

Adobe Palms Mobile Home Park

201 E 1st Avenue

Casa Grande, AZ 85122

Dolan Springs RV Park

15890 N. Don Nell Dr

Dolan Springs, AZ 86441

Comments



Comments





Pinetop, AZ 85935

Comments

Pine Cone Court Mobile Home Park is located in Pinetop, Arizona and consists of 1 cabin, community laundry room

and 30 mobile home spaces on 1.48 acres of land. Parcel Number: 411-43-005. 21 sites per acre, all city services.

Subject Property

Close of Escrow: On Market Price/Space: $19,400



List Price: $485,000

34







No. of Spaces: 31 Price/Space: $12,097

Year Built: 1975 CAP Rate: 7.02%

Offering Price: $375,000 GRM: 3.42



4

3

5

Desert Hills Mobile Home RAnch

617 W Setting Sun Court

Tombstone, AZ 85638

Mongollon RV Park and Storage

2991 State Route 260

Forest Lakes, AZ 85931

Comments



Comments

50 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building. Built on 4.5 acres the park yields a

11.11 site per acre density.

River's Edge R.V. Park

18801 E School House Road

Black Canyon City, AZ 85324

Comments

42 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1963. Built on 16 acres the






35













Kino Mobile Home Park

5435 S Country Club Road

Tucson, AZ 85706

6

Comments







36






PINETOP, AZ

RENT COMPARABLES

1)

2)

3)

4)

5)


Ranchero Mobile Home Park

Homestead Road Mobile Ranch

Waltners Mountain Crest RV Resort

Ponderosa RV Resort

Holiday Forest Mobile Home Park

38

RENT COMPARABLES



RENT COMPARABLES MAP

Average Occupancy

0

10

20

30

40

50

60

70

80

90

100

Subject RancheroMobileHomePark

HomesteadRoad

MobileRanch

WaltnersMountain

CrestRV

Resort

PonderosaRV

Resort

RainbowForest

RVPark

RainbowLakeMHP

0

30

60

90

120

150

180

210

240

270

300

Subject RainbowForest

RVPark

RainbowLakeMHP

39

RENT COMPARABLES


AVERAGE RENTS - SINGLE-WIDE


OCCUPANCY AND AVERAGE RENTS

Comments

2 Star Manufactured Housing/Mobile Home Park Built in 1973. Clubhouse with Kitchen, Billiards, Restroom. Separate Manager' s

Home & Office at front of Park. Private Lots with plenty of trees. The park sits on 11.1 acres and yields a 9.45 site per acre density.

Comments

97 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1968. Built on 3.65 acres the park yields a

26.57 site per acre density.

Space Type No. of Spaces Rent Monthly Income

Single-Wide 17 $250 - $295 $4,938

Cabin 1 $430 $430

Vacant 13 $250 - $295 $3,777

Total/Wtd. Avg. 31 $295 $9,145

Comments

Pine Cone Court Mobile Home Park is located in Pinetop, Arizona and consists of 1 cabin, community laundry room and 30 mobile

home spaces on 1.48 acres of land. Parcel Number: 411-43-005. 21 sites per acre, all city services.

Subject Property

1

2

Total Spaces: 31

Vacant Spaces: 13

Year Built: 1975



Pinetop, AZ 85935

Total Spaces: 105

Vacant Spaces: 70

Year Built: 1973

Total Spaces: 97

Vacant Spaces: 29

Year Built: 1968

Ranchero Mobile Home Park

3860 South White Mountain Road

Show Low, AZ 85901

Homestead Road Mobile Ranch

2333 Homestead Road

Lakeside, AZ 85929

40

RENT COMPARABLES


Mobile Home RV 105 $375 - $435

Total/Wtd. Avg. 105 $405



Mobile Home 97 $314



RENT COMPARABLES

5

Waltners Mountain Crest RV Resort

4800 S 28th Street

Show Low, AZ 85901

Ponderosa RV Resort

1664 Ponderosa Lane

Lakeside, AZ 85929

Holiday Forest Mobile Home Park

2603 Poplar Drive

Pinetop, AZ 85935

3

4

Comments

2 Star Manufactured Housing/Mobile Home Park Built in 1979. The park is built on 14 acres and yields a 10.28 site per acre density.

Comments

150 Full hook-up sites with 30-50 amp electrical connections. The resort has a large clubhouse, restrooms, showers, laundry facilities,

free WIFI, cable TV, and a pet playground. Built on 9.56 acres the park yields a 15.69 site per acre density.

Comments

Holiday Forest Mobile Home Park is an 83 unit Mobile Home Park located on 5.3 acres. The park yields a 15.66 site per acre density.

41

Total Spaces: 144

Vacant Spaces: 107

Year Built: 1979

RENT COMPARABLES


Total Spaces: 150

Vacant Spaces: 105

Year Built: 1973


Total Spaces: 83

Vacant Spaces:

Year Built:

RENT COMPARABLES








Mobile Home 83 $225 - $225


Rainbow Forest RV Park

3720 Rainbow Lake Drive

Lakeside, AZ 85929

Rainbow Lake MHP

3489 Rainbow Lake Drive

Lakeside, AZ 85929

6

7

Comments

Rainbow Forest RV Park is a 50 space RV park built in 1973 on 1.63 acres. The park yields a 30.67 site per acre density. Rents are

$233.33 per month (plus electric) if paid 1 year in advance or $345 per month (plus electric) on a monthly to month basis.

Comments

Rainbow Lake Mobile Home Park is a 99 site mobile home and RV park. The rents are currently $270 per month plus electric. The

park was built in 1971 on 10.94 acres and yields a 9.04 site per acre density.


Single-Wide RV 50 $233 - $345



Single-Wide RV 99 $270 - $270


42

Total Spaces: 50

Vacant Spaces: 10

Year Built: 1973

RENT COMPARABLES

Total Spaces: 99

Vacant Spaces: 0

Year Built: 1971



RENT COMPARABLES


PINETOP, AZ

DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 1,039 5,077 9,251

2010 Population 1,475 5,971 11,018

2014 Population 1,450 5,833 10,824

2019 Population 1,479 5,964 11,364

2000 Households 382 2,055 3,595

2010 Households 473 2,455 4,355

2014 Households 461 2,414 4,305

2019 Households 467 2,492 4,570

2014 Average Household Size 2.47 2.49 2.53

2014 Daytime Population 398 2,647 3,906

2000 Owner Occupied Housing Units 27.10% 30.32% 32.52%

2000 Renter Occupied Housing Units 8.26% 7.35% 9.03%

2000 Vacant 64.63% 62.34% 58.45%



2014 Vacant 64.63% 63.33% 58.26%



2019 Vacant 65.56% 64.10% 58.53%

$ 0 - $14,999 13.8% 13.4% 13.8%

$ 15,000 - $24,999 15.5% 15.2% 16.1%

$ 25,000 - $34,999 11.6% 12.4% 12.2%

$ 35,000 - $49,999 14.7% 13.7% 13.6%

$ 50,000 - $74,999 14.5% 16.7% 18.9%

$ 75,000 - $99,999 15.0% 13.3% 11.7%

$100,000 - $124,999 7.5% 7.2% 6.2%

$125,000 - $149,999 2.5% 2.9% 3.0%

$150,000 - $199,999 2.3% 2.6% 1.9%

$200,000 - $249,999 1.1% 1.1% 0.8%

$250,000 + 1.4% 1.7% 1.6%

2014 Median Household Income $44,433 $44,882 $43,610

2014 Per Capita Income $19,515 $26,186 $23,994

2014 Average Household Income $61,203 $63,149 $60,221

Demographic data © 2012 by Experian.

44




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2014, the population in your selected geography is 10,823. The population has changed by 16.99% since 2000. It is estimated

that the population in your area will be 11,363 five years from now, which represents a change of 4.98% from the current year. The

current population is 50.00% male and 49.99% female. The median age of the population in your area is 44.3, compare this to the

Entire US average which is 37.3. The population density in your area is 137.78 people per square mile.

Households

There are currently 4,305 households in your selected geography. The number of households has changed by 19.74% since 2000. It

is estimated that the number of households in your area will be 4,570 five years from now, which represents a change of 6.15% from

the current year. The average household size in your area is 2.52 persons.

Income

In 2014, the median household income for your selected geography is $43,610, compare this to the Entire US average which is

currently $51,972. The median household income for your area has changed by 6.19% since 2000. It is estimated that the median

household income in your area will be $50,209 five years from now, which represents a change of 15.13% from the current year.

The current year per capita income in your area is $23,993, compare this to the Entire US average, which is $28,599. The current

year average household income in your area is $60,221, 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: 81.51% White, 0.69% Black, 0.04% Native American and 0.87%

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 15.18% of the current year

population in your selected area. Compare this to the Entire US average of 17.13%.

Housing

In 2000, there were 2,814 owner occupied housing units in your area and there were 781 renter occupied housing units in your area.

The median rent at the time was $459.

Employment

In 2014, there are 3,906 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 60.97% of employees are employed in white-collar occupations in this geography, and 39.07% are employed in blue-collar

occupations. In 2014, unemployment in this area is 8.48%. In 2000, the average time traveled to work was 18.7 minutes.


45




SUMMARY REPORT

Number of people living in a given area per square mile.


46




POPULATION DENSITY

The number of people employed in a given area per square mile.


47




EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a

single housing unit.


48




AVERAGE HOUSEHOLD INCOME

PINETOP, AZ

OFFERING MEMORANDUM


Offices Throughout the U.S. and Canada

www.MarcusMillichap.com

Exclusively Listed By:

Douglas A. DannyFirst Vice President Investments

Senior Director, National Manufactured Home Communities GroupSan Diego Office

License: CA: 01403114Tel: (858) 373-3222Fax: (858) 458-3675

[email protected]/DouglasADanny

Donald MorrowBroker

Marcus & MillichapLicense: AZ: BR016257000

Tel: (602) 687-6700Fax: (602) 687-6710

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