35 space mobile home park & 1 detached cottage …...ciara trujillo senior vice president dir +1...

Ciara Trujillo Senior Vice President Dir +1 858 677 5387 Lic No. 01800279 [email protected]

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Halldale AvenueHalldale Avenue

Halldale Mobile Home Park 35 Space Mobile Home Park & 1 Detached Cottage

1515 W. 135th Street | Gardena, CA

Value Add Opportunity

Christopher Sheehan, SIOR

Executive Vice President Dir +1 310 321 1831 Lic No. 1202469 [email protected]

Dan Weil, CCIM, SIOR

Senior Vice President Dir +1 310 321 1824 Lic No. 00824303 [email protected]

• • Price - $2,750,000Price - $2,750,000

• • Priced to SellPriced to Sell

• • Existing NOI After New Tax - $168,377; CAP Rate: 6.12%Existing NOI After New Tax - $168,377; CAP Rate: 6.12%

• • Projected NOI on Market Rent - $197,592; CAP Rate: 7.19%Projected NOI on Market Rent - $197,592; CAP Rate: 7.19%

• • 20 minutes to Beach Communities20 minutes to Beach Communities

2 Halldale Mobile Home Park


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CHANDLER CORPORATE CENTER | PHOENIX | 31515 W. 135th Street 3

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Executive Summary 04

Property Overview 06

Financial Overview 10

Adjacent Industrial Building 14

Market Overview 17

Offering Guidelines 20

Entry on the Property If you and Seller (or Seller’s Broker) agree in writing (by email or otherwise) to an appointment for entry on the Property, you may enter the Property only at such appointed time.DO NOT DISTURB TENANTS.

Governmental Contact In no event may you inquire with or otherwise contact any agent or employee of any governmental or quasi-governmental agency regarding the Property or any Seller Party without the prior written consent and participation of Seller.


Executive Summary

Colliers International is pleased to present for sale Halldale Mobile Home Park, a turnkey, value-add income producing asset.

The property consists of 35 mobile home spaces and one detached cottage. Currently, there is only 1 vacant mobile home space. Average current mobile home rent is $601 per space, with a high of $800. Market rents in the area project that space rent within the Halldale park could increase to $800 per month. The property also benefits from a coin operated laundry facility. The surrounding area is limited in properties that allow specifically for mobile home parking which allows this property to fill a need in the community.

Executive Summary



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1515 W. 135th StreetGardena, CA 90249

W. 135th Street

W. 135th StreetHalldale Avenue

Halldale Avenue


Property Overview

LOCATION 1515 W. 135th Street

APN 6102-011-016

MUNICIPALITY City of Gardena

ACREAGE 0.97 acres (42,160 SF)

DESCRIPTION OF PROPERTY 35 Space Mobile Home Park. One detached cottage. Coin operated laundry facility.

APPROXIMATE SPACE SIZES Mostly Single-Wide

EXISTING NOI (AFTER NEW PROP. TAX) $168,377

PROJECTED NOI ON MARKET RENTS $197,592

STREETS Streets were repaved in 2017.

NOTIFICATION OF RENT INCREASES

An owner shall provide written notice to tenants of an increase of ten percent or less of the rent charged during the twelve months prior to the effective date of the increase at least thirty days prior to the effective date of the increase.See Link: Chapter 14.04 - Gardena Code

APN 6102-011-016

Address 1515 W. 135th Street Gardena, CA 90249

Estimated Land Area 0.97 Acres | 42,160 SF

Current Zoning City of Gardena

M1

http://www.Colliers-SanDiego.com/utc/santistevan/halldale/chapter-14-04-gardena-code.pdf


W. 135th Street

W. 135th Street

Halldale Avenue

Halldale Avenue


Property Site Plan

W. 135th Street

W. 135th Street


COMMON AREAS

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Detached Garage

Cottage

Laundry 3

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Proforma NOI Analysis

Per Unit / % Per Unit / % Per Unit / %261,900 7,275 267,138 7,421 293,852 8,163

4,200 117 4,200 117 4,200 117 266,100 7,392 271,338 7,537 298,052 8,279

(5,322) (148) (5,427) (151) (5,961) (166) 260,778 7,244 265,911 7,386 292,091 8,114

Operating Expenses150 4 1,000 28 1,000 28

Management (Space 11 Mgr has Reduced Rent) 7,823 217 7,977 222 8,763 Maintenance 525 15 525 15 525 15

692 19 1,000 28 1,000 28 8,547 237 8,547 237 8,547 237

Insurance 3,607 100 3,607 100 3,607 100 UtilitiesElectric 17,585 488 17,585 488 17,585 488

Gas 6,909 192 6,909 192 6,909 192 Water 16,890 469 16,890 469 16,890 469

29,674 824 29,674 824 29,674 824 92,401 2,567 93,713 2,603 94,499 2,625 35.4% 35.2% 32.4%

Net Operating Income 168,377$ 4,677$ 172,198$ 4,783$ 197,592$ 5,489

Notes: *Streets were repaved in 2017 for $38,000

Trash Pick Up

Adjusted Gross Income (AGI) - Vacancy (2%)

Legal Prof Fees

Repairs

Expenses as % of AGITotal Expenses

Property Taxes (1.07905%)

Current Rent Roll

Pro-Forma Expenses

TOTAL RENTSLaundry Income

GROSS SCHEDULED INCOME

1st Year at 2% Increase

Pro-Forma Expenses Pro-Forma Expenses

3-5 Year Increase to 10% on Existing


Proforma Rent Roll

1 Trailer Space Occupied Prior to 2000 1 1 425$ 425$ 425.00$ 434$ 477$ 2 Trailer Space Occupied Prior to 2000 1 1 650$ 650$ 650.00$ 663$ 729$ 3 Trailer Space Occupied 5/1/2011 1 1 575$ 575$ 575.00$ 587$ 645$ 4 Trailer Space Occupied 5/1/2014 1 1 665$ 665$ 665.00$ 678$ 746$ 5 Trailer Space Occupied 9/1/2010 1 1 675$ 675$ 675.00$ 689$ 757$

5A Trailer Space Occupied 6/1/2015 1 1 615$ 615$ 615.00$ 627$ 690$ 6 Trailer Space Occupied Prior to 2000 1 1 660$ 660$ 660.00$ 673$ 741$ 7 Trailer Space Occupied 9/1/2012 1 1 575$ 575$ 575.00$ 587$ 645$ 8 Trailer Space Occupied 4/1/2013 1 1 755$ 755$ 755.00$ 770$ 847$ 9 Trailer Space Occupied 1/1/2017 1 1 615$ 615$ 615.00$ 627$ 690$ 10 Trailer Space Occupied 9/1/2006 1 1 615$ 615$ 615.00$ 627$ 690$ 11 Trailer Space Occupied Manager 1 1 415$ 415$ 415.00$ 423$ 466$ 12 Trailer Space Occupied 5/1/2014 1 1 800$ 800$ 800.00$ 816$ 898$ 13 Trailer Space Occupied 5/1/2011 1 1 570$ 570$ 570.00$ 581$ 640$ 14 Trailer Space Occupied 11/1/2014 1 1 595$ 595$ 595.00$ 607$ 668$ 15 Trailer Space Occupied 10/15/2016 1 1 575$ 575$ 575.00$ 587$ 645$ 16 Trailer Space Occupied 4/15/2015 1 1 600$ 600$ 600.00$ 612$ 673$ 18 Trailer Space Occupied 4/1/2019 1 1 585$ 585$ 585.00$ 597$ 656$ 19 Trailer Space Occupied Prior to 2000 1 1 585$ 585$ 585.00$ 597$ 656$ 20 Trailer Space Occupied 3/15/2010 1 1 575$ 575$ 575.00$ 587$ 645$ 21 Trailer Space Occupied 11/1/2008 1 1 625$ 625$ 625.00$ 638$ 701$ 22 Trailer Space Occupied 11/15/2017 1 1 570$ 570$ 570.00$ 581$ 640$ 23 Trailer Space Occupied Prior to 2000 1 1 400$ 400$ 400.00$ 408$ 449$ 24 Trailer Space Occupied 8/15/2015 1 1 615$ 615$ 615.00$ 627$ 690$ 25 Trailer Space Occupied 6/15/2000 1 1 675$ 675$ 675.00$ 689$ 757$ 26 Trailer Space Occupied 5/1/2011 1 1 585$ 585$ 585.00$ 597$ 656$ 27 Trailer Space Occupied Prior to 2000 1 1 600$ 600$ 600.00$ 612$ 673$ 28 Trailer Space Occupied 6/1/2017 1 1 625$ 625$ 625.00$ 638$ 701$ 29 Trailer Space Occupied 10/1/2002 1 1 615$ 615$ 615.00$ 627$ 690$

29A Trailer Space Occupied 5/1/2017 1 1 570$ 570$ 570.00$ 581$ 640$ 30A Trailer Space Occupied 8/1/2014 1 1 550$ 550$ 550.00$ 561$ 617$ 31 Trailer Space Occupied 10/15/2017 1 1 575$ 575$ 575.00$ 587$ 645$

31A Trailer Space Occupied 10/1/2011 1 1 585$ 585$ 585.00$ 597$ 656$ 32 Trailer Space Occupied 9/1/2014 1 1 550$ 550$ 550.00$ 561$ 617$ 33 Trailer Space Vacant 1 1 760$ 760$ 760.00$ 775$ 853$

Cottage 2BR/1BA Occupied 1 1 800$ 800$ 800.00$ 816$ 898$ Average 36 36 606.25$ 21,825$ 618.38$ 680$

Monthly Total (GSI) 21,825$ 9,600$ 22,262$ 24,488$ Yearly Total (GSI): 261,900$ 261,900$ 267,138$ 293,852$

MonthlyIncomeOccupancy Move In Date Rent/Space 1ST Year at

2% IncreaseSpace 3-5 Year at 10% Increase

Total Available Spaces

Occupied Spaces

CurrentRent


Listing Price: $2,750,000Spaces: 36Price/Unit: $76,389Unit Mix: 35 RV SpacesPrice Per Acre: $2,750,000Capitalization Rate (Current): 6.12%Capitalzation Rate (1st Year) 6.26%Capitalization Rate (Market): 7.19%GIM (Current): 10.33GIM (Market): 9.23Year Built:Type of Asset: RV ParkAPN: 625-352-06-00Surface Parking Spaces: NALand Area: 1Land Area SF: 43,560

Investment Summary


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SITE

HOLLY PARKHOLLY PARK


Adjacent State of the Art Industrial Building | Under Construction

9TH STREET PARTNERSHALLDALE - GARDENA, CA10.15.2019H-A+D JOB NO: A19-2079

9TH STREET PARTNERSHALLDALE AVE - GARDENA, CA08.21.2019H-A+D JOB NO: A19-2079

NORTH ELEVATION

EAST ELEVATION

SOUTH ELEVATION

WEST ELEVATION


9TH STREET PARTNERSHALLDALE - GARDENA, CA08.21.2019H-A+D JOB NO: A19-2079

NORTHWEST CORNER @ WEST 134TH STREET


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The City of Gardena an “All-America City” is a small, highly urbanized community of 5.9 square miles (15 km2)

within the South Bay Basin of Los Angeles County, 13 miles (21 km) from Downtown Los Angeles. Gardena,

California is a city of 61,000 inhabitants. Nearly 40% of adults age 25 and older have four years or more of

college, including men and women with a wide variety of job capabilities, from entry level to the specialized

technical, supervisory and management level.

Gardena’s attractive, family-oriented neighborhoods provide a wide variety of housing options for all resi-

dents. There are 21,041 residential units available in the City. About one-half of the residential units are single

family units. The City has 280 subsidized senior housing units in three senior communities. The apartments/

multi-family housing have very livable densities. About 10% of the housing stock in the City was built in the

last 25 years. The majority of the residential neighborhoods are mature with lush landscaping, well main-

tained buildings, and large family-sized yards. The persons per household ratio is 2.802. The City has a 3.41%

vacancy rate.

Gardena offers numerous options in single and family living! Several new residential developments have been

completed to provide new homes. The new developments are located at Redondo Village, Emerald Square,

Carnelian Homes, Cottage Place, San Lorenzo, and Gardena Village and MBK Homes.

City of Gardena

Population±60,096

Median Household Income$50,807

Median Age40.6


Park Name Address # of Units Space RentsHalldale Mobile Home Park 1515 W. 135th Street Gardena, CA 90249 35 $598.00

Gardena Villas 16949 S. Western Ave Gardena, CA 90249 47 $993.53

Dominguez Hills Estates 19009 S. Laurel Park Rd Compton, CA 90220 440 $1,022

Royal Western Mobile Home Park 17705 South Western Ave Gardena, CA 90248 120 $1,700

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GARDENA VILLAS$993.53

DOMINGUEZ HILLS ESTATES$1,022

ROYAL WESTERN MOBILE HOME PARK$1,700

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Gardena Mobile Home & RV Parks


https://mhphoa.com/ca/rent/

Bureau of Labor Statistics Table for Mobile Home Space Rents for Los Angeles-Long Beach-Anaheim


OFFERS SUBMIT ALL OFFERS

DEPOSIT An initial deposit of $150,000 shall be placed into escrow at the execution of Purchase Agreement and shall be refundable during the Due Diligence Period. Upon Buyer’s election to proceed with acquisition of the Property at the end of the Due Diligence Period, the deposit shall be increased to $300,000 (non-refundable) and the entire deposit shall be non-refundable except in the case of a default or breach by Seller prior to closing. The balance of the purchase price shall be paid at Closing.

OFFERS DUE All offers shall be submitted to:

Ciara Trujillo c/o Colliers International 4350 La Jolla Village Drive, Suite 500 San Diego, CA 92122 Email: [email protected]

DUE DILIGENCE Buyer shall have twenty-one (21) days from the Effective Date of the Purchase Agreement to perform whatever studies it may desire on the Property. Seller will deliver to Buyer all studies, plans, and reports in its possession.

DISCLAIMER This document has been prepared by Colliers International for advertising and general information only. Neither Colliers International nor the Seller makes any guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising therefrom. Colliers International is a worldwide affiliation of independently owned and operated companies.

BROKERAGE A commission to Colliers International will be paid by Owner pursuant to a separate listing agreement. Any other commissions must be paid by the prospective purchaser. All communications and inquiries regarding the Property should be directed to Ciara Trujillo.

Offering Guidelines


This document has been prepared by Colliers International for advertising and general information

only. Neither Colliers International nor the Seller makes any guarantees, representations or war-

ranties of any kind, expressed or implied, regarding the information including, but not limited to,

warranties of content, accuracy and reliability. Any interested party should undertake their own

inquiries as to the accuracy of the information. Colliers International excludes unequivocally all

inferred or implied terms, conditions and warranties arising out of this document and excludes all

liability for loss and damages arising there from. The information contained herein is being provid-

ed on a confidential basis and shall be used only to evaluate the investment opportunity presented

within this Offering Memorandum. Colliers International is a worldwide affiliation of independently

owned and operated companies.

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Halldale Mobile Home Park

Gardena, California

W. 135th Street

W. 135th StreetHalldale Avenue

Halldale Avenue






35 space mobile home park & 1 detached cottage …...ciara trujillo senior vice president dir +1...

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