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%
Listing ID: 4600237
Posted On: Mar 5, 2024
Updated On: Dec 18, 2024

Description

PRICE JUST REDUCED!! $67k Per Space at 8% Cap Rate with New Rent Increase effective Jan 2025!

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.

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 next rent increase was for $40 for Mobiles and $45 for RV that goes into effect January 2025. 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.

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

Location

The City of Klamath Falls has a population of approximately 42,000. Once known for timber, the economy of Klamath 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.