Fischer’s Place Mobile Home Park is a clean, well managed, all age community situated on one parcel of 6.94 acres. It includes a stick built house, one studio apartment, 35 mobile home sites, one RV site, a building with eleven self storage units and a second building that is used as a shop and general storage for the park.
The main competing mobile home park in town is fully occupied and has effective lot rents of $342 when factoring in water, sewer and trash (see rent survey below). Fischer’s Place MHP lot rents are only $300 including water, sewer and trash, leaving a healthy buffer for future rent increases. Of the three vacant sites, two of them were recently wired to accommodate a mobile home or RV and one site is currently only set up as an RV site. Lot rents are below most of the comparable parks in Malheur County, as can be seen in the rent survey found later in this flyer. Fischer’s Place MHP is priced at a 7.05% Cap rate based on current occupancy and current rents and Pro Forma of 7.63% Cap rate, at current occupancy with a $20 rent increase. Fischer’s Place offers the investor stabilized cash flow coupled with upside potential through future rent increases as well as filling three vacant sites.
The stick built home is occupied by the manager and has wood siding and a composite roof. The shop, self storage building and the studio apartment have exterior block walls and steel roofs. The park has four water wells. Two wells are filtered and treated and are used for potable water. The other two wells are used for irrigation water which is not treated. Sewer is handled by septic systems. Power is supplied and billed directly to each tenant by Idaho Power (the regional power company). Garbage is collected by a local company with dumpsters. The park has two entrances on Park Avenue. The two paved streets loop around and connect at the back of the park, as well as, behind the park shop.

Investment Highlights
· Most of the mobile homes are tenant owned

· Below market rents, with upside potential

· Onsite manager

· Underwritten with four vacant sites although two of them are currently occupied by RVs.

· Unit Mix: 35 Mobile homes sites, One RV site, 1 Studio Apartment, 1 stick built house and 9 self storage units

· Low cost utilities serviced by well and septic

· Electricity direct billed by Idaho Power to each tenant

· 7.09% CAP rate on current occupancy at current rents

· Pro Forma 7.25% CAP rate based on current occupancy and a $20 rent increase

· Pro Forma 9.63% cash on cash rate of return based on filling just 2 of the 4 vacant sites and $20 rent increase

Barry Bakke Investment Real Estate
5490 Hwy 52
New Plymouth, ID 83655

Idaho Broker License # DB34186
Oregon Broker License# 200611044