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CORNING RV PARK4720 Barham Avenue, Corning, CA $928,800 with 20% $185,760 Down59 Fhu RV Sites on 7.5 Acres, Built 199090 Feet Sites, 40 Pull Thrus, Hwy 5 FrontageAll 50 Amp Electric, Prime for Solar Manager Home/Office 10.4% Cap Rate, 23.8% Cash Flow
For Further Information Contact:John Grant/Park Brokerage Inc.11510 Caminito Garcia, San Diego, CA 92131
(858) 586-9400Fax (858) 430-3401
Email: [email protected]
Information contained herein has been obtained from the owner of the property or from other sources that we deem reliable.
Corning RV Park59 Newer RV Sites Adjacent to Hwy 5
Down Payment$185,760
LOAN INFORMATION:Buyer to obtain a 80% loan to value SBA loan for$743,040 at an adjustable interest rate at 5% fullyamortized over 25 years, monthly payment$4,343.74
PROPERTY DESCRIPTION AND RENTAL INFORMATION: Very attractive and newer 59 sites RVpark adjacent to Highway 5 in the Northern California town of Corning. All 59 RV sites are fullhookup with 50 amp electric and are 90 feet long. The park was built in an olive grove offeringbeautiful shade and each site is surrounded by green grass. 40 of the RV sites are pull thrus. Rentalrates are $35 Daily, $198 Weekly, and $350 Monthly going to $370 January 1st. The park averages 30-40 monthlies and then has strong demand from overnighters off Highway 5. Amenities includebathrooms and showers, laundry, wifi, cable tv, shade and green grass, bbq area, and off leash dog run.The manager’s home is a 3 bedroom/2 bath manufactured home with the third bedroom built out as anoffice with an exterior door. Septic sewer and well water. The property is in excellent condition andthe owner has made a number of improvements over the last two years. Excellent upside in increasingoccupancy rate. Great cash flow.
Please contact Broker to setup appointment to see property.
CountyTehama
StateCalifornia
Historical FinancialsSee Attached Excel Spread Sheet
Age1990
LoanBuyer to obtain SBA loan
Total Parcel Size 7.5 Acres
No. Spaces59
WaterWell
SewerSeptic
Listing Salesman John Grant (858) 586-9400 Price Per Site: $15,742
NET INCOME $96,310
TOTAL ANNUAL PRIN. & INTEREST PAYMENT $52,125
EST. ANNUAL PRE‐TAX CASH FLOW (SPENDABLE) $44,185
PLUS PRINCIPAL REDUCTION YEAR 1 $15,321
TOTAL RETURN $59,506
Address/City4720 Barham Ave., Corning, CA
Capitalization Rate10.4%
Est. Spendable Return23.8%
Total Return 32.0%
Price$928,800
CORNING RV PARK
ACTUAL Year End
2015
ACTUAL Nov 1,
2015-Oct 24, 2016
Broker's Proforma
Laundry 5,006 5,006Overnighter 12,512 15,000RV Space Rental 235,827 245,000 ←
TOTAL REVENUE 206,332 253,345 265,006
EXPENSESAdvertising 124 0 0Automobile 522 100 100Bank Fees 497 388 388Licenses & Permits 917 2,010 2,010Charitable Donation 78 0 0Computer & Internet Expenses 96 0 0Equipment Rental 0 1,500 1,500Insurance-Liabilility 3,914 4,333 4,333Insurance-WC 4,054 2,263 4,500Janitorial 497 60 60Landscaping 661 0 0Laundry Rental 1,872 1,872 1,872Marketing 5,495 3,965 3,965Meals & Entertainment 203 208 208Miscellaneous 0 300 300Office Supplies 313 791 791Payroll-Employee Net Pay 0 36,887 36,887Payroll-Payroll Taxes 0 11,384 11,384Postage 6 2,461 2,461Accounting 2,883 1,750 1,750Attorney 2,833 126 126
Monthly rates increasedfrom $350 to $370 effective January/2017
CORNING RV PARK
Bacground Service 0 76 76Property Management Fees 13,124 0 0Repairs & Maintenance 13,710 13,303 13,303Sign Advertisement 3,026 350 350Taxes-LLC 1,600 800 800Taxes-Property 2,066 6,505 10,000Travel 0 1,068 1,068Unforms 0 162 162Cable TV 1,092 208 208Gas & Electric 50,764 60,180 60,180Telephone 2,385 2,868 2,868Trash 3,913 4,596 4,596Water Monitoring 64 1,950 1,950Web Hosting 98 3,509 500
TOTAL EXPENSES 116,807 165,973 168,696
NET INCOME 89,525 87,372 96,310