Mountain View Mobile Home Park

TUCSON, AZ

Mountain ViewMobile 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.

TUCSON, AZ

Mountain View 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 YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENT NOTICE

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 RECENT SALES

Section 4 ON MARKET COMPARABLES

Section 5 RENT COMPARABLES

Section 6 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS


Mountain View Mobile Home ParkTUCSON, AZ

PRICING AND FINANCIAL ANALYSIS

1

Price $525,000

Down Payment 30% $157,500

Total Spaces 19

Price per Space $27,632

Spaces per Acre 10.92

Vacant Spaces 3

Year Built 1974

Lot Size 1.74 Acres

Type of Ownership Fee Simple

Vital Data

CAP Rate - Current 7.33%

GRM - Current 7.02

Net Operating Income - Current $38,475

Net Cash Flow After Debt Service - Current 9.4% / $14,801

Total Return - Current 12.8% / $20,223



Major Employers

CompanyLocal

Employees

Healing Spirit/ Arizona Cancer 1,204

University Medical Imaging 1,204

Flowing Wells School Dist 1,038

CHS 940

Walmart 683

Carondelet Medical Group 654

Sun Tran 600

Ad Industries Inc 500

Beacon Group Sw Inc 500

AIRES 475

Dominos Pizza 420

Home Depot The 406

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 W0090261 Marcus &Millichap. All rights reserved.

1-Mile 3-Miles 5-Miles

2014 Total 9,551 65,230 165,259

2019 Total 9,595 66,619 169,233

2014 Total 3,561 27,602 69,955

2019 Total 3,601 28,371 72,080

Median HH Income $37,700 $42,131 $41,323

Per Capita Income $17,779 $24,940 $26,080

Average (Mean) HH $47,367 $58,565 $61,214

OFFERING SUMMARY

Two-Star, All Age, Affordable Mobile Home Community

Built on 1.74 Acres with a Site Per Acre Density of

10.92.

All City Services. Direct Gas/Electric to 14 Sites.

Paved Roads. 13 MH and 6 RV/Travel Trailer Sites.

9.4% Return With $14,801 Cash Flow and an Expense

Ratio of 50.38% ($2,101 per site)

Mature Trees Throughout the Park

There are Three Notes with Monthly Payments of $601.

This Revenue is not Underwritten Into the NOI

The Notes are Included in the Sales Price

Scheduled Income

No. of Space Current Monthly

13 Single-Wide $350 $4,550

6 RV/Travel Trailer/Park Model $280 $1,680

19 Total $6,230

FIRST TRUST DEED

Loan Amount $367,500

Loan Type Proposed New

Interest Rate 5.0%

Amortization 30 Years

2

Annualized Operating Data

Income Current

Gross Potential Rent $74,760

Other Income $14,800

Gross Potential Income $89,560

Less: Vacancy/Deductions 14.9% / $11,160

Effective Gross Income $78,400

Less: Expenses $39,925

Net Operating Income $38,475

Net Cash Flow Before Debt $38,475

Debt Service $23,674

Debt Coverage Ratio 1.63

Net Cash Flow After Debt Service 9.4% / $14,801

Principal Reduction $5,422

Total Return 12.8% / $20,223


2550 West Curtis Road

Tucson, AZ 85705

Price $525,000

Down Payment 30% $157,500

Number of Spaces 19

Price/Space $27,632

CAP Rate - Current 7.33%

GRM - Current 7.02

Year Built 1974

Lot Size 1.74 Acres

Spaces/Acre 10.92

Type of Ownership Fee Simple


Location

Financing ExpensesReal Estate Taxes $4,500

Insurance $1,500

Management $4,800

Landscaping $1,200

Electric $2,700

Water $3,400

Trash $2,500

Sewer $3,200

Total Utilities $11,800

Management Wages & WC $4,800

Advertising $600

Bank Fees $100

Management Bonus $500

Office Supplies $100

Billing $500

Repairs & Maintenance $6,500

Personal Property Tax $900

Total Other Expenses $2,125

TOTAL EXPENSES $39,925

EXPENSES/SPACE $2,101

% of EGI 50.9%


Loan information is time sensitive and subject tochange. Contact your local Marcus & Millichap CapitalCorporation representative.

FINANCIAL OVERVIEW

3



Existing Financing


Loan Type Assumption

Interest Rate 6.500%


Due Date 2020

Current Monthly Payment 2458.33

Lender Name Union Bank

Comments

Impounds: $371.06


Proposed Financing

First Trust Deed


Loan Type Proposed New

Interest Rate 5.0%


Debt Coverage Ratio 1.63

FINANCING

Payment $1,973


Loan to Value 75% of Appraisal

Interest Rate 4.50%


Term 9 Years

Recourse Yes

Loan Quote as of August 6, 2015

4




RENT ROLL

SP# RENT POH/Notes

1 $350.00

MGR 2 $350.00

Vacant Site 3 $350.00

4 $350.00

5 $350.00 $205.58

6 $350.00 $205.59

7 $350.00

8 $350.00

9 $350.00

10 $350.00

11 $350.00

12 $350.00

13 $280.00 RV

14 $280.00 RV

Vacant POH 15 $280.00 RV

Vacant RV Site 16 $280.00 RV

17 $280.00 RV

18 $280.00 $190.19 RV

19 $350.00

SP# RENT POH/Notes

19 $6,230.00 $601.36

V = VACANT = 1 @ $350 & 2 @ $280

RV = RV / Travel Trailer / Park Model

N = Note

5




HISTORICAL SPREADSHEET

2010 Actuals 2011 Actuals 2012 Actuals 2013 Actuals 2014 Actuals

Current Budget

Estimate

IncomeRental Income 75,468$ 57,631$ 64,080$ 70,684$ 65,430$ 74,760$

Application Fee 200$ 150$ 245$ 100$ -$ -$ Bounced Check Fee 35$ 23$ -$ -$ -$ -$

Laundry 751$ 181$ -$ -$ -$ -$ MH Lease to Own -$ -$ 1,521$ 9,523$ 4,631$ -$

Late Fees 567$ 645$ 405$ 1,698$ 680$ 700$ Electrical -$ 3,615$ 3,970$ 4,579$ 2,565$ 2,600$

Sewer -$ 2,797$ 3,786$ 4,638$ 4,555$ 4,600$ Trash -$ 2,412$ 2,547$ 3,225$ 2,895$ 2,900$ Water -$ 1,866$ 3,969$ 4,601$ 3,998$ 4,000$

Vacancy -$ -$ -$ -$ -$ (11,160)$

Total Income 77,021$ 69,320$ 80,524$ 99,048$ 84,754$ 78,400$

ExpensesAdvertising -$ -$ 281$ -$ -$ 600$ Bank Fees 12$ 8$ 186$ 12$ -$ 100$ Insurance 1,446$ 1,110$ 1,297$ 2,004$ 1,352$ 1,500$

Landscaping -$ 1,300$ 300$ -$ -$ 1,200$ Management Fees 4,800$ 4,800$ 14,500$ 7,500$ 10,000$ 4,800$

MGT Wages/WC -$ -$ -$ 4,800$ 4,800$ 4,800$ Management Bonus -$ -$ 200$ 732$ 450$ 500$

Office Supplies -$ -$ 565$ 79$ 42$ 100$ Billing 428$ 324$ 1,263$ 2,082$ 2,212$ 500$

Repairs & Maintenance 7,087$ 2,871$ 6,623$ 14,678$ 2,250$ 6,500$ Property Taxes 4,478$ 4,851$ 5,248$ 4,021$ 4,407$ 4,500$

Personal Property Taxes 335$ 821$ 536$ 542$ 895$ 900$ Telephone 352$ 372$ 565$ 107$ -$ 150$

Accounting -$ -$ -$ -$ -$ 75$ Replacement & Reserves -$ -$ -$ -$ -$ 1,900$

Total Expenses 18,939$ 16,457$ 31,563$ 36,556$ 26,408$ 28,125$

Utilities:Electric 4,190$ 4,017$ 4,318$ 3,982$ 2,607$ 2,700$

Natural Gas 625$ 202$ 25$ -$ -$ -$ Sewer -$ 4,000$ 3,986$ 3,144$ 3,135$ 3,200$ Trash 1,793$ 2,062$ 2,135$ 2,135$ 2,436$ 2,500$ Water 5,686$ 5,623$ 4,055$ 4,643$ 3,334$ 3,400$

Total Utilities 12,294$ 15,903$ 14,520$ 13,904$ 11,512$ 11,800$

Total Expenses Including Utilities 31,233$ 32,360$ 46,084$ 50,460$ 37,920$ 39,925$

Net Operating Income 45,788$ 36,959$ 34,440$ 48,588$ 46,834$ 38,475$

PRICE CURRENT CAP COST PER SITE525,000$ 7.33% $27,632

GRM EXP PER SITE EXP / %6.70 $2,101 50.92%

NOI PER SITE$2,025

Does not include $7,212 of Note income

6




PARK OWNED INVENTORY

Space Number Collateral Balance Date Sold Price Down Payment Montly Payment Term

18

1 BR / 1 BA 1997

Nomad Serial #

1SN900R20VA000635

$3,905.00 2/1/2015 $6,000.00 $1,765.27 $190.19 24 Months

6

Cavco Industries 1981

VID #CAV800374

14x56

$6,000.00 12/1/2012 $12,500.00 $3,000.00 $205.59 51 Months

5

2 BD / 1 BA 1970

12'x64' Serial #

64X12291471

$1,566.00 4/1/2014 $4,000.00 $1,911.00 $205.58 22 Months

TOTALS $11,471.00 $22,500.00 $6,676.27 $601.36

7


SPACE MIX


SPACE RENT

$0

$40

$80

$120

$160

$200

$240

$280

$320

SW RV/Travel Trailer/Park Model

Trailer/Park Model: 32%

SW: 68%


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

13 Single-Wide $350 $4,550

6 RV/Travel Trailer/Park Model $280 $1,680

19 TOTAL $6,230

SPACE MIX

8




Current

Per

Space

Real Estate Taxes $4,500 $237

Insurance $1,500 $79

Management $4,800 $253

Landscaping $1,200 $63

Utilities

Electric $2,700 $142

Water $3,400 $179

Trash $2,500 $132

Sewer $3,200 $168

Management Wages & WC $4,800 $253

Advertising $600 $32

Bank Fees $100 $5

Management Bonus $500 $26

Office Supplies $100 $5

Billing $500 $26

Repairs & Maintenance $6,500 $342

Personal Property Tax $900 $47

Telephone $150 $8

Accounting $75 $4

Replacements & Reserves $1,900 $100

TOTAL EXPENSES $39,925 $2,101

% of EGI 50.9%

EXPENSES

9



Income Current

Per

Space

GROSS POTENTIAL RENT $74,760 $3,935

Other Income

Late Fees/NSF Fees $700 $37

Utility Income

Electric $2,600 $137

Water $4,000 $211

Trash $2,900 $153

Sewer $4,600 $242

Total Other Income $14,800 $779

GROSS POTENTIAL INCOME $89,560 $4,714

Vacancy/Collection Allowance (% of GPR) 14.9% / $11,160 $587

EFFECTIVE GROSS INCOME $78,400 $4,126

Total Expenses $39,925 $2,101

% of EGI 50.9%

NET OPERATING INCOME $38,475 $2,025


Total Number of Spaces: 19

INCOME & EXPENSES


PROPERTY DESCRIPTION

Mountain View is a two star, all age mobile home park located in Northwest Tucson. There are 13 mobile home sites and six RV sites on the property. All of the units are owned by the residents, except for one park-owned home (#15) that is for sale. There are three Notes secured by home sales (#5, #6 & #18) totaling $11,400 as of August 1, 2015, with monthly payments of $601.36. These Notes are included in the sales price and are NOT underwritten into the NOI. The property is centrally located in town with close proximity to Interstate 10 and within minutes to the popular Tucson Mall and Foothills Mall.

The park was built in 1974 on 1.74 acres and has a site density of 10.92 sites per acre. There are mature trees throughout the property, with views of the Catalina Mountains on the Northeast corner of the property. The park is located near the Flowing Wells District of Tucson, which is a popular area for manufactured housing communities and includes many mature parks that maintain high occupancies.

Gas is provided to each space directly from Southwest Gas. Electric is direct billed from Tucson Electric Power Company (TEP) for 14 sites. Five sites (#13, #14, #17, #18 & #19) are submetered for electric. Both the water and sewer are provided by the City of Tucson. The water is sub metered and the owner passes through sewer and trash. The road surfaces are asphalt paved. There is overhead lighting throughout the park.

Mountain View Mobile Home Park offers an investor a stable income stream with upside in future rent increases. The buyer can purchase the park at a 7.33% cap rate with an expense ratio of 50.38% or $2,101 per site. At 86% occupancy there is a pre-tax cash flow of $14,801 or 9.4%. There is Note income of $7,216 per annum which is not underwritten into the gross income, but included in the purchase price. The mobile home park requires minimal maintenance and is the perfect size for a first-time park owner or an investor.

11

Investment Highlights



■ Two-Star, All Age, Affordable Mobile Home CommunityBuilt on 1.74 Acres with a Site Per Acre Density of 10.92

■ All City Services. Direct Gas/Electric to 15 Sites. SubmeteredElectric to 5 Sites.

■ Overhead Lights Throughout the Park

■ Paved Roads

■ 9.4% Return With $14,801 Cash Flow and an ExpenseRatio of 50.38% ($2,101 per site)

■ Mature Trees Throughout the Park


INVESTMENT OVERVIEW

The Offering

Property Mountain View Mobile Home ParkProperty Address 2550 West Curtis Road

Tucson, AZ 85705Type of Park All-AgeRental Agreement Month-to-MonthRent Control NoAssessor's Parcel Number 101-14-312SZoning MU - Multiple Use Zone

Site Description

Number of Spaces 19Vacant Spaces 3Year Built 1974Lot Size 1.74 AcresType of Ownership Fee SimpleSpaces/Acre 10.92Resident Off Street Parking YesGuest Parking NoRV Storage NoFlood Plain XLandscaping DesertTopography FlatStreets/Drainage Surface Sheet Drainage

12


Utilities

Paid By Meter Other

Water Tenant Submetered Tucson Water Department

Electric Tenant Direct/Submetered Tucson Electric Power

Gas Tenant Direct Southwest Gas

Sewer Tenant Pass Through Pima County

Trash Tenant Pass Through Waste Management

Cable TV Tenant Direct Comcast



PROPERTY SUMMARY

Space #3 & #16 are vacant and space #15 is a vacant resale POH (5th Wheel).

Flood Plain X: Areas of 0.2% annual chance flood; areas of 1% annual chance flood with average depths of less than 1

foot or with drainage areas less than 1 square mile; and areas protected by levees from 1% annual chance flood.

Electric is direct billed from Tucson Electric Power Company (TEP) for 14 sites. Five sites (#13, #14, #17, #18 & #19) are submetered for electric.

13




FLOOD ZONE LEGEND

14




FEMA FLOOD MAP

Common Area Amenities

Unit Amenities

■ View of the Catalinas at the Northeast Corner

■ All City Services

■ Adjacent to Regional Public Park with a Baseball Field

■ Only One (1) Park Owned Home (#15)

■ Asphalt Paved Roads

■ Overhead Lights Throughout the Park

■ Gas is Directly Billed. Electric is Directly Billed to 14Sites and Submetered to 5 Sites (#13, #14, #17, #18 &#19)

■ Water is Submetered. Sewer and Trash Pass Through

■ Mature Trees Lining the Park

■ Close Proximity to Interstate-10

■ Site Density of 10.92 Sites Per Acre

■ Within Minutes of Tucson Mall and Foot Hills Mall

15




AMENITIES

16




PROPERTY PHOTOS

17




PICTURE PAGE 2

Local Map Regional Map

18




AREA MAPS

19




SITE PLAN

20




AERIAL PHOTO


RECENT SALES

1)

2)

3)

4)

5)

6)


Cottonwood

Palo Verde Hills

Peri Winkle Mobile Home Park

Hidden Mobile Home Park

Juanita Mobile Home Park

Arizonan Mobile Home Park

22

RECENT SALES



RECENT SALES MAP

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Subject Cottonwood PaloVerdeHills

PeriWinkleMobileHomePark

HiddenMobileHomePark

JuanitaMobileHomePark

ArizonanMobileHomePark

Average GRM

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00






23

RECENT SALES


Average Cap Rate


CAP RATE AND GRM

Average Price per Space

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

$28,000

$32,000

$36,000

$40,000






24

RECENT SALES



PRICE PER SPACE

1

2

Cottonwood

225 North 10th Street

Cottonwood, AZ 86326

Palo Verde Hills

939 North Acacia Road

Apache Junction, AZ 85119

Comments

Eight Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1970. Built on .67 acres the

park yields an 11.94 site per acre density.

Comments

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

9.8 site per acre density.



Tucson, AZ 85705

Comments

Mountain View is a 19 space, all-age community located in Pima County near northwest Tucson. Features include all

city services and residents pay all utilities. The park was built on 1.74 acres and yields a 10.92 site per acre density.

Subject Property

Close of Escrow: 06/30/2014 Price/Space: $35,524

No. of Spaces: 8 CAP Rate: 12.20%

Year Built: 1970 GRM: 5.60

Sales Price: $284,188

25

RECENT SALES




Sales Price: $1,600,000


No. of Spaces: 19 Price/Space: $27,632

Year Built: 1974 CAP Rate: 7.33%

Offering Price: $525,000 GRM: 7.02


RECENT SALES

4

5

Hidden Mobile Home Park

2619 West Glendale Avenue

Phoenix, AZ 85051

Juanita Mobile Home Park

156 North Hawes Road

Mesa, AZ 85207

Comments

27 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1950. Built on 4.51 acres the

park yields a 5.98 site per acre density.

Comments

72 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building. Built on 16 acres the park yields a 4.5

site per acre density.

Peri Winkle Mobile Home Park

2728 West Colter Street

Phoenix, AZ 85017

3

Comments







26





RECENT SALES







RECENT SALES

Arizonan Mobile Home Park

3168 North Romero Road

Tucson, AZ 85705

6

Comments







27

RECENT SALES



RECENT SALES


ON MARKET COMPARABLES

1)

2)

3)

4)

5)


Larada Mobile Home Park

Los Ranchitos

Maryland West Mobile Home Park

Embers Mobile Home Trailer Park

Columbus Mobile Home Park

29




ON MARKET COMPARABLES MAP

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Subject LaradaMobileHomePark

MarylandWest

MobileHomePark

EmbersMobileHomeTrailerPark

ColumbusMobileHomePark

Average GRM

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00


MarylandWest

MobileHomePark



30




Average Cap Rate

CAP RATE AND GRM

Average Price per Space

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

$28,000

$32,000

$36,000

$40,000


LosRanchitos

MarylandWest

MobileHomePark



31




PRICE PER SPACE

1

2

Larada Mobile Home Park

1823 North 40th Street

Phoenix, AZ 85008

Los Ranchitos

5432-5454 South Masterson Avenue

Tucson, AZ 85706

Comments



Comments

REO SALE - 13 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1968. Built on 1.1

acres the park yields an 11.81 site per acre density



Tucson, AZ 85705

Comments

Mountain View is a 19 space, all-age community located in Pima County near northwest Tucson. Features include all

city services and residents pay all utilities. The park was built on 1.74 acres and yields a 10.92 site per acre density.

Subject Property

Close of Escrow: On Market Price/Space: $42,857



List Price: $2,100,000

32


No. of Spaces: 13 CAP Rate: N/A

Year Built: 1968 GRM: N/A

List Price: $370,000



No. of Spaces: 19 Price/Space: $27,632

Year Built: 1974 CAP Rate: 7.33%

Offering Price: $525,000 GRM: 7.02



4

3

5

Embers Mobile Home Trailer Park

1431 North French Street

Casa Grande, AZ 85122

Columbus Mobile Home Park

1413 North Columbus Blvd

Tucson, AZ 85712

Comments


park yields an 11 site per acre density.

Comments

19 Unit Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1952. Built on .82 acres the

park yields a 23.17 site per acre density. Utilities for park have a master meter and all utilities are on a pass-through

basis.

Maryland West Mobile Home Park

5825 West Maryland Ave

Glendale, AZ 85301

Comments







33




List Price: $1,325,000










RENT COMPARABLES

1)

2)

3)

4)

5)


Whispering Palms MH and RV Park

Diamond Mobile Home Park

West Star Mobile Home Park

West Star

Diamond Grove

35

RENT COMPARABLES



RENT COMPARABLES MAP

Average Occupancy

0

10

20

30

40

50

60

70

80

90

100

Subject WhisperingPalms

MHandRV

Park

DiamondMobileHomePark

WestStar

MobileHomePark

WestStar

DiamondGrove

Single-Wide Double-Wide

0

60

120

180

240

300

360

420

Subject WhisperingPalms

MHandRV

Park

DiamondMobileHomePark

WestStar

MobileHomePark

WestStar

DiamondGrove

36

RENT COMPARABLES


AVERAGE RENTS - SINGLE & DOUBLE-WIDE


OCCUPANCY AND AVERAGE RENTS

Comments

2,500-square feet Specialty Trailer / Camper Park Building Built in 1958. Built on 3.63 acres the park yields a 24.24 site per acre

density. Seasonal variation in the rent.

Comments

33 Unit Class B Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1987. Built on 4.01 acres the park yields an

8.22 site per acre density.

Space Type No. of Spaces Rent Monthly Income

Single-Wide 13 $350 $4,550

RV/Travel Trailer/Park 6 $280 $1,680

Total/Wtd. Avg. 19 $328 $6,230

Comments

Mountain View is a 19 space, all-age community located in Pima County near northwest Tucson. Features include all city services and

common area laundry. The park was built on 1.74 acres and yields a 10.92 site per acre density.

Subject Property

1

2

Total Spaces: 19

Vacant Spaces: 3

Year Built: 1974



Tucson, AZ 85705

Total Spaces: 88

Vacant Spaces: 20

Year Built: 1972

Total Spaces: 33

Vacant Spaces: 3

Year Built: 1987

Whispering Palms MH and RV Park

3445 North Romero Road

Tucson, AZ 85705

Diamond Mobile Home Park

2640 West Diamond Street

Tucson, AZ 85705

37

RENT COMPARABLES


Single-Wide 88 $299 - $330

Total/Wtd. Avg. 88 $314



Single-Wide Double-Wide 33 $285 - $335



RENT COMPARABLES

5

West Star Mobile Home Park

1866 West Sigo Lily

Tucson, AZ 85705

West Star

1800 West Gardner

Tucson, AZ 85705

Diamond Grove

5151 North Kain Avenue

Tucson, AZ 85705

3

4

Comments

Class B Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1986. Built on 12.78 acres the park yields a 7.04 site

per acre density. The community features a clubhouse, swimming pool and playground.

Comments

Class C Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1985. Built on 12.14 acres the park yields a 7.9 site

per acre density. This community features a clubhouse, basketball court, swimming pool, playground, lighted streets and volleyball

courts.

Comments

153 Unit Class B Multi-Family Manufactured Housing/Mobile Home Park Building Built in 1973. Built on 17.2 acres the park yields a 8.89 site per acre

density. City water and sewer septic system. Community features a clubhouse, pool, spa, basketball court, picnic area, laundry and security patrol.

38

Total Spaces: 90

Vacant Spaces: 17

Year Built: 1986

RENT COMPARABLES


Total Spaces: 96

Vacant Spaces: N/A

Year Built: 1985


Total Spaces: 153

Vacant Spaces: N/A

Year Built: 1973

RENT COMPARABLES


Single-Wide 90 $413 - $413



Single-Wide Double-Wide 96 $339 - $339



Single-Wide 122 $379 - $379

Double-Wide 31 $384 - $384



DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 8,729 60,142 153,034

2010 Population 9,428 64,095 162,761

2014 Population 9,551 65,230 165,259

2019 Population 9,595 66,619 169,233

2000 Households 3,235 25,184 64,017

2010 Households 3,512 27,071 68,751

2014 Households 3,561 27,602 69,955

2019 Households 3,601 28,371 72,080

2014 Average Household Size 2.66 2.34 2.33

2014 Daytime Population 4,025 29,585 67,071

2000 Owner Occupied Housing Units 75.03% 60.45% 54.88%

2000 Renter Occupied Housing Units 16.74% 29.45% 36.41%

2000 Vacant 8.23% 10.10% 8.71%



2014 Vacant 6.69% 9.16% 9.35%



2019 Vacant 6.48% 8.98% 9.39%

$ 0 - $14,999 15.8% 15.1% 17.2%

$ 15,000 - $24,999 18.0% 13.9% 13.5%

$ 25,000 - $34,999 12.5% 12.9% 12.4%

$ 35,000 - $49,999 16.6% 14.9% 13.6%

$ 50,000 - $74,999 20.4% 19.2% 17.7%

$ 75,000 - $99,999 9.8% 10.6% 10.2%

$100,000 - $124,999 4.0% 6.2% 6.6%

$125,000 - $149,999 1.5% 2.9% 3.4%

$150,000 - $199,999 1.0% 2.2% 2.7%

$200,000 - $249,999 0.3% 0.8% 1.1%

$250,000 + 0.5% 1.4% 1.7%

2014 Median Household Income $37,700 $42,131 $41,323

2014 Per Capita Income $17,779 $24,940 $26,080

2014 Average Household Income $47,367 $58,565 $61,214

Demographic data © 2012 by Experian.

40




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2014, the population in your selected geography is 165,258. The population has changed by 7.98% since 2000. It is estimated

that the population in your area will be 169,232 five years from now, which represents a change of 2.40% from the current year. The

current population is 48.82% male and 51.17% female. The median age of the population in your area is 38.0, compare this to the

Entire US average which is 37.3. The population density in your area is 2,104.61 people per square mile.

Households

There are currently 69,954 households in your selected geography. The number of households has changed by 9.27% since 2000. It

is estimated that the number of households in your area will be 72,080 five years from now, which represents a change of 3.03%

from the current year. The average household size in your area is 2.33 persons.

Income

In 2014, the median household income for your selected geography is $41,323, compare this to the Entire US average which is

currently $51,972. The median household income for your area has changed by 14.96% since 2000. It is estimated that the median

household income in your area will be $48,451 five years from now, which represents a change of 17.25% from the current year.

The current year per capita income in your area is $26,079, compare this to the Entire US average, which is $28,599. The current

year average household income in your area is $61,213, 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: 75.17% White, 3.33% Black, 0.16% Native American and 3.29%

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 34.69% of the current year

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

Housing

In 2000, there were 38,485 owner occupied housing units in your area and there were 25,532 renter occupied housing units in your

area. The median rent at the time was $484.

Employment

In 2014, there are 67,070 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 62.37% of employees are employed in white-collar occupations in this geography, and 37.77% are employed in blue-collar

occupations. In 2014, unemployment in this area is 5.63%. In 2000, the average time traveled to work was 24.2 minutes.


41




SUMMARY REPORT

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


42




POPULATION DENSITY

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


43




EMPLOYMENT DENSITY

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

single housing unit.


44




AVERAGE HOUSEHOLD INCOME

Two-way, average daily traffic volumes.Traffic Count data © 2012 by TrafficMetrix. All rights reserved.

45




TRAFFIC COUNTS

* Traffic Count Estimate

TUCSON, 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

Documents

Mountain View Mobile Home Park