Contact Information
RV Park/Campground Details
- Price: $3,550,000
- Purchase Method: Cash, New Loan
- Cap Rate: 7.6%
- Listing ID: 4606455
- Posted On: Mar 5, 2024
- Updated On: Oct 3, 2024
Description
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-$540, 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 last rent increase was for $40 that went into effect January 2024. The 14 RV spaces are currently rented on long-term monthly basis at $540/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.
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.
Amenities
- Storage
- Manager Office
Park Information
| Number of RV Lots: | 54 |
| Year Built: | 1980 |
| Average RV Lot Rent: | $540 |
| Size: | 39.1 acre(s) |
Financial Information (Actual)
| Gross Income: | $331,100 |
| Operating Expense: | $61,163 |
| Net Operating Income: | $269,937 |
| Expense Ratio: | 18.5 % |
Utility Information
| Water: | Well |
| Sewer: | Septic |
