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% (Actual)
Listing ID: 6805929
Posted On: Jan 16, 2025
Updated On: Jan 16, 2025

Description

Tingley Lake Estates is a 54 Space Senior 55+ Community located in Klamath Falls, OR that surrounds a private Lake. Park operates on septic/well and is on 39.09 acres. The Property consists of 40 mobile homes sites (all tenant owned), 14 monthly full-time RV Sites, Large RV storage building and workshop. Owner has all approved permitting for an additional 15 unit RV expansion.

Current Space rents are $520 for Mobile Home Spaces and $540 for RV Sites. Lot rent includes water (well) and sewer (septic) and garbage. Electricity and cable are directly billed to tenants. The 14 RV spaces are currently long term, rented on monthly leases 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

Located in the south-central region of Oregon and bordering northern California, Klamath Falls sits on the eastern slopes of the Cascade Mountains and enjoys nearly 300 days of sunshine each year. The City of Klamath Falls has a population of approximately 42,000. Amazon has finished construction on a 19,000 sq ft delivery station in downtown Klamath Falls, which is expected to create more than 100+ jobs.

The U.S. Government, through Bipartisan Infrastructure Law, is investing a total of $162 million over five years to restore the Klamath region’s ecosystem and repair local economies.