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CONTROL: Exclusive VALUE: $5,500,000
    LOAN: $1,200,000
    EQUITY: $4,300,000
TITLE: KOA CAMPGROUND EAST LUDINGTON MICHIGAN
TYPE OF PROPERTY: Mobile Home/RV
HAVE: RV Park with 8 deluxe cabins, 6 cabins, 80 RV sites, and a handful of tent sites with ability to expand. Swimming pool, store and all the amenities of a KOA Holiday Park on 39.5 acres of forested land.
WEBSITE ADDRESS: https://koa.com/campgrounds/pere-marquette/
PARCEL#:    
CITY, STATE: Branch, MI COUNTY:
BENEFITS TO NEW OWNER: Lots of income, ability to expand, management and employees in place, lots of support from KOA, potential lender on board, seller may carry some paper and will look at other property.
GROSS SCHEDULED INCOME: $758,000    Actual
VACANCY LOSS: $0
GROSS EFFECTIVE INCOME: $758,000
EXPENSES: $332,000
NOI: $426,000
DEBT SERVICE: $0
CASH FLOW: $426,000
CAP RATE: 7.75%
ENCUMBRANCES: BALANCE: PAYMENT: RATE: DUE: ASSUMABLE:
LOAN 1:      
LOAN 2:      
BENEFITS SOUGHT: Out of Title and into a passive position while the teenagers grow up. Would like multi-tenant or multiple single tenant NNN deals. Retail, multi-family, industrial. Can be active in FL.
CAN ADD: Value add RV Park in WA state(very low motivation to move it), lots of cash from a new loan(s).
REMARKS: Young couple building their portfolio while raising two kids. He is 'hands on' so a passive deal is preferred unless it is in FL. Will look at a home in FL. They will take another RV Park or MHP in FL.
COUNSELOR: Blake Allen, EMS, CCIM
Allen Realty
108 Canon Ave
Manitou Springs, CO 80829
Phone: (719) 685-0707
Cell: (719) 684-4123
Fax: (719) 685-0400
blakeallenrealty@gmail.com
 
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