Y RANCHO MOBILE HOME PARK

Property Description:

All-ages coupon clipper mobile home park located in the thriving Sparks submarket of Greater Reno. This
community has several avenues for upside including rental increase, utility billing, and long-term
redevelopment potential due to infill location. Y Rancho is a low maintenance park on city services with all
tenant-owned homes and no bad debt over last 12 months. There are no common area amenities with the
exception of a laundry room which was recently renovated. The streets were just given a sealcoat and restriped
so there is minimal deferred maintenance on the community. All electricity is direct-billed to each
tenant so from an infrastructure standpoint Y Rancho is a breeze to operate. The family park will continue to
benefit from Reno-Sparks being the #1 job growth city in the United States in 2018 with a 5.2% year over year
increase. This along with housing shortage has led to rental growth and the projections over the next five
years indicate continued job growth as companies such as Apple, Google, Tesla, and other technology
companies move back office operations to the business-friendly state of Nevada. Broker believes rents are
slightly under market and the current owner has not billed tenants for water, sewer, and trash which has
become the industry standard. Water and sewer costs alone comprise around 10% of the gross rental revenue
so a savvy operator can implement a metering program and increase cash flow almost immediately while
providing an environmentally-friendly program to the tenants. Loan assumption information is below, seller
will not defease existing debt so must be assumed with option to supplement with additional agency
financing. This will not last long!!!