WHALESHEAD BEACH RESORT

Transcription

OFFERING MEMORANDUM
$8,995,000
WHALESHEAD BEACH RESORT
19921 WHALESHEAD ROAD • BROOKINGS, OREGON | 142 UNITS
OFFERING MEMORANDUM
Exclusive Advisors
Table of Contents
INVESTMENT SUMMARY
PAGE 3
PROPERTY INFORMATION
PAGE 6
MARKET OVERVIEW
PAGE 10
COMPARABLES
PAGE 16
FINANCIAL OVERVIEW
PAGE 18
TRANSACTION GUIDELINES
PAGE 20
This Offering Memorandum contains select information pertaining to the business
and affairs of the Property at 19921 Whaleshead Road, Brookings, Oregon. It has
been prepared by Colliers International. This Offering Memorandum may not be allinclusive or contain all of the information a prospective purchaser may desire. The
information contained in this Offering Memorandum is confidential and furnished
solely for the purpose of a review by a prospective purchaser of the Property.
For further information regarding the purchase and sale of this asset, to schedule
a tour, or to submit a bid, please contact the following Colliers International
professionals:
Alex Cheng
Associate
Multifamily
Skip Rotticci CCIM
Vice President
Multifamily
Kenneth Verbeck
Associate
Multifamily
DIRECT +1 503 499 0075
DIRECT +1 503 499 0062
DIRECT +1 503 499 0079
EMAIL [email protected]
851 S.W. Sixth Ave., Suite 1200
Portland, Oregon 97204
503.223.3123
WHALESHEAD BEACH RESORT | OFFERING MEMORANDUM
COLLIERS INTERNATIONAL P. 2
> Investment Summary
INVESTMENT HIGHLIGHTS
Investment Opportunity
Whaleshead is a family park located in the city of Brookings, Oregon located 8 miles north of the city’s
historic downtown on Highway 101. The city of Brookings is one of the few coastal cities located in the
Banana Belt of Oregon which experiences some of the warmest year-round temperatures of any coastal
city making it one of the most sought-after destinations for retirees, this holds true for many of the
residents of Whaleshead as well. This is a Class A community set up on a hill across approximately 40
acres and offers unrivaled sweeping views of the Pacific ocean, beach and coastal forest. In 1983 the
longstanding owners of Whaleshead Beach Resort opened with 60 RV sites, today Whaleshead is home to
122 manufactured home spaces, 20 RV spaces, and the original restaurant lounge that has welcomed
guests since its inception in 1964.
NORTH
W
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WHALESHEAD BEACH RV RESORT
19921 Whaleshead Road | Brookings, Oregon
Pa
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By
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Samuel H Boardman
State Park
INVESTMENT HIGHLIGHTS
Property Details
NAME:
ADDRESS:
PARCEL NUMBER(S):
YEAR BUILT:
SITES:
LAND AREA:
UTILITIES:
STREET TYPE:
ZONING:
COMMUNITY AMENITIES:
OCCUPANCY:
OFFERING PRICE:
PRICE PER UNIT:
CAP RATE:
Whaleshead Beach Resort
19921 Whaleshead Road, Brookings, Oregon 97415
R21269, R21208, R25025, R10343, R10284, R25185
1983
122 Manufactured Home Sites, 20 RV, and One Commercial Space
40.13 Acres/ 1,748,064 SF
Well & Septic
Paved
Rural Commercial
Private territorial views of the Pacific, direct beach access, spa and room service dining.
100%
$8,995,000
$46,849/Unit
6.21%
> Property Information
Whaleshead Beach Resort
Unit & community features:
•
•
•
•
•
•
•
•
•
•
•
122 Manufactured home spaces
20 RV spaces
1 Commercial structure/restaurant/lounge
100% Occupied
Serviced by private well and septic system
All privately owned homes
High home resale value
Professional management in place
Just off Highway 101
On-site spa
Room service dining
Park Map
NORTH
Samuel H Boardman
State Park
Pacific Coast Sc
enic Byway
W
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ad
Ro
19921 Whaleshead Road | Brookings, Oregon
les
hea
d
WHALESHEAD BEACH RV RESORT
14 minutes | Downtown Brookings, OR
46 minutes | Crescent City, CA
2 hours | Coos Bay, OR
2 hours | Grants Pass, OR
> Market Overview
MARKET OVERVIEW
BROOKINGS
Brookings is located on the beautiful Southern Oregon Coast six miles north of the California border on
U.S. Highway 101. It is bounded by the Chetco River and Port of Brookings Harbor to the south and to
the north, by Harris Beach State Park.
Brookings originally thrived on the lumber and commercial and sports fishing industries. Lily bulb
farming was introduced in the 1920’s. Although dwindling, lumber and fishing are still strong factors in
the City’s economy and the lily bulb farms, which are in a 12-mile area between Brookings and Smith
River, California, produce 100% of the lily bulbs grown in North America. Because of these stable
industries, Brookings is less dependent on the tourist trade than many Oregon coast cities.
Photo of Chetco River courtesy of Heidi Jenkin
* Source: www.brookings.or.us
Brookings Ranked
#1 Best Commuter
City in Oregon
- Obrella Insider, 2015
MARKET OVERVIEW
BROOKINGS
The community of Brookings was originally established in 1913 by John E. Brookings, cousin to Robert
S. Brookings of the Brookings Institute, when he moved his lumber business from the San Bernardino
Mountains of Southern California. One of the first things John Brookings did when he relocated was to
hire renowned architect, Bernard Maybeck, to lay out the street design for the core area of the City.
Since its incorporation in 1951, the City of Brookings has grown in population and area; it is now the
largest city in Curry County. Much of the City’s population growth since the 1980s, when Brookings was
“discovered” as a great place to live, has been from retirees moving to the area to enjoy the mild climate,
beautiful coastline, and many scenic and recreational amenities.
MARKET OVERVIEW
BROOKINGS
Balmy ocean breezes, spectacular views, and a host of outdoor recreational activies are just a few of
the many reasons Brookings is a great place to visit. Whether your interest lies in fishing, hiking, golfing,
kayaking, biking, swimming, beachcombing, whale watching, or just enjoying a good book or a picnic
lunch with a beautiful view, Brookings has something for everyone! Add to the mix good food, interesting
shops, friendly people and a mild year-around climate and its easy to understand why so many of our
visitors choose to become full time residents of Oregon’s southernmost coastal city.
Discover Brookings >
• Brookings hosts many annual and seasonal events including Azalea Park’s free summer concert
series.
• Go whale-watching at Harris Beach State Park. Overnight camping with electric hookups.
• On Memorial Day Weekend, vendors and artists turn out for the Azalea Festival.
• Bud Cross Park features a public swimming pool, ball fields, tennis courts, skateboard park and
basketball court.
• Take in the incredible 360 degree views at Chetco Point Park. The park offers beach access, tide
pools, picnic areas and accessible hiking trails.
• Shop and eat at the Port of Brookings-Harbor, which is home to the Marina, restaurants, boutiques
and hotels.
• Enjoy a day at Salmon Run Golf Course, a beautiful 18-hole golf course.
MARKET OVERVIEW
Regional Economy & Trends
• Brookings, Oregon is located in Curry County. Five counties - Coos, Curry, Douglas, Jackson,
Josephine - comprise the Southern Oregon Economy.
• Employment growth in Southern Oregon is generally slower than the state. Over the year ending
in March, Curry County employment grew 1.6 percent.
• According to Census Bureau data, all counties in Southern Oregon had net out- migration of
young people 20 to 29 years of age between 2000 and 2010. Coos and Curry counties also had
out-migration of older people 75 years of age and older, while Douglas, Jackson and Josephine
counties did not.
• The health care industry had strong employment growth in all counties from 2001 to 2015.
Douglas added 693 jobs (16%), Coos added 713 (28%), Curry added 335 (63%), Jackson added
3,966 (44%), and Josephine added 1,182 (45%).
• The health care industry is expected to continue to grow between 2014 and 2024. The private
education and health services sector is expected to add 900 jobs or 11 percent in Southwest Oregon
(Douglas, Coos, and Curry), mostly due to growth in health care. Private health care is expected to
add 2,170 jobs or 14 percent in the Rogue Valley (Jackson and Josephine) over the 10-year period.
• Wood product manufacturing is still a major employer in Southern Oregon, although the industry has
declined in most counties.
• Population grew between 2010 and 2015, except in Coos County, which dropped 53. Jackson County
added the most at 7,769 and grew the fastest at 3.8 percent. Net migration drove growth in the four
counties that had population growth.
• Combining all Southern Oregon counties, the industries adding the most jobs between 2014 and 2015
were private education and health services (+923) and leisure and hospitality (+889). The fastest
growing were other services at 9.3 percent and construction at 6.8 percent. These are all industries
that benefit from local population growth.
* Source: www.qualityinfo.org
MARKET OVERVIEW
Local Demographics
DISTANCE TO/FROM
THE PROVI
1 MILE
3 MILE
5 MILE
2015 Total Population:
102
909
1,615
2020 Population:
106
938
1,667
Pop Growth 2015-2020:
3.92%
3.19%
3.22%
Average Age:
50.60
50.60
50.60
2015 Total Households:
45
403
717
2020 Total Households:
47
417
740
HH Growth 2015-2020:
4.44%
3.47%
3.21%
$63,000
$60,872
$61,266
3.00
3.00
3.00
$296,666
$295,184
$295,416
7
65
115
Whaleshead Beach
RV Resort
HOUSEHOLDS
2015 Median Household Income:
2015 Average Household Size:
HOUSING
2015 Median Home Value:
2015 Renter Occupied:
> Comparables
SALE COMPARABLES
Sale Comparables
PROPERTY
NAME
ADDRESS
CITY, STATE
NO. UNITS
YEAR BUILT
SALE PRICE
PRICE/UNIT
CAP RATE
SALE DATE
Confidential
Summer Oaks
SongBrook
Wildwood Mobile Villa
Confidential
Newport, OR
177
1988
$16,108,000
$91,006
N/A
Pending
3220 Crescent Avenue
Eugene, OR
102
1997
$10,400,000
$101,961
4.00%
April 2016
4055 Royal Ave
Eugene, OR
140
1995
$13,800,000
$98,571
5.00%
June 2015
5510 Windsor Island Road N
Keizer, OR
105
1975
$7,200,000
$68,571
6.02%
April 2015
> Financial Overview
FINANCIAL OVERVIEW
Pro Forma of Income & Expenses
INCOME
Permanent Space Rent (122 SPACES)
RV Spaces (20 SPACES)
Resort Leases (1 SPACE)
Subtotal
Vacancy and Credit Loss
Total Income
OPERATING EXPENSES
Management
Repairs & Maintenance
Property Taxes
Insurance
Utilities
Electric
Trash
Landscaping
Reserve for Well & Septic
TOTAL EXPENSES
NET OPERATING INCOME
RENT
525
495
2,000
MONTHLY
64,050
9,900
2,000
75,950
ANNUAL
768,600
118,800
24,000
911,400
%
84.33
13.03
2.03
100.00
(3,798)
72,153
(45,570)
865,830
5.00
MONTHLY
(5,000)
(3,125)
(1,282)
(2,042)
(2,583)
(3,333)
(2,583)
(2,917)
(2,708)
(25,573)
ANNUAL
(60,000)
(37,500)
(15,381)
(24,500)
(31,000)
(40,000)
(31,000)
(35,000)
(32,500)
(306,881)
%
6.58
4.11
1.69
2.69
3.40
4.39
3.40
3.84
3.57
33.67
$558,949
> Transaction Guidelines
OFFERING PROCEDURE
Offering Procedure
The offering of Whaleshead Beach RV Resort is being conducted exclusively by
Colliers International. All questions and inquiries should be directed to the
Colliers representatives listed in this memorandum.
Colliers will be available to assist prospective investors with their review of the
offering. On-site inspections of the property and tours of the market area can
be arranged directly with Colliers.
Offers should include, at a minimum, the following:
• The purchase price and closing date;
• The source of capital, both equity and debt, for the transaction;
• The amount of earnest money deposit;
• A detailed schedule of the due diligence and requisite approval process; and
• A description of assumptions utilized for the offer.
Please address your offers to the brokers listed below.
503.223.3123
ALEX CHENG
Associate
[email protected]
+1 503 499 0075
SKIP ROTTICCI CCIM
Vice President
[email protected]
+1 503 499 0062
KENNETH VERBECK
Associate
[email protected]
+1 503 499 0079
DAVID KOTANSKY
Managing Director
[email protected]
+1 503 233 3123
OFFERING PROCEDURE
CONFIDENTIALITY & DISCLAIMER STATEMENT
This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 19921 Whaleshead Road, Brookings, Oregon. It has been
prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information
contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any
other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by
the Seller and in part upon financial information obtained by Colliers International from sources it deems reliable. Owner, nor their officers, employees, or agents makes any
representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall
be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein
and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum from Colliers, you agree:
1) The Offering Memorandum and its contents are confidential;
2) You will hold it and treat it in the strictest of confidence; and
3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of
the Seller.
Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to
terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the
purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating
to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of
the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents
for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs
of the Property since the date this Offering Memorandum.
503.223.3123
Alex Cheng
Associate
Skip Rotticci CCIM
Vice President
Kenneth Verbeck
Associate
DIRECT +1 503 499 0075
DIRECT +1 503 499 0062
DIRECT +1 503 499 0079

WHALESHEAD BEACH RESORT

Transcription

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