Park Brokerage Inc.

MANUFACTURED HOUSING COMMUNITY

Price

$600,000

South Gate Mobile Home Park

42 Mobile Home Spaces + 3 Mobile Home Installment Notes of Approximately $8,663

Down Payment (25% of Price)

$150,000

Address/City

6201 S. Randall Blvd., Tucson

County

Pima

State

Arizona

Est. Vac. & Expense %

See Actuals Attached

Age

Approximately 25-30 Years

Loan

Buyer to obtain new 1st TD

Capitalization Rate

12%

Est. Spendable Return

22%%

Total Return with MH Notes

25.2%

Parcel Size

Approximately 3.3 Acres

No. Spaces

42

Map-Page

Zoning

Listing Salesman John Grant  (858) 586-9400, Vince Reynolds (858) 546-5407

Office San Diego

DESCRIPTION AND TENANT INFORMATION: 2 star, all ages, blue collar park in south Tucson.  Very strong rental market.  Mostly singlewide mobile homes with a few doublewides.  Space rents are $205/month plus submetered gas, electric, water, and sewer charges.  No rent control in the State of Arizona. City water and sewer services.  Brand new gas system installed 1999.  Swimming pool, laundry facility, and utility building.  $8,663 in mobile home installment notes included at 14% interest with payments of $4,836/year.  Exceptionally high cap rate, 20% cash flow, reasonable rent levels, booming market, good financing available.  Dealers have sold several new homes in the park.

Sale closed 9/28/01.

        TOTAL ESTIMATED NET INCOME BEFORE DEBT SERVICE

See attached spread sheet with 1998,1999 and 2000 actual income and expenses.  Broker projected net income $72,682

                                                                                                $72,682

LOAN INFORMATION

TOTAL ANNUAL PRIN.                                                      $39,623

& INTEREST PAYMENT                                                               

Buyer obtain a new 1st trust deed of $450,000 at an adjustable interest rate of 8% amortized over 30 years, monthly payment $3,301.94

EST. ANNUAL PRE-TAX                                                  $33,059

CASH FLOW (SPENDABLE)

PLUS MOBILE HOME                                                        $4,836

INSTALLMENT PAYMENTS

TOTAL RETURN                                                               $37,895


The information contained herein has either been given to us by the owner or the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, EXPENSE, AND ALL OTHER INFORMATION CONTAINED HEREIN.