PAIR-A-DICE MOBILE HOME PARK

VALUE ADD INVESTMENT OPPORTUNITY THE OPPORTUNITY • paIr-a-dice mobile home park • 137 Units

HIGHLIGHTS PAIR-A-DICE MOBILE HOME PARK 2067 Las Vegas Blvd, Las Vegas, NV 89030 Sale Price $5,450,000

Price/Unit $39,781 PROPERTY OVERVIEW

Units 137 The Pair-A-Dice living community consists of a 137 space mobile home park averaging 250sf. The Property has street frontage on the west side of Las Vegas Blvd, as well as street frontage on the east side of Donna Street. The property includes a 900 square feet Avg SF 250 SF maintenance/laundry facility along with a 150 square feet storage shed. This property is located in the North Las Vegas downtown re-development area. Pair-a-Dice mobile home park is located in North Las Net Rentable Area 34,250 SF Vegas on North , a major north to south arterial throughout the Las Vegas area. It also has quick convenient access to Interstate 15. It is across the4street from retail shopping centers consisting of a supermarket, post office, banks, and restaurants. Cap Rate 6.66% is a short 2.5 miles away with entertainment, restaurants, and shopping. It is also blocks away from North Las Vegas City Hall Hospital and the police department. Acreage 8.77

Year Built 1956 UNIT MIX Avg Rent $425

Zoning R - A/ C R PROFORMA PROFORMA UNIT TYPE UNITS SIZE RENT RENT / SF Proforma Gross $658,057 1x1 137 250 $425 $1.70 Proforma NOI $362,768

Current OCC 80%

Proforma OCC 90%

APN 139-23-201-017

MULTIFAMILY INVESTMENT • EXTERIOR PICTURES • paIr-a-dice mobile home park • 137 Units

MULTIFAMILY INVESTMENT • LOCATION OVERVIEW • paIr-a-dice mobile home park • 137 Units

downtown las market center

95 jerry´s MARTINEZ nugget ELEMENTARY school . 15 d v bl s ga CASHMAN CENTER ve las casino pair-a-dice

NORTH LAS VEGAS N. 5TH ST. CITY HALL

FUTURE maya QUANNAH MCCALL entertainment center ELEMENTARY SCHOOL

las vegas blvd.

E. CAREY AVE.

jim bridger SMITHS middle school PETITTI PARK

MULTIFAMILY INVESTMENT • value add • paIr-a-dice mobile home park • 137 Units MAYA ENTERTAINMENT CENTER CONSTRUCTION STARTS ON MOVIE THEATER COMPLEX IN NORTH LAS VEGAS By Art Marroquin Las Vegas Review-Journal

Construction started Monday on a 14-screen movie theater in North Las Vegas, showcasing one of the first visible steps toward redeveloping the economically depressed downtown area. The $75 million Maya Entertainment Center is expected to cater to the city’s burgeoning Latino population and preview what’s to come for one of the city’s oldest neighborhoods. “We want to bring some of Hollywood to North Las Vegas,” Maya Cinemas North America Vice President Larry Porricelli said.

The two-story theater, spanning 65,000 square feet, will rise from a dirt lot across the street from North Las Vegas City Hall and the Silver Nugget, set to open by Christmas in 2018. Design and financial challenges sent costs soaring higher than first expected, prompting developers to delay construction of some shops and restaurants at the commercial until 2019 at the earliest, Maya Cinemas President and Chief Operating Officer Frank Haffar said.

Despite the setback, city officials said they’re confident that Maya Cinemas’ arrival will draw other shops, restaurants and housing that could transform the downtown area into a vibrant urban core tentatively known as Lake Mead Village West. Just blocks from the movie theater, city officials are spending a $1.2 million federal community block grant to start converting the shuttered Canyon Electric Building at 1936 White Street into a two-story library with 7,000 square feet of space.

A museum or gathering space is planned for Washington Continuation School, which the city purchased last year for $260,000. Studies are underway for a new transit station on Fifth Street. A park spanning six to eight blocks would connect each of those areas.

“This project is a great catalyst for the revitalization we want to do, so we are extremely enthusiastic and excited about what this will do for the confidence level of all the plans and ideas we’ve been talking about behind the scenes,” said Gina Gavan, economic and business development director for North Las Vegas. “There can always be a lot of talk,” Gavan said. “But we’re making sure that these projects are thoughtful and meaningful.”

North Las Vegas has long struggled to jump-start its downtown. Developers last decade sought to convert the Maya Cinemas site into a 350,000-square-foot retail complex known as Las Flores. After several stalls in construction, the plan failed and Dallas-based Sarofim Realty put the land up for sale.

Maya Cinemas, led by movie director Moctesuma Esparza, spent $7.1 million to buy the land in February, beating out a developer who wanted to build a minor-league soccer stadium pair-a-dice across the street from City Hall.

Esparza, a Mexican-American activist-turned-movie producer best known for his work on “Selena,” said his four Maya Cinemas theaters have helped spur economic activity in cities with large Latino maya entertainment populations. “We know it will happen here, too,” Esparza said of the company’s venture into center North Las Vegas, its first outside of California.

With a 38.8 percent Latino population, North Las Vegas could potentially see additional Latino- owned businesses spring up as downtown redevelopment progresses, Councilman Isaac Barron said. “It reflects the fact that this area isn’t just seeing an influx of Latino residents, but Latino money,” said Barron, whose Ward 1 includes downtown. “Private industry is seeing the real-life potential of the Latino dollars and the influence of Latinos in this area.”

MULTIFAMILY INVESTMENT • DEMOGRAPHICS • paIr-a-dice mobile home park • 137 Units

5 min

10 min

15 min

drive times 5 min 10 min 15 min Population 53,008 245,262 750,168

Avg. Household Income $38,836 $43,832 $52,210

Number of Employers 1,105 93,640 31,875

Number of Employees 22,277 153,285 520,323

Median Age 28.2 28.6 29.0

MULTIFAMILY INVESTMENT • financials • paIr-a-dice mobile home park • 137 Units

INVESTMENT SUMMARY PROPERTY INFORMATION

OFFERING PRICE $5,450,000 RENTABLE AREA 34,250

# OF UNITS 137 YEAR BUILT 1956

PRICE PER UNIT $39,781 GROSS POTENTIAL $698,700

PRICE /SF $159.12 AVERAGE RENT $425

CAP RATE 6.66% AVERAGE UNIT SIZE 250

GRM 7.80 PHYSICAL OCC. 80%

UNIT MIX

UNIT TYPE UNITS SIZE MONTHLY PROFORMA RENT PROFORMA RENT / SF

137 MH PAD 250 $425 $1.70

MULTIFAMILY INVESTMENT • actual/proforma breakout • paIr-a-dice mobile home park • 137 Units

ACTUAL / PROFORMA FINANCIALS

T90 INCOME W/T12 EXP PER UNIT % PROFORMA PER UNIT %

Gross Potential Income $635,532 $4,639 $698,700 $5,100

Less Vacancy $ - $ - - % $(69,870) -$510 -10.00%

Less Concess/Allowance $ - $ - - % $(41,922) -$306 -6.00%

Net Rentable Income $635,532 $4,639 $586,908 $4,284

Other Misc Income (Laundry) $1,488 $11 0.23% $71,149 $519 12.12%

Gross Operating Income $637,020 $4,650 $658,057 $4,803

Estimated Operating Expenses

Payroll $64,582 $471 10.14% $41,100 $300 6.25%

Administration $14,572 $106 2.29% $17,125 $125 2.60%

Management $- $- 0.00% 19,742 $144 3.00%

Repairs and Maintenance $21,945 $160 3.44% $20,550 $150 3.12%

Utilities $152,048 $1,110 23.87% $156,609 $1,143 23.80%

Advertising $334 $2 0.05% $- $0 0.00%

Insurance $7,955 $58 1.25% $6,850 $50 1.04%

Landscaping $885 $6 0.14% $ - $0 0.00%

Property Tax $12,763 $93 2.00% $12,763 $93 1.94%

Turnover $- $0 0.00% $ - $0 0.00%

Capital Reserves $20,550 $150 3.23% $20,550 $150 3.12%

Total Operating Expense $295,634 $2,158 46.41% $295,289 $2,155 44.87%

Net Operating Income $341,386 $2,492 53.59% $362,768 $2,648 55.13%

MULTIFAMILY INVESTMENT • • paIr-a-dice mobile home park • 137 Units

COMPARABLES pair-a-dice

MULTIFAMILY INVESTMENT • sale comps • paIr-a-dice mobile home park • 137 Units

PROPERTY SALES PRICE PRICE PER UNIT UNITS DATE SOLD

Pair-A-Dice $5,450,000 $39,781 137 TBD 2067 Las Vegas Blvd.

PROPERTY SALES PRICE PRICE PER UNIT UNITS DATE SOLD

Palm Grove MHP $19,950,000 $55,882 357 10/2/2017 1 1624 Palm St.

Sunrise Mobile Home Park $1,400,000 $35,897 39 8/30/2017 2 1450 N. Nellis Blvd.

La Villa Vegas MHP $2,850,000 $43,846 65 8/8/2017 3 1190 S. Mojave Rd.

Sand Creek MHP $18,000,000 $55,556 324 6/30/2016 4 2627 S. Lamb Blvd.

AVERAGE SALE PRICE PRICE PER UNIT UNITS

$10,550,000 $47,795 196

MULTIFAMILY INVESTMENT • sale comps map • paIr-a-dice mobile home park • 137 Units

PAIR-A-DICE

LA VILLA VEGAS MHP

SUNRISE MHP

PALM GROVE MHP SAND CREEK MHP

MULTIFAMILY INVESTMENT • RENT comps • paIr-a-dice mobile home park • 137 Units

SUBJECT PROPERTY UNITS AVG, SF PRICE

Pair-A-Dice 137 250 425 2067 Las Vegas Blvd.

SUBJECT PROPERTY UNITS AVG, SF PRICE

Acacia 30 - $475 1832 N. Walnut Rd.

Walnut Estates 35 - $460 1750 N. Walnut Rd. 1 X 1

Bramblewood 64 - $450 1700 N. Gateway Rd..

Pair-A-Dice 137 250 $425 1832 N. Walnut Rd.

MULTIFAMILY INVESTMENT • rent comps map • paIr-a-dice mobile home park • 137 Units

WALNUT ESTATES PAIR-A-DICE

ACACIA

BRAMBLEWOOD

MULTIFAMILY INVESTMENT • bios • paIr-a-dice mobile home park • 137 Units

Devin Lee, CCIM, became Director of the Northcap Multifamily division after a seven-year Jerad Roberts started in commercial real estate as a financial analyst in 2013 and now joins career with another international real estate firm where he began in 2010 after 12 years the Northcap team as a multifamily specialist. His specialties include financial underwriting, in commercial mortgage. He currently specializes in multifamily sales and financing and cash flow analysis, day-to-day operations as well as acquisitions and dispositions of has been involved in over $1 billion in real estate transactions over the course of his career. multifamily assets. He has underwritten more than $600 Million in multifamily sales in just a few short years. Mr. Lee is co-founder and president of Access Commercial Mortgage. He facilitates deals on behalf of property owners and developers nationwide. His responsibilities include At the start of his career, Jerad was a financial underwriter for multifamily properties at NAI oversight in origination, underwriting and placement of financing transactions with major Vegas. During that tenure he underwrote more than 5,000 units and over $200 Million in national portfolio lenders, Wall Street conduits, life insurance companies, agency lenders sales. He is a native of Las Vegas and holds dual bachelor degrees in accountancy and and private lenders. He is also vice president of the branch for CIII Commercial business administration from the University of San Diego. Mortgage, a national Wall Street direct commercial lender. Mr. Lee earned his Certified Currently, Jerad is working toward his Certified Commercial Investment Membership through Commercial Investment Member designation in 2005 and completed the Commercial and looks forward to becoming a future designee. Outside of the office he volunteers with Real Estate Program at the LIED School of Real Estate Studies in 2004. He was an active Three Square, does committee work for CCIM and can often be found outdoors fishing Southern Nevada CCIM chapter board member from 2006 through 2016 as well as or playing sports. served as the Southern Nevada CCIM chapter president in 2008. He was also a board member of Commercial Alliance Las Vegas in 2008. That same year he also became a Devin Lee, CCIM founding member of the Inter-Capital Group, a strategic alliance of commercial mortgage brokers and bankers nationwide. Mr. Lee has been a resident of Las Vegas since 1974. jERAD ROBERTS Director Multifamily Investments | Finance He attended Valley High School and graduated Cum Laude from the University of San Executive VP Multifamily Investments Diego in 1992, earning his Bachelor of Business Administration in Business Economics.  702 943 1901  Mr. Lee has been involved with several local charities including the YMCA and Nathan 702 943 1907  [email protected] Adelson Hospice.  [email protected]

His industry affiliations present and past include: Southern Nevada CCIM Chapter, CCIM Institute, Inter-Capital Group, Commercial Alliance Las Vegas, Commercial Marketing Group, Better Business Bureau, Las Vegas Chamber of Commerce, Mortgage Bankers Association, Nevada Association of Mortgage Professionals, Southern Nevada Multifamily Association and Northern Nevada Multifamily Association.

Jason joined the Northcap multifamily team in 2016 as an investment analyst. He previously Mr. Willett joined Northcap Commercial in 2016 as a lead multifamily investment specialist held court at a locally based international real estate firm, specializing in multifamily for the greater Las Vegas market. Prior, Willett and his team worked at an international research, marketing, database management and financial analysis. brokerage firm, with anchored specialty in the local multifamily industry for over 40 years. There he assisted clients in the acquisition and disposition of over 12,000 apartment units.

Willett began his real estate career in Las Vegas immediately after attending Fort Lewis Jason is a graduate from the University of Nevada Las Vegas, where he earned a Business College in Colorado. As a recognized leader in the industry, he continues to work with Administration degree in Real Estate and Urban Economics. His knowledge of the field has a spectrum of institutional firms to local owners offering unparalleled services. His skilled continued to rapidly develop through his opportunities to work alongside several industry approach to identifying solutions and outlining opportunities gives clients the confidence leaders. needed to build consensus between decision makers on every transaction. Since obtaining his real estate license in 2006, he has shown exemplary skills in analyzing, negotiating and executing investment real estate transactions in excess of $750 million. A lifelong resident of Nevada, Jason moved to Las Vegas in 2010 from the Reno/Lake Tahoe area to attend college and eventually start his real estate career. He is an avid sports In addition to brokerage investment services, Willett enjoys entrepreneurship endeavors fan and can be found spectating or participating in various sporting events. and is a passive investor in several small business start-ups as well as local real estate opportunities. He is a CCIM candidate and active in many of its community outreach programs. Willett is also a certified trainer in Neuro Linguistics, an avid auto racing JASON DITTENBER robin willett enthusiast and passionate about the well-being of the Las Vegas community. Senior VP Multifamily Investments VP Multifamily Investments  702 943 1903  702 943 1915  [email protected][email protected]

MULTIFAMILY INVESTMENT • • paIr-a-dice mobile home park • 137 Units

Devin Lee, CCIM jERAD ROBERTS JASON DITTENBER robin willett john tippins Director Multifamily Investments | Finance Executive VP Multifamily Investments VP Multifamily Investments Senior VP Multifamily Investments Chief Executive Officer | Founder  702 943 1901  702 943 1907  702 943 1915  702 943 1903  702 333 4455  [email protected][email protected][email protected][email protected][email protected]