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cabarrus county board of commissioners regular meeting november ...

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October 17, 2011 (Regular Meeting)PageOAR LARGEOver 4 Tenants 7.50% 9.50% 8.00% 10.50% 9.00% 11.00%EXPENSES 25.00% 40.00% 25.00% 45.00% 30.00% 50.00%INDUSTRIALOAR 7.50% 9.00% 8.00% 10.00% 10.00% 12.00%EXPENSES 13.00% 15.00% 14.00% 18.00% 17.00% 23.00%WarehouseOAR 7.00% 9.00% 8.00% 10.00% 10.00% 12.00%EXPENSES 5.00% 15.00% 5.00% 20.00% 10.00% 30%Self-StorageWarehouseOAR 7.00% 9.50% 7.00% 9.50% 8.00% 13.00%EXPENSES 10% 25% 15% 30% 15% 40%MOBILE HOME PARKSChapter 9VALUATION OF SPECIAL PROPERTIESMobile home parks lend themselves well to classification by inside accessroads, density, facilities and general appearance ance as follows:CLASS 1 Narrow, unpaved roadsHigh density (Older Park)No recreation hall or other facilitiesGenerally unattractive appearanceanceCLASS 2 Narrow, unpaved roads or broken pavementHigh density (Older Park)Deteriorated recreation hall and/orlaundryNo curbing, no street lightsMany mobile homes withoutskirtsLittle effort to maintain attractive appearanceCLASS 3 Average location and designStreets paved and in atleast fair conditionMedium density (10-15 sites per acre)Adequate laundry andrecreation hallLawns trimmed, good general appearanceDRAFTCLASS 4 Good locationand designStreets wideenough for cars to passCurbing andsidewalksStreets ts with street lights and street signsGood recreation hall, shuffle <strong>board</strong>, swimming poolAttractive entrance and good general appearance(Lawns cut and edged, bushes trimmed)Density around 8 sites per acreCLASS 5 Excellent location and designAttractive entranceWide paved and curbed streetsStreet lights and street signsExcellent recreation hall facilitiesSwimming pool, shuffle <strong>board</strong>, and other leisure time equipmentManagement sponsored activitiesManicured lawns and treesMaximum density <strong>of</strong> 8 sites per acreAverage rental rate, vacancy rates and operating expenses also correlatehighly within these classifications. Therefore, income data need only begathered from a few mobile home parks to arrive at a reliable income valueper space as follows:INCOME VALUATION OF A MOBILE HOME PARKGross Monthly rentGross Annual RentA-1Page 137

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