CA DESTINATION RIVERFRONT RESORT FOR SALE

CA DESTINATION RIVERFRONT RESORT FOR SALE Over ½ Mile of Riverfront Real Estate Echo Lodge MH & RV Resort 451 Parker Dam Road - Parker Dam, CA 92267 (Parker Strip South of Lake Havasu) 16,000,000 Riverfront Resort 8.9% Cap Rate 320 Spaces (205 MH + 115 RV Spaces) Over ½ Mile of Riverfront on the Parker Strip Favorable Long Term BLM Lease (4% Gross) Stable Long Term MH & Year Round Occupancy 2 Docks, Boat Launch, Beach, Clubhouse, Pool 5111 5110 www.mhrvadvisors.com 5694 Mission Center Road, #400 San Diego, CA 92108 Fax Number (858) 777-5380

Park Photos Location Location Location Excellent Riverfront RV Section Riverfront MH Spaces RV Section MH Spaces

Park Photos Incredible Riverfront Views Riverfront MH Spaces Riverfront RV Section MH Section RV Section Clubhouse and Pool Park Spaces

Park Photos Incredible Riverfront Views RV & Boat Storage Area Dry Storage Area

Investment Summary Rare Investment Opportunity Destination Riverfront Resort For Sale Park Address 451 Parker Dam Road (Parker Strip Between CA & AZ) Price 16,000,000 City and State Parker Dam, CA Zip Code 92267 Number of Spaces 320 Sp. (205 MH+115RV) Down Payment 8,000,000 (50%) County Age: Price Per Space San Bernardino County Blt. in 1967 50,000 Proposed New Loan Amount 8,000,000 (50%) Parcel Size: Approximately 47 Acres Rent Control & Terms: No Rent Control Over ½ Mile of Riverfront (2,900 ) Expenses 622,776 (31%) Property Description & Location Information MHRV ADVISORS: This is an incredible opportunity to acquire a riverfront mobile home and RV park on the famous Parker Strip. The park consist of 205 MH spaces and 115 RV spaces. Amenities include a clubhouse and pool for winter and summer visitors, docks & boat launch, beach areas as well as a stocked store, gas dock on the river, bar and grill and wading pools. The park produces additional income from several acres of secured RV and boat storage and 5 enclosed storage units. MH spaces rent from 440 to 579. Electric is sub-metered to all MH residents, all other utilities are included in the rent. The winter RV rents are 395 month+ electric, 195 weekly and 35 daily. Summer riverfront RV rates are 59 daily (no weekly or monthly rates), off River sites are slightly less. The park is on a favorable 28 year BLM ground lease that was renewed Jan 1 1994 and will renew again on Dec 31, 2022, there are 12 years remaining. The lease renews in perpetuity. Lease payments are 4% max of the total gross income (3.2% average) based upon tiered benchmarks. A copy of the lease will be provided upon request. The 17 mile Parker Strip on the river (park is 3% of the strip) offers a year round attraction with winter snowbirds seeking 75 degree winters and lots of sunshine. Once it starts getting too warm and they begin heading home. Water sports enthusiast from Southern California, Arizona and Nevada head to Parker for the summer to take advantage of the best waterskiing, wakeboarding and boating on the Colorado River. Park Utility Summary Utility Information Service Type Electric Water Trash Septic Loan Assumptions: Submetered Included in Rent Included in Rent Included in Rent All Cash or Cash to new Loan Net Operating Income (NOI) 1,413,392 (2010 Year End) Cap Rate 8.9% Cash on Cash 9.9% With 8% interest only << DO NOT CONTACT MANAGER OR DISTURB TENANTS >> Please contact listing brokers before any visit to the site 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.

Park Income High Cash Flow Opportunity March 2010 W/ July 2010 GROSS INCOME 2009 Annualized Increase Space Rent - Mobile Homes 1,058,346 1,138,293 1,197,993 A Electric 39,617 39,617 39,617 Storage 84,776 84,776 84,776 Finance/Late Charges 20,029029 20,029029 20,029029 RV & Camping 478,139 478,139 490,000 B Store - Food 39,000 39,000 39,000 Store - Non Food 103,931 103,931 103,931 Store - Beer/Wine 23,095 23,095 23,095 Store - Gasoline 37,992 37,992 37,992 Club Paradise Sales - Food 64,417 64,417 64,417 Club Paradise Sales - Bar 105,255 105,255 105,255 Club Paradise Sales - Misc 56 56 56 Rental Trailers 98,676 98,676 98,676 Washer & Dryer Income 3,202 3,202 3,202 Vending & Commission 1,769 1,769 1,769 Games & Vending - Club Paradise 3,807 3,807 3,807 Extra Car Parking 17,844 17,844 17,844 TOTAL INCOME 2,179,951 2,259,898 2,331,459 COGS - Beer/Wine 25,683 25,683 25,683 COGS - NON TAX - Store 24,017 24,017 24,017 COGS - TAXABLE - Store 52,673 52,673 52,673 COGS - Gasoline 24,856 24,856 24,856 COGS - Club P - Food 37,469 37,469 37,469 COGS - Club P - Bar 29,619 29,619 29,619 COGS - Club P - Misc 151 151 151 Wages Store - Echo Lodge 44,479 44,479 44,479 Wages Restaurant - Clup P 56,344 56,344 56,344 TOTAL COST OF GOODS SOLD 295,291 295,291 295,291 GROSS INCOME 1,884,660 1,964,607 2,036,168 A 25 Increase effective July 1, 2010 B Electric sub-metered to MH residents

Park Expense Low Expense Ratio Operations EXPENSES 2009 2009 2010 Casual Labor 1,330 1,330 1,330 Cable 10,178 10,178 10,178 Accounting 10,970 10,970 10,970 Advertising 72 72 72 Auto & Truck 16,212 16,212 16,212 Bank Charges 454 454 454 Credit Card - Merchant Charge 17,004 17,004 17,004 Credit Card - Merchant Charge - Clup P 1,682 1,682 1,682 Computer Supplies 503 503 503 Equipment Rental 579 579 579 Insurance - Liability 27,179 27,179 27,179 Insurance - Workers Comp 25,814 25,814 25,814 Insurance - Workers Comp - Club P 4,340 4,340 4,340 Insurance - Health - Echo Lodge 6,713 6,713 6,713 Lease - BLM 67,059 67,059 76,258 Legal 23,485 23,485 23,485 Licences & Permits 7,093 7,093 7,093 Licences & Permits - Store 1,217 1,217 1,217 Licences & Permits - Club Paradise 1,087 1,087 1,087 Office Supplies & Postage 1,668 1,668 1,668 Outside Services 4,336 4,336 4,336 Outside Services - Store 100 100 100 Pest Control 1,365 1,365 1,365 Pool Supplies 1,042 1,042 1,042 Merit Award Expense 3,050 3,050 3,050 Repairs & Maint - Wages 91,271 91,271 91,271 Repairs & Maint - Materials 43,891 43,891 43,891 Repairs & Maint - Materials Club P 5,422 5,422 5,422 Repairs & Maint - Equipment 8,186 8,186 8,186 Repairs & Maint - Equipment Club P 442 442 442 Repairs & Maint - Grounds 580 580 580 Security - Store 175 175 175 Septic/Grease Pumping 4,400 4,400 4,400 Supplies 2,430 2,430 2,430 Supplies - RV & Camping 825 825 825 Supplies - Club Paradise 1,108 1,108 1,108 Taxes - Corp State 3,823 3,823 3,823 Taxes - Payroll - Echo Lodge Inc 17,695 17,695 17,695 Taxes - Payroll - Club Paradise 5,356 5,356 5,356 Taxes - Property 26,029 26,029 26,029 Taxes - Other 19,549 19,549 19,549 Telephone - Store 2,637 2,637 2,637 Telephone - Club Paradise 884 884 884 Utilities - ELEC - RV & Camping 121,680 121,680 121,680 Utilities - Propane 2,857 2,857 2,857 Utilities - Propane - Club Paradise 138 138 138 Utilities - Trash 18,587 18,587 18,587 Water Analysis 1,080 1,080 1,080 TOTAL EXPENSE 613,577 613,577 622,776 Expense Ratio 33% 31% 31% NET OPERATING INCOME 1,271,083 1,351,030 1,413,392

Park Site Map On the world famous Parker Strip www.echolodgeresort.com 1 2 5 1 3 4 4 5 2 3

Rent Comparables No Rent Control RV Camping Rates Camping Rates Daily River Front Off River 2nd Vehicle 1 Night 59.00 54.00 20.00 2 Nights 118.00 108.00 40.00 3 Nights 177.00 162.00 60.00 4Nights 4 236.00 216.00 80.00 00 5 Nights 295.00 270.00 100.00 6 Nights 354.00 324.00 120.00 7 Nights 413.00 378.00 140.00 *Includes Electric Cable Daily Weekly 3.00 15.00 Rents & Rates Rental Rates Rentals 2 Nights 3 Nights+ Weekly New Trailers 175.00 165.00 990.00 Permanent Sites 150.00 140.00 799.00 Desert Riviera 175.00 165.00 990.00 Storage Rates Storage Per Month Per Year Gated 50.00 550.00 Mountain 45.00 450.00 Enclosed 110.00 ALL MAJOR HOLIDAY RESERVATIONS ARE A 3-DAY MININMUM. THIS INCLUDES EASTER, MEMORIAL DAY, FOURTH OF JULY, AND LABOR DAY. ALL RESERVATIONS ARE SUBJECT TO A 20% CANCELLATION CHARGE. NO REFUND WILL BE GIVEN WITHIN 14 DAYS PROIR TO DATE OF RESERVATION. RATES INCLUDE THANKSGIVING WEEK WEDNESDAY THRU SUNDAY. Rent Comparables Park Locations Park Name Total PM/MH RV Monthly Daily Weekly Monthly Units Units Units MH Rate 1 675 Parker Dam Road Parker Dam, CA Riverlodge Resort 311 32 279 50 210 390 390 Riverfront Park with Clubhouse, Restaurant, and small golf course 2 3401 Parker Dam Road Earp, CA Riverland Resort 126 71 55 45 n/a 395 winter Full hook up RV spaces with marina, gas docks and boat slips 725 825 Summer 3 1 Marina Street Big River, CA Big River RV Park 185 0 185 39 n/a n/a n/a Full hook up RV Spaces with Clubhouse, boat launch, storage and wifi. 4 Castle Rock 5220 E Highway 95 Parker, AZ Shores Riverfront Park with Clubhouse, Restaurant, and small golf course 330 30 300 50 250 400 400 Black Meadow 5 156100 Black Meadow Road Parker Dam, CA Landing RV sites, park models and motel units, Marina and restaurant 439 56 383 60 175 n/a n/a 451 Parker Dam Road Parker Dam, CA Echo Lodge Resort 320 205 115 59 N/A N/A 450 600 ALL PARKS IN THE AREA HAVE SUMMER AND WINTER RATES, THIS SURVEY REFLECTS SUMMER RATES.

Rent Roll No Rent Control Space MH or Space Jul - 2010 Number RV Rent Rent 1 D-0 MH 432.00 457.00 2 451A MH 405.00 430.00 3 451B MH 440.00 465.00 4 A-01 RV 5 A02 A-02 RV 6 A-03 RV 7 A-04 RV 8 A-05 RV 9 A-06 RV 10 A-07 MH 535.00 560.00 11 A-09 MH 489.00 514.00 12 A10 A-10 MH 491.00 516.00 13 A-11 MH 527.00 552.00 14 A-12 MH 501.00 526.00 A-13 NS 15 A-14 MH 483.75 508.75 16 A-15 MH 506.00 531.00 17 A-16 MH 506.00 531.00 18 A-17 MH 466.00 491.00 19 A-18 MH 527.00 552.00 20 A-19 MH 485.75 510.75 21 A-20 MH 491.00 516.00 22 A-21 MH 461.00 486.00 23 A-22 MH 451.00 476.00 24 A-23 MH 466.00 491.00 25 A-24 RE 477.00 502.00 26 A-25 RE 477.00 502.00 27 A-26 RE 477.00 502.00 28 A-28 MH 605.75 630.75 29 A-29 MH 471.00 496.00 30 A-30 MH 527.00 552.00 31 A-31 MH 596.00 621.00 32 A-33 MH 596.00 621.00 33 A-34 MH 486.75 511.75 34 A-35 MH 506.00 531.00 35 A-36 MH 527.00 552.00 Space MH or Space Jul - 2010 Number RV Rent Rent 36 A-37 MH 575.00 600.00 37 A-38 MH 579.00 604.00 38 A-40 MH 516.00 541.00 39 A-41 MH 516.00 541.00 40 A42 A-42 MH 469.00 494.00 41 A-43 MH 489.00 514.00 42 A-44 MH 491.00 516.00 43 A-45 MH 525.00 550.00 44 A-46 MH 527.00 552.00 45 A-47 MH 476.00 501.00 46 A-48 MH 476.00 501.00 47 A49 A-49 MH 481.00 506.0000 48 A-50 MH 486.00 511.00 49 A-51 RV 50 A-52 RV 51 A-53 RV 52 A-54 RV 53 A-55 MH 561.00 586.00 54 A-56 MH 485.00 510.00 55 A-57 MH 525.00 550.00 56 A-58 MH 490.00 515.00 57 A-59 MH 481.00 506.00 58 A-60 MH 512.00 537.00 59 A-61 MH 527.00 552.00 60 A-62 MH 514.00 539.00 61 B-01 MH 476.00 501.00 62 B-03 MH 493.00 518.00 63 B-04 MH 521.00 546.00 64 B-06 MH 450.00 475.00 65 B-07 MH 475.75 500.75 66 B-08 MH 431.00 456.00 67 B-09 MH 431.00 456.00 68 B-10 MH 443.75 468.75 69 B-11 MH 500.75 525.75 70 B-12 MH 436.00 461.00 71 B-13 MH 487.00 512.00

Rent Roll No Rent Control Space MH or Space Jul - 2010 Number RV Rent Rent 72 B-14 MH 462.00 487.00 73 B-15 MH 493.00 518.00 74 B-16 MH 493.00 518.00 75 B-17 MH 447.00 472.00 76 B18 B-18 MH 440.0000 465.00 77 B-19 MH 495.00 520.00 78 B-20 MH 456.00 481.00 79 B-21 MH 460.00 485.00 80 B-22 MH 491.00 516.00 81 B-23 MH 465.75 490.75 82 B-24 MH 446.00 471.00 83 B25 B-25 MH 473.00 498.00 84 B-26 MH 500.75 525.75 85 B-27 MH 447.00 472.00 86 B-28 MH 446.00 471.00 87 B-29 MH 442.00 467.00 88 B-30 MH 490.75 515.75 89 B-31 MH 472.00 497.00 90 B-32 MH 514.00 539.00 91 C-01 MH 446.00 471.00 92 C-02 MH 432.00 457.00 93 C-03 MH 452.00 477.00 94 C-04 MH 432.00 457.00 95 C-05 MH 477.00 502.00 96 C-07 MH 460.75 485.75 97 C-08 MH 463.75 488.75 98 C-09 MH 443.75 468.75 99 C-10 MH 460.75 485.75 100 C-11 MH 442.00 467.00 101 C-12 MH 446.00 471.00 102 C-13 MH 450.00 475.00 103 C-14 MH 450.00 475.00 104 C-15 MH 435.00 460.00 105 C-16 MH 444.00 469.00 106 C-17 MH 432.00 457.00 107 C-18 MH 466.00 491.00 Space MH or Space Jul - 2010 Number RV Rent Rent 108 C-19 MH 445.00 470.00 109 C-20 RE 410.00 435.00 110 C-21 MH 455.75 480.75 111 C-22 MH 473.00 498.00 112 C23 C-23 MH 452.00 477.00 113 C-24 MH 464.00 489.00 114 C-25 MH 471.00 496.00 115 C-26 MH 431.00 456.00 116 C-27 MH 457.00 482.00 117 C-28 MH 475.75 500.75 118 C-29 MH 460.75 485.75 119 D01 D-01 MH 461.00 486.00 120 D-02 MH 450.00 475.00 121 D-03 MH 457.00 482.00 122 D-04 MH 470.75 495.75 123 D-05 MH 426.00 451.00 124 D-06 MH 451.00 476.00 125 D-07 MH 432.00 457.00 126 D-08 MH 461.00 486.00 127 D-09 MH 412.00 437.00 128 D-10 MH 470.00 495.00 129 D-11 MH 432.00 457.00 130 D-12 MH 460.00 485.00 131 D-13 MH 460.00 485.00 132 D-15 MH - 133 D-16 MH 300.00 325.00 134 E-01 MH 442.00 467.00 135 E-02 MH 455.00 480.00 136 E-03 MH 412.00 437.00 137 E-04 MH 470.00 495.00 138 E-05 MH 460.00 485.00 139 E-06 MH 472.00 497.00 140 E-07 MH 470.75 495.75 141 E-08 MH 426.00 451.00 142 E-09 MH 475.75 500.75 143 E-10 MH 476.00 501.00

Rent Roll No Rent Control Space MH or Space Jul - 2010 Number RV Rent Rent 144 E-11 MH 472.00 497.00 145 E-12 MH 475.75 500.75 146 G-26 MH 491.00 516.00 147 G-27 MH 506.00 531.00 148 G-28 MH 481.00 506.00 149 G-29 MH 466.00 491.00 150 G-30 MH 511.00 536.00 151 G-31 MH 514.00 539.00 152 G-32 MH 450.00 475.00 153 G-33 MH 492.00 517.00 154 G-34 MH 491.00 516.00 155 G-35 MH 472.00 497.00 156 G-36 MH 458.00 483.00 157 G-37 MH 454.00 479.00 158 G-38 MH 499.00 524.00 159 G-39 MH 464.00 489.00 160 G-40 MH 505.00 530.00 161 G-41 MH 499.00 524.00 162 G-42 MH 595.00 620.0000 163 G-43 MH 456.00 481.00 164 G-44 MH 486.00 511.00 165 G-45 MH 516.00 541.00 166 G-46 MH 481.00 506.00 167 G-47 MH 489.00 514.00 168 G-48 MH 470.00 495.00 169 G49 G-49 MH 417.00 442.00 170 G-50 MH 524.00 549.00 171 G-51 MH 476.00 501.00 172 G-52 MH 400.00 425.00 173 G-53 MH 491.00 516.00 174 G-54 MH 491.00 516.00 175 G-55 MH 491.00 516.00 176 G-56 MH 502.00 527.00 177 SHOP SH 85.00 110.00 178 LL-01 MH 466.00 491.00 179 LL-02 MH 495.75 520.75 Space MH or Space Jul - 2010 Number RV Rent Rent 180 LL-03 MH 481.00 506.00 181 LL-04 MH 501.00 526.00 182 LL-05 MH 501.00 526.00 183 LL-06 MH 501.00 526.00 184 LL-07 MH 496.00 521.00 185 LL-08 MH 486.00 511.00 186 UL-01 MH 506.00 531.00 187 UL-02 MH 500.75 525.75 188 UL-03 MH 500.75 525.75 189 UL-04 MH 511.00 536.00 190 UL-05 MH 486.00 511.00 191 UL-06 MH 501.00 526.00 192 UL-07 MH 501.00 526.00 193 UL-08 MH 506.00 531.00 194 UL-09 MH 484.00 509.00 195 UL-10 MH 485.75 510.75 196 UL-11 MH 525.75 550.75 197 UL-12 MH 510.75 535.75 198 UL-13 MH 480.75 505.75 199 UL-14 MH 494.00 519.00 200 UL-15 MH 460.00 485.00 201 UL-16 MH 500.75 525.75 202 UL-17 MH 459.00 484.00 203 UL-18 MH 491.00 516.00 204 UL-19 MH 496.00 521.00 205 UL-20 MH 494.00 519.00 206 UL-21 MH 481.00 506.00 207 UL-22 MH 465.00 490.00 208 UL-23 MH 516.00 541.00 209 UL-24 MH 491.00 516.00 210 UL-25 MH 491.00 516.00 TOTALS 94,857.75 99,832.75

Map & Park Location Location Map A Strategic Destination Location Over ½ Mile of River Frontage

San Bernardino County Information Located in the southeast of the state of California, the county stretches from the outskirts of the densely populated Riverside-San Bernardino Area to the Nevada border and the Colorado River. As of the 2000 census, the population was 1,709,434. As of 2007, the population was estimated by the California Department of Finance to have grown to 2,028,013. San Bernardino County is the largest county in the United States by area, and is larger than each of the nine smallest states. Geographically, the county is desert and mountains. The Mojave National Preserve covers some of the eastern desert, the desert portion also includes the cities of Needles next to the Colorado River, and Barstow. The mountains are home to the San Bernardino National Forest, and include the communities of Crestline, Lake Arrowhead, Running Springs, Big Bear City, Forest Falls, and Big Bear Lake. Rent Control: There is no rent control in Parker Dam. The Parker Strip is the section of the Colorado River located between Headgate Rock Dam on the south and the Parker Dam on the north. The river divides California to the west from Arizona to the east and is part of the southern Mojave Desert. Parker Dam, CA Along the river banks there are many sandy beaches, bars, restaurants, hotels and there is one casino too. Activities at the Parker Strip include jet skiing, boating, water skiing, parasailing, tubing, off roading, fishing, hunting, gambling, bird watching or just sun bathing. The Parker Strip area includes many kind of recreational facilities where you can exercise all sort of water sports and desert related activities. Many snowbirds, with RVs from the north, enjoy expending the winter months camping in the Parker Strip every year. About 40 miles, north of the Parker Dam, Havasu City in Lake Havasu is home to many international racing events and to the famous London Bridge.