SWAN LAKE MOBILE ESTATES
OFFERING MEMORANDUM
SWAN LAKE MOBILE ESTATES 4319 Swan Lake Drive Allegan, Allegan County, MI 49010
Capital Markets |
Manufactured Housing
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be allinclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its
contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
© 2016 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
S W A N
L A K E
M O B I L E
E S T A T E S
CONTACT US MIKE NISSLEY Manufactured Housing & RV
Senior Vice President +1 404-504-5970 [email protected]
THAO NGUYEN Manufactured Housing & RV Associate +1 214-979-6552 [email protected]
TABLE OF CONTENTS
04
EXECUTIVE SUMMARY
05-07
PROPERTY PHOTOS
08-09
MAPS & AERIAL
10 11-12 13
FINANCIAL ANALYSIS RENT AND SALES COMPARABLES DEMOGRAPHICS
Table
of
Contents
3
S W A N
L A K E
M O B I L E
E S T A T E S
EXECUTIVE SUMMARY PRICE
$1,700,000
TERMS
All Cash
YEAR BUILT
1965
SITES
47
PROPERTY TYPE
Manufactured Housing
RESIDENT PROFILE
All-Ages
ROADS
Asphalt
PRO FORMA CAP RATE
8.25%
IN-PLACE OCCUPANCY
96%
MARKET OCCUPANCY
98%
IN-PLACE RENT
$374
MARKET RENT
$450
LAND (ACRES): Parcel #03-106-012-00
37.70
UTILITIES: WATER
Private; individually metered
SEWER
Private; individually metered
TRASH
Republic
ELECTRIC
Consumers Energy Shuffle board, basketball, playground, pool, pickle ball, boat launch
AMENITIES:
THE OFFERING The CBRE National MHRV Team, as the exclusive marketing broker, is pleased to offer Swan Lake Mobile Estates for sale. The 47-site community is located approximately 30 miles south of Grand Rapids and features homes sites with water front views and direct access to Swan Lake. Lot rent ranges from $290 to $410, averaging $374 per month and includes trash and snow removal. In-place rents are 20% below market, posing for upside potential to the investor.
Asking Price $1,700,000
Real Estate $1,680,000
POHs $20,000
NOI $138,720
Cap Rate 8.25%
Value/Site $35,745
Value/Occ. Site $37,333
Property Highlights + Swan Lake is an 800-acre spring fed, all-sports lake known as one of the best fishing areas in Allegan; the community has over 2,000 linear feet of lake frontage + Of the total site count, 74% of are located on lakefront sites; water access and lake front sites result in higher rents and superior curb appeal, giving the community a competitive advantage among non-lake front properties in the area + The large land parcel allows the investor to expand additional sites, attracting a larger pool of investors within the overall exit strategy + Swan Lake is located 10 minutes from M-40 and 20 minutes from Downtown Allegan making it an ideal location for weekend vacation-goers or permanent residents Park-Owned Homes: There are 2 POHs or 4% of units for rent or sale. Two additional units are enrolled in the 21st Mortgage Cash Program and will not need to be cashed out but assumed responsibility by the buyer. The average age of the homes is 13 years.
Park‐Owned Homes Site #
Retail Value
Est. Mkt. Value
Lot 3
$16,750
$10,000
Lot 7
$17,500
$10,000
Total
Executive
$20,000
Summary
4
S W A N
L A K E
M O B I L E
E S T A T E S
PROPERTY PHOTOS
Lake Access and Lake Front Sites
Lake Access and Lake Front Sites
Boat Docks
Typical Units and Street View Property
Photos
5
S W A N
L A K E
M O B I L E
E S T A T E S
PROPERTY PHOTOS
Pickle Ball Court
Clubhouse and Playground
Pool
Boat Docks Property
Photos
6
S W A N
L A K E
M O B I L E
E S T A T E S
PROPERTY PHOTOS
Street View
View of Swan Lake
Street View
Street View Property
Photos
7
S W A N
L A K E
M O B I L E
E S T A T E S
MAPS AREA MAP
Maps
&
Aerial
8
S W A N
L A K E
M O B I L E
E S T A T E S
AERIAL
Maps
&
Aerial
9
S W A N
L A K E
M O B I L E
E S T A T E S
FINANCIAL ANALYSIS HISTORICAL INCOME AND EXPENSES 2012
2013
2014
2015
PRO FORMA
Total
Per Site
Total
Per Site
Total
Per Site
Total
Per Site
Total
Per Site
Gross Potential Rent Less Vacancy Less Credit Loss Net Rental Income
$190,819 0 0 $190,819
$4,060 0 0 $4,060
$189,995 0 0 $189,995
$4,042 0 0 $4,042
$196,996 0 0 $196,996
$4,191 0 0 $4,191
$208,468 0 0 $208,468
$4,435 0 0 $4,435
$253,800 (5,076) (2,538) $246,186
$5,400 (108) (54) $5,238
Concessions Utility Income Misc. Income Effective Gross Income
‐ 4,320 10,601 $205,740
0 92 226 $4,377
‐ 9,748 7,060 $206,803
0 207 150 $4,400
‐ 9,616 2,877 $209,489
0 205 61 $4,457
(6,675) $11,209 $5,365 $218,367
‐142 238 114 $4,646
(6,500) 11,000 5,400 $256,086
(138) 234 115 $5,449
14,915 2,205 4,806 2,890 13,001 6,492 4,938 3,668 ‐ 0.0% 4,930 32 1,281 2,350 $61,508 29.9% $144,232
317 47 102 61 277 138 105 78 0
14,953 2,808 5,727 2,841 18,277 8,705 8,102 10,090 ‐ 0.0% 9,170 1,813 1,631 2,350 $86,467 41.8% $120,336
318 60 122 60 389 185 172 215 0
15,299 3,609 6,959 3,381 12,688 5,827 9,289 25,405 ‐ 0.0% 5,247 600 1,618 2,350 $92,272 44.0% $117,217
326 77 148 72 270 124 198 541 0
17,852 2,791 7,009 2,943 17,867 3,028 5,900 8,019 13,550 6.2% 5,017 ‐ 2,769 2,350 $89,096 40.8% $129,271
380 59 149 63 380 64 126 171 288
31,623 3,000 7,000 3,300 14,000 6,000 7,000 23,500 10,243 4.0% 5,000 2,350 2,000 2,350 $117,366 45.8% $138,720
673 64 149 70 298 128 149 500 218
INCOME
EXPENSES Real Estate Taxes Property Insurance Electricity/Gas Trash Repairs & Maintenance Repairs & Maintenance ‐ Water/Sewer Landscaping Payroll & Benefits Management Fee General & Administrative Advertising & Marketing Professional Fees Reserves Total Expenses Expense Ratio NET OPERATING INCOME
Pro Forma Notes: Income: GPR: based on market rent of $450 x 47 sites Vacancy: per stabilized market averages Credit Loss: per market avgs. Concessions: per 2015 total Utility Income: per 2015 total Misc. Income: per 2015 total
105 1 27 50 $1,309 $0 $3,069
195 39 35 50 $1,840 $0 $2,560
112 13 34 50 $1,963 $0 $2,494
Expenses: Real Estate Taxes: per 2015 millage; based on 75% of market value Property Insurance: per historical average Electricity/Gas: per 2014 and 2015 totals Trash: per historical average Repairs & Maintenance: per historical average Repairs & Maintenance‐Water/Sewer: per historical average
107 0 59 50 $1,896 $0 $2,750
106 50 43 50 $2,497 $0 $2,951
Expenses (continued): Landscaping: per historical average Payroll & Benefits: per market average Management Fee: per market average General & Administrative: per 2014 and 2015 totals Advertising & Marketing: per market average Professional Fees: per historical average Reserves: per market average Financial
Analysis
10
S W A N
L A K E
M O B I L E
E S T A T E S
RENT COMPARABLES
Comp. # PROPERTY 1 2 3 4
Community Swan Lake Mobile Estates Dover Farms Dumont Creek Estates Yankee Springs Hunters Glen
Property Address 4913 Swan Lake Dr. 1157 Ashton Lane 1927 Laura St. 1330 North Patterson Rd. 1132 Hunters Glen Blvd.
City, State Allegan, MI Martin, MI Allegan, MI Wayland, MI Wayland, MI
Type All Age MH All Age MH All‐Ages All‐Ages All‐Ages
Occupancy 96% 92% 99% 98% 86%
Sites 47 60 75 284 240
Monthly Rent $374 $365 $310 $413 $484
Source: CBRE
Rent
And
Sales
Comparables
11
S W A N
L A K E
M O B I L E
E S T A T E S
SALES COMPARABLES
Comp. # Community PROPERTY Swan Lake Mobile Estates 1 Americana Estates 2 Village Trails 3 Paris Estates
Property Address 4913 Swan Lake Dr. 1802 Tray Ln. 518 Hickory Ln. 310 48th St. SE
City, State Allegan, MI Kalamazoo, MI Howard City, MI Kentwood, mI
Type MH MH MH MH
Sites 47 161 100 155
Occ. 96% 66% 94% 82%
Cap Rate ‐ 7.9% 6.8% 7.6%
Sales Price ‐ $3,100,000 $4,185,932 $3,200,000
SP/Site ‐ $19,255 $41,859 $20,645
Sales Date ‐ Mar‐15 Nov‐15 Jul‐15
Source: CBRE
Rent
And
Sales
Comparables
12
S W A N
L A K E
M O B I L E
E S T A T E S
DEMOGRAPHICS
Demographics
13
PRESERVE OYSTER CREEK SWAN LAKE AT MOBILE ESTATES
INVESTMENT SUMMARY INTEREST OFFERED 100% Fee Simple Interest INVESTMENT OPPORTUNITY CBRE has been engaged by the Seller as its exclusive advisor to offer Swan Lake Mobile Estates for sale. PROPERTY TOURS Buyers are welcome to do a quiet “windshield” tour without disturbing residents or on-site personnel upon approval of the CBRE contacts below. All official tours will require a minimum 48-hour notice and are subject to schedule availability. DUE DILIGENCE Please contact the individuals below or click on the website to access and obtain detailed property supplementary information 24/7. Go to: www.swanlakemhp.com
CONTACT US
MIKE NISSLEY Manufactured Housing & RV
404-504-5970 [email protected]
Capital Markets |
THAO NGUYEN Manufactured Housing & RV
214-979-6552 [email protected]
Manufactured Housing
SWAN LAKE MOBILE ESTATES 4319 Swan Lake Drive Allegan, Allegan County, MI 49010
Capital Markets |
Manufactured Housing
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be allinclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its
contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.
© 2016 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
S W A N
L A K E
M O B I L E
E S T A T E S
CONTACT US MIKE NISSLEY Manufactured Housing & RV
Senior Vice President +1 404-504-5970 [email protected]
THAO NGUYEN Manufactured Housing & RV Associate +1 214-979-6552 [email protected]
TABLE OF CONTENTS
04
EXECUTIVE SUMMARY
05-07
PROPERTY PHOTOS
08-09
MAPS & AERIAL
10 11-12 13
FINANCIAL ANALYSIS RENT AND SALES COMPARABLES DEMOGRAPHICS
Table
of
Contents
3
S W A N
L A K E
M O B I L E
E S T A T E S
EXECUTIVE SUMMARY PRICE
$1,700,000
TERMS
All Cash
YEAR BUILT
1965
SITES
47
PROPERTY TYPE
Manufactured Housing
RESIDENT PROFILE
All-Ages
ROADS
Asphalt
PRO FORMA CAP RATE
8.25%
IN-PLACE OCCUPANCY
96%
MARKET OCCUPANCY
98%
IN-PLACE RENT
$374
MARKET RENT
$450
LAND (ACRES): Parcel #03-106-012-00
37.70
UTILITIES: WATER
Private; individually metered
SEWER
Private; individually metered
TRASH
Republic
ELECTRIC
Consumers Energy Shuffle board, basketball, playground, pool, pickle ball, boat launch
AMENITIES:
THE OFFERING The CBRE National MHRV Team, as the exclusive marketing broker, is pleased to offer Swan Lake Mobile Estates for sale. The 47-site community is located approximately 30 miles south of Grand Rapids and features homes sites with water front views and direct access to Swan Lake. Lot rent ranges from $290 to $410, averaging $374 per month and includes trash and snow removal. In-place rents are 20% below market, posing for upside potential to the investor.
Asking Price $1,700,000
Real Estate $1,680,000
POHs $20,000
NOI $138,720
Cap Rate 8.25%
Value/Site $35,745
Value/Occ. Site $37,333
Property Highlights + Swan Lake is an 800-acre spring fed, all-sports lake known as one of the best fishing areas in Allegan; the community has over 2,000 linear feet of lake frontage + Of the total site count, 74% of are located on lakefront sites; water access and lake front sites result in higher rents and superior curb appeal, giving the community a competitive advantage among non-lake front properties in the area + The large land parcel allows the investor to expand additional sites, attracting a larger pool of investors within the overall exit strategy + Swan Lake is located 10 minutes from M-40 and 20 minutes from Downtown Allegan making it an ideal location for weekend vacation-goers or permanent residents Park-Owned Homes: There are 2 POHs or 4% of units for rent or sale. Two additional units are enrolled in the 21st Mortgage Cash Program and will not need to be cashed out but assumed responsibility by the buyer. The average age of the homes is 13 years.
Park‐Owned Homes Site #
Retail Value
Est. Mkt. Value
Lot 3
$16,750
$10,000
Lot 7
$17,500
$10,000
Total
Executive
$20,000
Summary
4
S W A N
L A K E
M O B I L E
E S T A T E S
PROPERTY PHOTOS
Lake Access and Lake Front Sites
Lake Access and Lake Front Sites
Boat Docks
Typical Units and Street View Property
Photos
5
S W A N
L A K E
M O B I L E
E S T A T E S
PROPERTY PHOTOS
Pickle Ball Court
Clubhouse and Playground
Pool
Boat Docks Property
Photos
6
S W A N
L A K E
M O B I L E
E S T A T E S
PROPERTY PHOTOS
Street View
View of Swan Lake
Street View
Street View Property
Photos
7
S W A N
L A K E
M O B I L E
E S T A T E S
MAPS AREA MAP
Maps
&
Aerial
8
S W A N
L A K E
M O B I L E
E S T A T E S
AERIAL
Maps
&
Aerial
9
S W A N
L A K E
M O B I L E
E S T A T E S
FINANCIAL ANALYSIS HISTORICAL INCOME AND EXPENSES 2012
2013
2014
2015
PRO FORMA
Total
Per Site
Total
Per Site
Total
Per Site
Total
Per Site
Total
Per Site
Gross Potential Rent Less Vacancy Less Credit Loss Net Rental Income
$190,819 0 0 $190,819
$4,060 0 0 $4,060
$189,995 0 0 $189,995
$4,042 0 0 $4,042
$196,996 0 0 $196,996
$4,191 0 0 $4,191
$208,468 0 0 $208,468
$4,435 0 0 $4,435
$253,800 (5,076) (2,538) $246,186
$5,400 (108) (54) $5,238
Concessions Utility Income Misc. Income Effective Gross Income
‐ 4,320 10,601 $205,740
0 92 226 $4,377
‐ 9,748 7,060 $206,803
0 207 150 $4,400
‐ 9,616 2,877 $209,489
0 205 61 $4,457
(6,675) $11,209 $5,365 $218,367
‐142 238 114 $4,646
(6,500) 11,000 5,400 $256,086
(138) 234 115 $5,449
14,915 2,205 4,806 2,890 13,001 6,492 4,938 3,668 ‐ 0.0% 4,930 32 1,281 2,350 $61,508 29.9% $144,232
317 47 102 61 277 138 105 78 0
14,953 2,808 5,727 2,841 18,277 8,705 8,102 10,090 ‐ 0.0% 9,170 1,813 1,631 2,350 $86,467 41.8% $120,336
318 60 122 60 389 185 172 215 0
15,299 3,609 6,959 3,381 12,688 5,827 9,289 25,405 ‐ 0.0% 5,247 600 1,618 2,350 $92,272 44.0% $117,217
326 77 148 72 270 124 198 541 0
17,852 2,791 7,009 2,943 17,867 3,028 5,900 8,019 13,550 6.2% 5,017 ‐ 2,769 2,350 $89,096 40.8% $129,271
380 59 149 63 380 64 126 171 288
31,623 3,000 7,000 3,300 14,000 6,000 7,000 23,500 10,243 4.0% 5,000 2,350 2,000 2,350 $117,366 45.8% $138,720
673 64 149 70 298 128 149 500 218
INCOME
EXPENSES Real Estate Taxes Property Insurance Electricity/Gas Trash Repairs & Maintenance Repairs & Maintenance ‐ Water/Sewer Landscaping Payroll & Benefits Management Fee General & Administrative Advertising & Marketing Professional Fees Reserves Total Expenses Expense Ratio NET OPERATING INCOME
Pro Forma Notes: Income: GPR: based on market rent of $450 x 47 sites Vacancy: per stabilized market averages Credit Loss: per market avgs. Concessions: per 2015 total Utility Income: per 2015 total Misc. Income: per 2015 total
105 1 27 50 $1,309 $0 $3,069
195 39 35 50 $1,840 $0 $2,560
112 13 34 50 $1,963 $0 $2,494
Expenses: Real Estate Taxes: per 2015 millage; based on 75% of market value Property Insurance: per historical average Electricity/Gas: per 2014 and 2015 totals Trash: per historical average Repairs & Maintenance: per historical average Repairs & Maintenance‐Water/Sewer: per historical average
107 0 59 50 $1,896 $0 $2,750
106 50 43 50 $2,497 $0 $2,951
Expenses (continued): Landscaping: per historical average Payroll & Benefits: per market average Management Fee: per market average General & Administrative: per 2014 and 2015 totals Advertising & Marketing: per market average Professional Fees: per historical average Reserves: per market average Financial
Analysis
10
S W A N
L A K E
M O B I L E
E S T A T E S
RENT COMPARABLES
Comp. # PROPERTY 1 2 3 4
Community Swan Lake Mobile Estates Dover Farms Dumont Creek Estates Yankee Springs Hunters Glen
Property Address 4913 Swan Lake Dr. 1157 Ashton Lane 1927 Laura St. 1330 North Patterson Rd. 1132 Hunters Glen Blvd.
City, State Allegan, MI Martin, MI Allegan, MI Wayland, MI Wayland, MI
Type All Age MH All Age MH All‐Ages All‐Ages All‐Ages
Occupancy 96% 92% 99% 98% 86%
Sites 47 60 75 284 240
Monthly Rent $374 $365 $310 $413 $484
Source: CBRE
Rent
And
Sales
Comparables
11
S W A N
L A K E
M O B I L E
E S T A T E S
SALES COMPARABLES
Comp. # Community PROPERTY Swan Lake Mobile Estates 1 Americana Estates 2 Village Trails 3 Paris Estates
Property Address 4913 Swan Lake Dr. 1802 Tray Ln. 518 Hickory Ln. 310 48th St. SE
City, State Allegan, MI Kalamazoo, MI Howard City, MI Kentwood, mI
Type MH MH MH MH
Sites 47 161 100 155
Occ. 96% 66% 94% 82%
Cap Rate ‐ 7.9% 6.8% 7.6%
Sales Price ‐ $3,100,000 $4,185,932 $3,200,000
SP/Site ‐ $19,255 $41,859 $20,645
Sales Date ‐ Mar‐15 Nov‐15 Jul‐15
Source: CBRE
Rent
And
Sales
Comparables
12
S W A N
L A K E
M O B I L E
E S T A T E S
DEMOGRAPHICS
Demographics
13
PRESERVE OYSTER CREEK SWAN LAKE AT MOBILE ESTATES
INVESTMENT SUMMARY INTEREST OFFERED 100% Fee Simple Interest INVESTMENT OPPORTUNITY CBRE has been engaged by the Seller as its exclusive advisor to offer Swan Lake Mobile Estates for sale. PROPERTY TOURS Buyers are welcome to do a quiet “windshield” tour without disturbing residents or on-site personnel upon approval of the CBRE contacts below. All official tours will require a minimum 48-hour notice and are subject to schedule availability. DUE DILIGENCE Please contact the individuals below or click on the website to access and obtain detailed property supplementary information 24/7. Go to: www.swanlakemhp.com
CONTACT US
MIKE NISSLEY Manufactured Housing & RV
404-504-5970 [email protected]
Capital Markets |
THAO NGUYEN Manufactured Housing & RV
214-979-6552 [email protected]
Manufactured Housing
