https://estersonmhcteam.com/property/autumn-falls-mhc

Please contact the listing agent Parker Kelly for more information
(678) 677-9515 parker.kelly@marcusmillichap.com

Autumn Falls MHP is a stabilized, well located community, just 7 miles from the center of downtown Kansas City with easily achievable upside in rent.

Autumn Falls MHP consists of 50 MH lots and 1 single family home. There are 15 tenant owned homes, 15 rented park owned homes, 1 vacant POH that is currently used as an office, 19 RV tenant owned units, and 1 singe family house. The 19 current RV tenants are on annual leases and those lots can accommodate mobile homes. Average rents are $375 lot rent, $200POH rent, $369 RV rent, and $650 for the single-family house. This park is NOT in a flood zone or opportunity zone.

The property is serviced by public water and sewer that is sub metered and billed back to tenants. Trash service is provided by dumpsters that are located in the park and paid for by the park owner. Finally, electricity is direct billed, with exception for a few tenants who still have their power account in the parks name. The park then sends the bills to those tenants and recoup 100% of the expenses. The roads are paved and in average shape.

The pricing represents a 7.06% cap rate using all income except POH revenue, at a 34.7% expense ratio. We are asking investors to submit offers at or above $2,500,000. We have been quoted a recourse debt quote using 4.5% interest rate, 25 year amortization and 60% LTV., providing a day 1 cash on cash of about 8.33%. Once the park is fully maximized the proforma value is $3,529,862 at a 6% cap rate.