Entrance
Entrance
Sample Homes
Sample Homes
Sample Homes
Sample Homes
Streetscape
Streetscape
Mail Stop
Mail Stop
Maintenance + Mgmt Office
Maintenance + Mgmt Office
Mgmt Office
Mgmt Office
Water Treatment
Water Treatment
Maintenance Garage
Maintenance Garage
Waste Treatment
Waste Treatment
Entrance
Sample Homes
Sample Homes
Streetscape
Mail Stop
Maintenance + Mgmt Office
Mgmt Office
Water Treatment
Maintenance Garage
Waste Treatment

Mobile Home Park Details

  • Distressed: This property is in default, REO or in foreclosure.
  • Purchase Method: Cash
  • Cap Rate: 11.0%
  • Listing ID: 638735
  • Posted On: Feb 26, 2016
  • Updated On: May 17, 2017

Description

NAI Farbman/NAI Daus has been retained as the Exclusive Agent to extend the opportunity to acquire Rustic Pines, a manufactured housing community that contains 131 developed home sites.
Rustic Pines features a good mix of homes with a critical mass of more modern vintages giving the community a newer feel versus some of the competition with only metal on metal homes.
Rustic Pines offers an attractive in-place cash flow, with approximately 68% physical occupancy and 54% revenue occupancy. Current NOI trend is estimated to be $120,000 based on the current rent roll and current expense trend. NOI with 14 current non-revenue dealer homes and 4 abandoned home rented will rise to over $190,000. This is prior to any initiative to bring in new homes, making an acquisition of Rustic Pines a unique investment opportunity in the Greater Cleveland market. The current management has made significant investments in 2015, including but not limited to the addition of a new management office, complete renovation of the water pump house and equipment, addition of grating over the water treatment system, tree removals, road patching and more.
For More info please go to http://nai-ts.listinglab.com/RusticPinesMHC

Location

Thompson is a rural town located in the Northeast corner of Geauga County by I-90 and 31 miles from Lake Erie. This rural location appeals to those desiring to be away from the “hustle and bustle” of larger towns, yet a close enough drive to larger employment markets. The location appeals to residents that are accustomed to driving to get to employment and services. For those who have always lived this way, it should not be a roadblock.
Thompson has a beautiful community park called “Thompson Ledges Township Park” as well as its own police and fire department. For the young and old alike Thompson has an active 4-H club as well as boy and girl scout troops for the youth population. Other clubs include: garden club, snowmobile club, and model horse hobby club. Thompson is a nice little relaxing town.

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Park Information

Community Type: All Age
Number of MH Lots: 131
Total Occupancy: 54.0 %
Average MH Lot Rent: $315
Size: 31 acre(s)

Financial Information (Pro Forma)

Gross Income: $373,980
Operating Expense: $181,138
Net Operating Income: $192,842
Expense Ratio: 48.4 %

Utility Information

Water: Well
Water Paid By: Tenant - RUBs
Sewer: Treatment Plant

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