Property Description

• Gaslight Village MHC is an all-age, 3-star manufactured home community positioned on approximately 18.62 acres of land serviced by public utilities. The property offers a spacious layout with shaded trees and off-street parking throughout.
• The property also has a 50-unit self-storage facility that brings in about $20,000 annually. The storage units are rented anywhere from $35 to $65 per month.
• Value-add opportunity to increase occupancy as the property is only 56% occupied. All habitable park owned homes are currently occupied, indicating strong demand for affordable housing in the area.
• The park could benefit substantially from the implementation of a home program. Increasing occupancy to 60 sites (74%) from the current 45 (56%) would add $52,000+ in annual site rent with minimal increase to expenses. Further increasing occupancy to 77 sites (95%) would add another $59,000+ in annual site rents. If 90% of the additional revenue falls to NOI, based on the asking price the unlevered return increases by 4.5%.
• At under $28,000 per lot, the asking price is significantly below replacement cost.
• The community is located roughly 30 minutes from two major regional employment centers, Greensburg and Batesville, IN. Batesville is home to two large manufacturers that employ nearly 3,000 people while Greensburg is home to a Honda manufacturing plant that employs over 3,000 local employees. There are also several other plants that support the Honda plant in the nearby area.