https://estersonmhcteam.​com/property/topeka-timbers-mhp

Topeka Timbers MHC consists of 52 MH lots and 1 building at the entrance to the park.​ The building has an apartment unit, large storage unit, and office space.​ The office is not being counted toward the 54 total rental units.​ The 52 MH lots consist of 29 tenant owned homes (TOH), 2 rent to own homes (RTO), 14 vacant park owned homes (POH), 6 vacant lots, and 1 abandoned home.​ The average lot rental rate is $410 and the average RTO payment above lot rent is $188.​ The apartment is vacant and used as storage by the park manager.​ The storage unit is rented for $400 per month.​

This park is a year-round, all-ages community that is serviced by public water and sewer, public electricity, and curbside trash.​ The water, sewer, and trash are paid for by the park and included in the rent.​ Electricity is billed directly to tenants.​ Snow is plowed by a contractor.​ The sewer piping is a mix of clay and cast iron with no known issues, but will likely need to be replaced in the near future, and the necessary Capex has been factored into the price.​

The vacant POH’s are an average vintage of roughly 1970 and in poor to average shape.​ The roads are paved and in average condition as our offering price suggests.​ The park is in an opportunity zone and is not in a flood zone.​

We are asking that investors submit offers at or above $1,495,000 on this value-add investment that requires filling vacant POH units and responsibly raising rents to market.​ If an investor maximizes occupancy and operations, they should see a pro forma CAP rate of 16.4% and cash on cash of 32.4%.​