Mustang MHC is an all-age, 313-site community (294 MH, 18 RV Sites, 1 apartment) serviced by public utilities with a strong economic occupancy of 81% and a relatively low percentage of park-owned homes.
–
The community has an attractive layout with a subdivision feel featuring off-street parking, asphalt roads, and mature shaded trees throughout. The community also offers its residents a laundry facility, playground, and pond.
–
The offering includes 63 park-owned homes, of which 60 are currently occupied as pure rentals averaging $453 for the home rent portion. A majority of the homes are 2016 or newer models.
–
Value-add opportunity increase occupancy through filling the remaining vacant homes and bringing in new homes to sell or rent. Economic occupancy has grown 38 sites or 12% from 2018 taking overall occupancy up to 81%. This proves that if a new owner continues to add homes that they will achieve higher performance. Increasing occupancy by 10% (32 sites) would add over $130,000 of annual site rental revenue for a new owner.
–
There is a tremendous amount of demand for affordable housing in this market. Within a 5-mile radius of the community, the average household income is $86,435 with average home values of $206,245.
–
Mustang has a recently originated Freddie Mac loan that must be assumed (loan details below).