A 378-SITE COMMUNITY PRICE: CONTACT BROKER. For a video tour, please visit: SR 82 Mantua, OH 44255

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Dale Lane
5 years ago
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1 A For a video tour, please visit: PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES 3392 SR 82 Mantua, OH 44255

PROPERTY DETAILS SITE INFORMATION ADDRESS 3392 SR 82, Mantua, OH 44255 COUNTY TAX PARCEL IDS SITES COMMUNITY TYPE YEAR BUILT LAND SIZE INVENTORY HOMES Portage 23-020-00-00-025-000 /

8 sites / acre) 5 park models RV FULL-SEASON May 1-October 31 RV DAILY RATE (50 AMP SITES) $52 in-season; $42 off-season INVESTMENT HIGHLIGHTS Opportunity to acquire a 378-site former Jellystone

Approximately 66% of the park s rental income comes from seasonal tenants paying from $3,000 to $3,400 per season. There is currently a waiting list for seasonal tenants.

2 PROPERTY DETAILS SITE INFORMATION ADDRESS 3392 SR 82, Mantua, OH COUNTY TAX PARCEL IDS SITES COMMUNITY TYPE YEAR BUILT LAND SIZE INVENTORY HOMES Portage / / (292 RV / 25 cabins / 5 park models / 6 apartments / 50 primitive/campground sites) All Age RV 1950s 211 acres (1.8 sites / acre) 5 park models RV FULL-SEASON May 1-October 31 RV DAILY RATE (50 AMP SITES) $52 in-season; $42 off-season INVESTMENT HIGHLIGHTS Opportunity to acquire a 378-site former Jellystone Campground in the Akron, OH MSA, whose population was 712,540 in 2017 according to the U.S. Census Bureau. Approximately 66% of the park s rental income comes from seasonal tenants paying from $3,000 to $3,400 per season. There is currently a waiting list for seasonal tenants. Many tenants live within an hour of the property and use the park as an affordable weekend getaway. The property s 50-acre lake is a major attraction and draws tenants by providing space to swim, fish and boat. Lakefront lots where tenants enjoy easy access and lake views rent at a premium to the standard lots. There are 5 park models included in the sale which may be sold or rented to tenants. Since the current management team was put in place, approximately $65k of capital projects have been completed including staining of various cabins, upgrades to 50 amp service, new signage, sewer improvements, road improvements, well renovations and a new backflow preventer. Extensive amenity package includes a 50-acre lake, four playgrounds, mini golf, pool, basketball, volleyball, baseball, horseshoe pits, game room, shuffleboard, camp store, and laundry. RV WEEKLY RATE (50 AMP SITES) RV MONTHLY RATE (50 AMP SITES) CABIN DAILY RATE ELECTRICITY ZONING ROADS FLOODPLAIN PROPERTY WEBSITE WATER SEWER ELECTRICITY TRASH GAS $312 in-season; $252 off-season $700 in-season $85-$250 in-season; $65-$220 off-season 30 amp service (243 sites); 50 amp service (49 sites) B (Business) Asphalt/gravel Zone X/Zone A (See FEMA map on website) UTILITIES Well (included in rent) Wastewater Treatment Plant Ohio Edison (included in rent) Waste Management (included in rent) First Energy (included in rent) AREA HIGHLIGHTS Located less than 45 minutes from downtown Cleveland, Roundup Lake offers proximity to several of the city s notable attractions in addition to the surrounding national and state parks. Some of Cleveland s most popular attractions include the Cleveland Museum of Art, West Side Market, Rock and Roll Hall of Fame and Cleveland Botanical Garden. Wildwater Kingdom Water Park is less than 15 minutes from the property and features six main attractions including the 100-feet-tall Thunder Falls Slide. The 19,000-capacity Blossom Music Center sits 45 minutes away in the Cuyahoga Valley National Park. The Cleveland Orchestra makes the facility its summer home during the Blossom Music Festival. The 285,000-square-foot Aurora Farms Premium Outlets features more than 70 brand-name stores. The annual Mantua Potato Festival hosts three days of live entertainment including rides, a parade, crafts, games and a 15k race. Tourism in Cleveland is on the rise with a record-breaking 212 million visits in 2016, up 2.4% from 2015.

3 PROPERTY PHOTOS

4 RENT & OCCUPANCY DETAILS Current Owner has successfully increased rents at the Property over the last 3+ years. RATE INCREASE COMPARISON ( PRESENT) TRANSIENT RATE INCREASE Daily Weekly Monthly $ Increase % Increase $ Increase % Increase $ Increase % Increase No HookUp $ % $ % $0 0.00% Water & Electric $3 7.50% $ % $ % Full Hookup - 30 amp $3 6.82% $ % $ % Full Hookup - 50 amp $4 8.33% $ % $ % Cabins Park Models $5 - $ % - - Blue Ridge - Sleeps 8 $5 2.70% $ % - - Ozarks - Sleeps 6 $5 3.85% $ % - - Woods Lodge - Sleeps 12 $ % $ % - - Rustic Cabins - Sleeps 4 $5 6.25% $ % - - Rustic Cabins - Sleeps 6 $5 5.56% $ % - - SEASONAL RATE INCREASE Water & Electric $ % Full Hookup - 30 Amp $ % Full Hookup - 50 Amp $ % Waterfront - Water & Electric $ % Waterfront - Full Hookup $ % Revenue continues to grow, especially for Seasonal rentals, the most stable source of the Park's revenue base. REVENUE COLLECTED Collected Collected Collected Balance Due Total Reserved Revenue Seasonal 584, , , , ,449 Transient* 226, ,945 37,173 42,640 79,813 TOTAL $810,319 $829,170 $630,412 $146,850 $777,262 *Most transient tenants do not reserve rental units until during the season. The expectation is that transient rental income will be much higher than currently shown in The charts above were provided by the client.

5 FINANCIAL ANALYSIS Financial Analysis INCOME 4 Total Rental Income 5 6 Plus: Other Income $237 $81,261 $298 $102,232 $306 $105,000 $307 Plus: RV Storage 61 20, , , Plus: Storage Rental , , Plus: Store Income 84 28, , , Plus: COGs -61 (20,755) -48 (16,384) -52 (18,000) -49 Total Other Income , , , Effective Gross Income EXPENSES Repairs & Maintenance $385 $132,006 $212 $72,567 $215 $73,900 $215 Payroll 1, , , , Administrative , , , Marketing 50 17, , , Professional Fees 7 2, , , Utilities 8 9 per site 2016 Actuals 1 $872,534 $982, Actuals 1 $1,199,000 Electricity + Gas , , , Water + Sewer 30 10, , , Telephone & Internet 17 5, , , Trash 59 20, , , Total Variable Expenses $2,206 $756,652 $1,692 $580,291 $1,756 $602,450 $1,757 Taxes , , , Insurance 82 28, , , Management Fee 4.28% 42, % 42, % 42, % Total Operating Expenses $2,569 $881,025 $2,051 $703,361 $2,120 $727,142 $2,125 Plus: Capital Reserves Total Expenses $2,569 $881,025 $2,051 $703,361 $2,120 $727,142 $2,175 per site $972,432 $1,116,473 per site 2018 Budget 2 $1,050,000 per site Proforma 3 $1,050,000 $105,299 8,021 23,450 28,468 (16,876) 148,362 $1,198,362 Proforma $73, ,115 54,880 3,430 1, ,815 41,122 5,674 22,215 $602,711 56,649 27,440 42,000 $728,800 17,150 $745,950 NET OPERATING INCOME $101,747 $413,112 $471,858 $452,412 Expense Ratio 89.65% 63.00% 60.65% 62.25% UNDERWRITING ASSUMPTIONS 1. Actual Numbers based on financials provided by the client Budget column is first-year projection provided by the client and may not represent actual future performance 3. Proforma column is first-year projection put together by ARA Newmark and may not represent actual future performance 4. Total Rental Income taken from 2018 budget 5. Other Income grown 3% from 2017 Actuals (includes Other Income, RV Storage, Storage Rental, Store Income) 6. COGs grown 3% from 2017 Actuals 7. Adjusted Utilities grown 3% from 2017 Actuals 8. Proforma Taxes = 2017 mill rates x 2018 assessed values grown 10% 9. Numbers do not reflect actual expense

6 SITE PLAN

LOCATION MAP & AREA ATTRACTIONS CLEVELAND Cleveland Museum of Art Rock and Roll Hall of Fame Wildwater

Museum and Hall of Fame overlooking Lake Erie in downtown Cleveland. 568,000 visitors in 2017, up 4.

Aurora Farms Premium Outlets Outlet mall featuring 285,000 square feet of space and 70 stores.

In addition to shopping, customers can enjoy the duck pond, food trucks and live entertainment.

7 LOCATION MAP & AREA ATTRACTIONS CLEVELAND Cleveland Museum of Art Rock and Roll Hall of Fame Wildwater Kingdom Water Park Aurora Farms Premium Outlets Blossom Music Center AKRON Rock and Roll Hall of Fame Museum and Hall of Fame overlooking Lake Erie in downtown Cleveland. 568,000 visitors in 2017, up 4.6% from Generated more than $199 million in total economic impact in Aurora Farms Premium Outlets Outlet mall featuring 285,000 square feet of space and 70 stores. Includes popular stores such as Nike, Polo Ralph Lauren, Saks Fifth Avenue and Coach. In addition to shopping, customers can enjoy the duck pond, food trucks and live entertainment. Cuyahoga Valley National Park 33,000 acres along the backs of the Cuyahoga River between Cleveland and Akron million visitors annually, making it the 11th most visited national park.

CHAMBERLAIN RD TWINSBURG WARREN RD 82 FROST RD ROUNDUP LAKE For a video tour, please visit: https://vimeo.com/268879292 Additional information is available on our website at: http://arausa.listinglab.

8 CHAMBERLAIN RD TWINSBURG WARREN RD 82 FROST RD ROUNDUP LAKE For a video tour, please visit: Additional information is available on our website at: PRIMARY CONTACTS Todd Fletcher tfletcher@aranewmark.com Andrew Shih ashih@aranewmark.com ! PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES Manufactured Housing and RV Park Group 901 S. MoPac Expressway, Barton Oaks Plaza II, Suite 275, Austin, TX T This information has been derived from sources deemed reliable. However, it is subject to errors, omissions, price change and/or withdrawal, and no warranty is made as to the accuracy. Further, no warranties or representation shall be made by ARA, A Newmark Company (ARA Newmark) and/or its agents, representatives or affiliates regarding oral statements which have been made in the discussion of the above property. This presentation, prepared by ARA Newmark was sent to the recipient under the assumption that s/ he is a buying principal. Any potential purchaser is advised that s/ he should either have the abstract covering the real estate which is the subject of the contract examined by an attorney of his/her selection, or be furnished a policy of title insurance. Do not contact the Property.

MAJOR PRICE REDUCTION

MAJOR PRICE REDUCTION 402 Arnold Boulevard Abilene, TX 79605 PROPERTY DETAILS SITE INFORMATION ADDRESS 402 Arnold Boulevard, Abilene, TX 79605 COUNTY Taylor TAX PARCEL ID 125213 SITES 92 YEAR BUILT NA COMMUNITY TYPE All Age