FOR SALE. HILLCREST MANOR MOBILE HOME PARK 130 Point Park Lane Friedens, PA. 103 sites. 8% cap with $100 below market rents

Transcription

1 KEITH WILSON CO. April 2017 MOBILE HOME PARK REAL ESTATE BROKERAGE 2608 RISING STAR CELLULAR: (405) EDMOND, OK FOR SALE HILLCREST MANOR MOBILE HOME PARK 130 Point Park Lane Friedens, PA 103 sites 8% cap with $100 below market rents The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed.

2 GENERAL INFORMATION 103 Sites 12 vacant lots 18 park rentals, 100% occupied, $9,075/mo. $ /mo., avg. $505/mo. Mostly 80 s-90 s age. 1 rent to own-$20,670 balance, 60 months inception Oct. 2016, $390 home + $260 lot=$650/mo. 72 lot tenants 89% occupancy 60% single wides 40% double wides 75% of tenants are 55+ $285 lot rent ($260 if paid by the 5 th, all tenants pay by the 5 th ) Family park Owner purchased the park 1/30/2016, raised rents $40 2/1/2016 No amenities-office is the managers mobile home Owner pays water, sewer (city) trash. Water is well with a city water back-up. Tenants pay electric and heat (fuel oil) Asphalt streets-no curb Separate brick structure houses a water tower for the well water, which is heated for service to the tenants. The other half of the building is storage. The park is located in Western Pennsylvania, one hour SE of Pittsburgh. It is in the town of Friedens (pop. 1,600), which is a part of Somerset township, 2 miles east of the borough of Somerset (pop. 6,500). Somerset is the county seat of Somerset County. The county has a pop. of 80,000.

3 BELOW MARKET RENTS There are 4 sizeable mobile home parks in the Somerset area. In addition to the 103 pad Hillcrest Manor, 3 parks are 10 minutes west, which include: WHISPERING PINES 1873 Husband Road Somerset, PA sites, 55+, 100% occupied, all double wides, community center, exercise equipment, activities, Superior to Hillcrest Manor $448 site rent (rent includes water/sewer/trash/ mowing and snow removal of park and drives) $1,000-$1,100 home rentals for new double wides SOMERSET ESTATES 1873 Husband Road Somerset, PA sites, family park, mostly single wides, 95% occupied, Comparable to Hillcrest Manor $359 site rent (rent includes water/sewer/trash, snow removal and mowing. $ single wide rentals, $ double wide rentals Note: Whispering Pines and Somerset are adjacent to each other 1 mile NW of Somerset. SUNNY ACRES 190 sites, family park, 100% occupied, majority double wides, playground, b-ball court, pond, located N. of Somerset, 5 minutes from the other 2 parks. Comparable to Hillcrest Manor $ site rent (rent includes water/sewer/trash and snowplow of the park) $ single wide rentals, $ double wide rentals SUMMARY Site Rent Home Rentals Comparable Whispering Pines (100) $448 (DW) $1,000-$1,100 (DW) Superior Somerset Estates (125) $359 (mostly SW) $ (SW)-$ (DW) Comparable Sunny Acres (190) $ (mostly DW) $ (SW)-$ (DW) Comparable Hillcrest Manor (103) $260 $505 avg. Comparable Hillcrest Manor is at least $100/site below market site rents. Home rentals are $ below market, but Hillcrest does have older (80 s-90 s age) homes than the 3 parks described.

4 INCOME EXPENSE 2016 (11 MO.) INCOME.$306,447 Annualized.$334,305 Add $30 rent ,760 (before closing) Total $367,070 EXPENSES Auto..$252 Bank Charges 804 Insurance 9,040 Landscaping 7,102 Office 1,783 Payroll taxes 1,901 Professional fees...12,000 ($8,200-water sampling, $3,800-legal, acct) (1) Property taxes...24,236 Repairs/Maint...11,567 Salaries & Wages.15,512 Supplies...1,792 Trash removal 7,573 Utilities. 30,916 Total...$124,478 Annualized...$135,794 NOI $231,276 (8% cap) (1) Actual professional fees were $17,949. Deducted $771 for a prior owner expense and $8,300 for accounting. Accounting related to the 2016 closing.

5 FEB-DEC 2016 FINANCIALS

6 SALES INFORMATION Sales Price..$2,900,000 Price/site.$27,619 (includes 18 park rental homes) Cap rate.8% Existing Debt.$1,300,000, Farmers Bank, Youngstown, OH, 5.25%, 4 yrs remain.

7 Space Space BAL SPACE RV CREDITS LATE HOME NSF MISC SEC PROP STORAGE BAL BAL BAL CHECK DATE ANNIV COMMENTS APRIL 2017 RENT ROLL HILLCREST MANOR RENT ROLL/BILLING SUMMARY/RESIDENT RECORD APRIL 2017 Apr-17 No. Tenant Name Type FWD RENT INCOME ADJMNTS FEES PYMTS CHK/CHG W/S/T DEP TAX LAUNDRY FEE DUE PAID FWD MO # REC'D MONTH NOTES 108 akron Rama Hoover ch Mar 42, akron J. Sarver ch Mar 112 akron L. Welker (tuddy) ch Mar 117 akron J. Garry ch /4/ akron C. Jimmo ch 2585 mach akron R. Reed ch Apr 129 akron Jr and colbi Koval R mo mach off rent this month for installing own back door & putting door knobs on inside 133 akron L. Miller R (100.00) ch Apr 135 akron VACANT V Vacant 139 akron E. Lenhart ch Apr 141 akron B. Warhul MO Mar 107 Kent B. Friedline ch Apr Kent S. McKenzie ch /4/ Kent E. Nicklow ch Apr 112 Kent Paul welsh ch Mar (Martin) 115 Kent F. Ogline ch Apr R Kent Jeff Boyer ch Apr 119 Kent J. Ogline ch Apr 120 Kent Shane McCusker R Ch Apr 212 Kent G. Jenkins ch Mar 122 Kent G. Taylor ch Mar E empty but pays 230. lot rent 124 Kent j morris ch 162 mach Kent M. Sierocky ch 1876 R 3-Mar 129 Kent T. Custer R ch# Apr kent C. Flick R ch Mar 134 kent J. Schrock R ch Mar 137 kent VACANT V vacant 140 kent T. Gavlak empty ch Apr 141 kent D. Deist ch Apr 142 kent D. Walker ch Mar 146 kent B. Stoppe ch Apr 147 kent W. Volchko ch Apr 150 kent Tiff. Baker mo Mar 151 kent Brittany and mike Iam MO Mar 154 kent Todd Howard R ch Apr 155 kent S. Noll R ch Apr 158 kent R. Templer R ch Apr 159 kent D. Leydig ch Apr 162 kent J. Phillips ch Apr 165 kent VACANT V abandoned for taxes 166 kent M. Alexander mo Mar 167 kent VACANT V Vacant 170 kent C. Scolli ch Apr 173 kent S. Baker ch Mar 174 kent JoAnn Moorcroft R/T/O ch# 0015/ ch# /5/ kent C. Johnson ch Mar 176 kent P. Hay ch /29/ kent R. Hoyle Ch Mar late fee 106 Pt Pk S. Sowerbrower F ch Mar dicount in florida 108 Pt Pk L. Walker ch Mar 109 Pt Pk R. Miller ch Apr 111 Pt Pk H. Weigle F ch Mar ch name weirich (will be in floridia sep) be in florida till may or june 112 Pt Pk F. Hahn ch Mar 115 Pt Pk H. Foley ch Apr 116 Pt Pk J. Kimmel ch Apr 119 Pt Pk VACANT V Vacant 120 Pt Pk B. Smeak MG Mar late fee 124 Pt Pk R. Chabol ch Mar late fee 125 Pt Pk K. Smale ch Apr 126 Pt Pk M. Wahl R ch Apr 127 Pt Pk R. Leer ch Mar 130 Pt Pk L. Patton ch Apr 133 Pt Pk Leah Polinski R MO Apr 134 Pt Pk C. Walters Ch Apr 135 Pt Pk F Munzer ch Apr 137 Pt Pk R. Onstead ch Mar 139 Pt Pk G. Klink ch Apr 145 Pt Pk R. Porter MO Apr 149 Pt Pk VACANT V vacant 151 Pt Pk T. Custer ch Apr 162 Pt Pk E. Weigle F ch Mar In florida discount 165 Pt Pk H. Shroyer MO Apr 166 Pt Pk VACANT V Pt Pk B. Meyers MO# Apr 170 Pt Pk J. Clark ch Mar 172 Pt Pk L. Phillips ch Mar 173 Pt Pk J. Kintigh ch Mar 175 Pt Pk S. Stern ch Mar 177 Pt Pk C. Sipple mo Apr 178 Pt Pk D. Schafer MO# Mar 181 Pt Pk C. Sorenson ch Apr 182 Pt Pk VACANT V Vacant 184 PT Pk Patricia Augustine R , Ch # Apr move in 4/1 security deposit and pet deposit included in 1st rent 187 Pt Pk J. Stern ch Mar 188 Pt Pk VACANT V vacant 191 Pt Pk G. Phillippi ch Apr 192 Pt Pk W. Boncoski ch 641 R mach Pt Pk J. Keri E ch Apr Empty but pays lot rent

8 Space Space BAL SPACE RV CREDITS LATE HOME NSF MISC SEC PROP STORAGE BAL BAL BAL CHECK DATE ANNIV COMMENTS APRIL 2017 RENT ROLL HILLCREST MANOR RENT ROLL/BILLING SUMMARY/RESIDENT RECORD APRIL 2017 Apr-17 No. Tenant Name Type FWD RENT INCOME ADJMNTS FEES PYMTS CHK/CHG W/S/T DEP TAX LAUNDRY FEE DUE PAID FWD MO # REC'D MONTH NOTES 196 VACANT V - Pt Pk vacant 199 Pt Pk VACANT V Vacant 200 Pt Pk VACANT V Vacant 203 Pt Pk S. Tomaselli R ch Mar 204 Pt Pk R. Riffle ch Apr Pt Pk N. Shaffer ch Mar 208 Pt Pk R. Freeman ch Mar 211 Pt Pk D. Lohr ch Mar 212 Pt Pk P. Kotsch ch Mar 213 Pt Pk C. Harvey ch 1805 R mach Pt Pk S. Pitzer ch /4/ Pt Pk G. Norris ch Mar 218 Pt Pk A. Snider ch Apr Pt Pk R. Montgomery ch Apr 222 Pt Pk H. Smith ch Apr , , , , ,

9

10

11

12 AERIAL MAP OF THE PARK

13 MAP OF THE PARK AND THE SOMERSET CITY AREA

14 MAP OF THE PARK IN RELATION TO PITTSBURGH