Creekside Mobile Home Park

Transcription

1 517 Sullivan Rd, Warner Robins, GA December 2018 John Wood

2 EXECUTIVE SUMMARY Property Description SALE PRICE $232,500 is an excellent cash flowing mobile home park in Warner Robins, GA. It is a quiet community with spacious lots, which makes it an attractive location for long-term owner occupants. ADDRESS PROPERTY TYPE 517 Sullivan Rd Warner Robins, GA Mobile Home Park The park consists of 12 lots. 7 lots are leased to lot rent only tenants who own their own homes, 4 lots are on Rent to Own ( RTO ) contracts and 1 lot is a park owned home ( POH ). Most units are late 1980 to early 2000 models. Uniquely, all 12 residents are on electronic payments which provides a predictable source of income and automates the rent collection process. The park is located in Houston County, GA just outside the Warner Robins city limits. The park is on septic and well, and these utilities have been maintained and kept up to date by the owner. The roads are of asphalt construction and privately maintained by the owner. The park is priced accordingly to account for the roads and utilities. is being offered as a stabilized investment with attractive lot rental growth potential. This investment provides an attractive opportunity to sell or RTO units to owner occupants as lot rentals or hold onto the units as park owned home rentals while increasing rents. With a properly executed value-add strategy it will be possible to achieve returns in excess of ±20% cash-on-cash based on the current sale price. Macon/Warner Robins is a strong market with significant demand for affordable housing. Located just minutes from Robins Air Force Base, the park is well located near the center of industry. The park is ½ mile from an elementary school and 3 miles from Warner Robins Place, with access to banks, restaurants, and shopping. TOTAL LOTS 12 PARK OWNED HOMES (POH) 1 RENT TO OWN (RTO) 4 LOT RENT ONLY TENANTS 7 OCCUPANCY 100% ACRES ZONING ELECTRIC WATER/SEWER WASTE COLLECTION LAWN ± 3.49 AC R1 (MH grandfathered) Direct Bill to Resident Well, Septic Included in Lot Rent Included in Lot Rent Owner Responsibility Included in Lot Rent 1 John Wood john@rdwco.com

3 PROPERTY LOCATION 2 John Wood john@rdwco.com

4 PROPERTY PHOTOS 3 John Wood john@rdwco.com

5 RENT ROLL Lot Name Type Year Unit Details Type Rent Collection Lot Rent Home Rent Leasing Fee Annual Rent 1 Coming Soon RTO/Lot 1994 Destiny Omni 2 Bed/2 Bath Electronic Payments $ $ - $ - $ See RTO 1999 Horton Dynasty 3 Bed/2 Bath Electronic Payments $ $ $ $ Davis Lot 1997 Oakwood Destiny Doublewide Electronic Payments $ $ - $ - $ Ortega Lot 1998 General s Bed/1 Bath Electronic Payments $ $ - $ - $ Washington Lot 1999 General MH 3 Bed/2 Bath Electronic Payments $ $ - $ - $ Davis Lot 1999 Champion Grand Manor Doublewide Electronic Payments $ $ - $ - $ Salas Lot 2000 Fleetwood Valu Elite 2 Bed/1 Bath Electronic Payments $ $ - $ - $ Salas Lot 1985 Fleetwood Edgewood Electronic Payments $ $ - $ - $ Tipton RTO 1986 Grand Manor 3 Bed/2 Bath Electronic Payments $ $ $ $ Hodges RTO 1986 Flintstone Sand Castle 3 Bed/2 Bath Electronic Payments $ $ $ $ Jones Lot 1999 Fleetwood Valu Elite 3 Bed/2 Bath Electronic Payments $ $ - $ - $ Wheelus POH 1994 Clayton Loudon 3 Bed/2 Bath Electronic Payments $ $ $ - $ John Wood john@rdwco.com

6 UNIT SALES In addition to long-term lot rental growth, there is a unique opportunity to sell or rent to own ( RTO ) park owned homes to long-term owner occupants. Macon/Warner Robins is a strong market with significant demand for affordable housing. Mobile homes are highly sought after by residents as an affordable means of owning their own home. The following park owned homes have been sold to owner occupants in the past 12 months: Mobile Home Sold Condition Sale Type Sale Price Unit 4 Good (Minor cosmetic repairs) Cash Sale $10,000 Unit 5 Good (Basic unit turn Move in Ready) Cash Sale $12,500 Unit 11 Good (Paint and flooring) Cash Sale $9,000 In addition to selling some of the homes outright, others have been placed on Rent to Own contracts with existing residents: Mobile Home Type RTO Price Monthly Payment (Includes Lot and Home Rent) Unit 2 Rent to Own $17,560 $675 Unit 9 Rent to Own $9,920 $525 Unit 10 Rent to Own $12,480 $565 Based on the success and speed of market sales, we are projecting a future owner can sell the remaining park owned homes for the following: Mobile Home Condition Sale (Cash) Price RTO Price Unit 1 Good $11,000 $12,500+ Unit 12 Very Good $12,500 $15,000+ TOTAL VALUE $23,500 $27,500 5 John Wood john@rdwco.com

7 INVESTMENT VALUATION Current BUYER - Year 1 INCOME Lot POH/RTO Total Lot POH/RTO Total Lot 1 2BR/2BA RTO $ $ $ $ $ BR/2BA RTO $ $ $ $ $ $ BR/2BA Lot $ $ $ $ BR/1BA Lot $ $ $ $ BR/2BA Lot $ $ $ $ BR/2BA Lot $ $ $ $ BR/1BA Lot $ $ $ $ BR/2BA Lot $ $ $ $ BR/2BA RTO $ $ $ $ $ $ BR/2BA RTO $ $ $ $ $ $ BR/2BA Lot $ $ $ $ BR/2BA POH $ $ $ $ $ $ Monthly $3, $1, $4, $3, $1, $4, Annually $38, $13, $52, $41, $18, $59, CURRENT BUYER - Year 1 EXPENSES Lot POH/RTO Total Lot POH/RTO Total Licenses/Taxes/Permits $ $ $1, $1, $ $1, Insurance $1, $1, $2, $1, $1, $2, Property Management $3, $1, $5, $4, $1, $5, Maintenance & Repairs $2, $2, $2, $2, Electric $1, $1, $1, $1, Waste Collection $1, $1, $1, $1, Administrative $ $ $ $ $ $ Landscaping $2, $2, $2, $2, Pest Control (POH only) $0.00 $ $ $0.00 $ $ Annually $14, $4, $18, $14, $4, $19, CURRENT BUYER - Year 1 Net Operating Income $33, $40, John Wood john@rdwco.com

8 MARKET INFORMATION Warner Robins, GA One of the fastest growing municipalities in the state, Warner Robins, GA welcomes people from all over the world. The diversity of the community prompted the slogan "Georgia's International City" to be officially adopted in In 2009, Business Week magazine named Warner Robins the best place in Georgia to raise a family. The ranking was bestowed again for The Warner Robins Area Chamber was named one of the top three chambers of commerce in the U.S. for a chamber in its division in 2009 by the American Chamber of Commerce Executives Association. In 2012, CNN Money named Warner Robins No. 7 on its Best Places To Live list for America's best small cities. In June 2011, Warner Robins was listed in Wired magazine as one of 12 small cities that are driving the "Knowledge Economy". Robins Air Force Base is one of the largest employers in the state of Georgia and directly contributes over 25,000 military, civil service, and contractor jobs to the local economy. It has provided economic stability for Warner Robins that has benefited the entire Middle Georgia community. Houston County, GA Houston County covers approximately 400 square miles and enjoys close proximity to interstates, highways, airports and has rail access. The county lies directly along Interstate 75 and is within a short distance of Interstate 16. The county is also located 75 miles south of Hartsfield- Jackson Atlanta International Airport in Atlanta and 165 miles west of the ports of Savannah. One of the most rapidly growing communities in Georgia. 75 miles south of Atlanta's Hartsfield-Jackson International Airport. Designated as one of Georgia's Entrepreneur Friendly Communities. One of the lowest property tax rates in the Middle Georgia area. Large utility capacity as served by a combination of municipal and private systems. Houston County public school system is consistently recognized for having Georgia Schools of Excellence and National Schools of Excellence. 7 John Wood john@rdwco.com

9 Demographics For more demographical information, visit: 8 John Wood john@rdwco.com