GENESeE VILLA REDUCED PRICE N Center Road Genesee Township, MI For a video tour, please visit:

Transcription

1 REDUCED PRICE: $525, REDUCED PRICE For a video tour, please visit: N Center Road Genesee Township, MI 4856

2 PROPERTY DETAILS ADDRESS COUNTY SITE INFORMATION 5125 North Center Road, Genesee Township, MI 4856 Genesee TAX PARCEL ID SITES 87 COMMUNITY TYPE COMBINED LAND DENSITY All Age 9.5 Acres 9.16 Sites/Acre INVENTORY HOMES 85 (4 vacant as of July 15) AVERAGE LOT RENT $285 (includes sewer and trash) MH PHYS OCC 98% (85 sites as of July 15) MH ECO. OCC 54% (47 sites as of Jan 16) ZONING ROADS FLOODPLAIN WATER SEWER ELECTRICITY GAS R-4 (Manufactured Home Park) Asphalt Zone X UTILITIES Municipal (submetered) Municipal (included in rent) Consumers Energy Consumers Energy INVESTMENT HIGHLIGHTS Tremendous value-add potential to buy a park with 54% economic occupancy in a county with an estimated 214 population of over 41,. Price includes 85 inventory homes (4 vacant as of July 15), 27 of which are either rentable or may be refurbished and then rented out. If buyer can fill half of vacant inventory homes then unlevered return could be well over 3%. Community offered below replacement cost. Some unusable lots due to homes being placed in such a way that they take up multiple spaces. Might be opportunity for new owner to reconfigure lots. Community features public utilities, a grid layout and mature trees throughout. Property is on water from Detroit and has not been affected by the current water crisis in Flint. AREA HIGHLIGHTS Genesee Villa sits one mile south of C S Mott Lake, a 1,2-acre fishing reservoir popular for catfish and largemouth bass. 12 vendors operate out of the 1.2-million square foot Genesee Valley Center, sitting less than 2 minutes from the community. Burlington Coat Factory, J.C. Penney, Macy s and Sears anchor the mall. The Kearsley High School and the Carpenter Road Elementary School are both within two-miles of the community. The Aspen Institute rated Mott Community College, less than seven miles from Genesee Villa, among the Nation s top-ten community colleges. The Flint MSA unemployment rate, not seasonally adjusted, dropped almost 12 percentage points from 16.9% in July 29 to 5.4% in April 215. General Motors reported 13,975 employees in 214 making it Flint s largest employer. Other major employers include the McLaren Regional Medical Center, Hurley Medical Center, and the University of Michigan. In 214, the area attracted multiple major investment projects such as the construction of the $267 million Karegnondi Water Authority pipeline and the expansion of the General Motors Flint Truck and Engine Facility which added 15 new jobs. Lansing, the state capital of Michigan, is less than an hour away and features a multitude of museums, theaters, parades and a zoo. REDUCED PRICE: $525,

3 FINANCIAL ANALYSIS Proforma INCOME 2 Gross Scheduled Rent $211,771 $19,177 $25,629 $297,54 Less: Vacancy.%.%.% 44.83% Less: Non Rev/Model.%.%.%.% Less: Bad Debt.%.%.% 1.% Less: Concessions.%.%.% 1.15% Total Rental Income 1.% $211,771 1.% $19,177 1.% $25, % Plus: Utility Income , Plus: Other Income 9 7, Plus: Home Rent 474 Total Other Income , Effective Gross Income $211,771 $214, $25, ,38 2,975 3,42 $157,765 16,451 8,86 41,22 65,758 $223,522 EXPENSES per site Actual Exp per site Actual Exp per site Actual Exp per site Proforma Exp Repairs & Maintenance $177 $15,364 $198 $17,187 $214 $18,641 $2 $17,4 5 Payroll , , ,41 55 Administrative 56 4, , , ,785 Marketing , Professional Fees 15 13, , ,175 Utilities , , , Total Variable Expenses $1,43 $124,394 $1,421 $123,588 $1,391 $121,17 $1,386 $12,558 Taxes , , , Insurance 33 2, , ,21 4 3,48 Management Fee 7.52% 15, % 15,54.% 5.% Total Operating Expenses $1,964 $17,894 $1,98 $166,37 $1,718 $149,46 $1,843 $16,369 Plus: Capital Reserves 5 Total Expenses $1,964 $17,894 $1,98 $166,37 $1,718 $149,46 $1,893 $164,719 47,85 47,43 25,155 11,176 4,35 NET OPERATING INCOME $4,877 $47,963 $56,169 $58,83 UNDERWRITING ASSUMPTIONS 1. Actual numbers based on financials provided by the client 2. Proforma GSR =$285 x 87 sites x 12 months 3. Other Income and Utility Income grown 3% from Concessions and Home Rent based off of Jan 16 rent roll 5. Approximately $11,6 of payroll is paid to on-site manager 6. Historical Professional Fees were paid to owners 7. Adjusted Utilities grown 3% from Proforma Taxes = 215 Taxes grown 3% 9. Historical management fees are cash distributions paid to park owners 1. Numbers do not reflect actual expense REDUCED PRICE: $525,

4 PROPERTY AERIAL Genesee Recreation Area GENESEE Carpenter Road Elementary School Blue Bell Beach CS Mott Lake Apple Lane Orchard Thelma Buffey Elementary School Kearsley High School COURTLAND CENTER McLAREN MEDICAL CENTER HURLEY MEDICAL CENTER B FLINT Top Ten Employers: TOP TEN EMPLOYERS General Motors: 13,975 employees McLaren Regional Medical Center: 3,14 employees Hurley Medical Center: 2,811 employees University of Michigan: 2,624 employees Flint School District: 2,559 employees Genesee County: 2,361 employees CS Mott Community College: 2,22 employees Employment Plus: 1,214 employees State of Michigan: 1,183 employees Kettering University: 1,1 employees Source: City of Flint, MI 213 Comprehensive Annual Financial Report REDUCED PRICE: $525,

5 Property LOCATION GENESEE V I L L A FLINT DS LANSING DETROIT GENERAL MOTORS FLINT ASSEMBLY PLANT This 3.7 million square foot facility, employing 2,82, manufactures nearly 75, heavy-duty GMC Sierra and Chevrolet Silverado trucks a year. Over $6 million of investment since 213 including the addition of a new paint shop with potentially an additional $161 million planned by GM for upgrades to the facility beginning fall 215. Economic impact of wages and payroll taxes of almost $3 million. UNIVERSITY OF MICHIGAN FLINT Just six miles south of Genesee Villa in downtown Flint, The University of Michigan Flint offers over 1 academic programs. Enrollment increased 33% from 25 to a record of 8,555 in 213. U.S. News and World Report ranked the university one of the top public universities in the Midwest and one of the best colleges for veterans. MCLAREN REGIONAL MEDICAL CENTER A 35-bed general medical and surgical center with a trauma center and 566 doctors. The hospital hosted over 6, emergency room patients, admitted over 21, and performed over 13, surgeries. FLINT MICHIGAN FARMERS MARKET Recently relocated to downtown Flint, the Farmers Market doubled its number of customers in the past year from an estimated 275, to 6,. The market is open year round with 5 vendors and is home to a community center and demonstration kitchen where local chefs regularly hold cooking demos. REDUCED PRICE: $525, V I L L A

6 For a video tour, please visit: Additional information for Genesee Villa is available on our website at: NATIONAL MANUFACTURED HOUSING GROUP PRIMARY CONTACTS: Todd Fletcher tfletcher@aranewmark.com T Andrew Shih ashih@aranewmark.com T Jon Shay jshay@aranewmark.com T NATIONAL MANUFACTURED HOUSING GROUP: 91 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.