CLOVER VALLEY MOBILE HOME PARK

Transcription

1 CLOVER VALLEY MOBILE HOME PARK 22-unit storage building Front Office Vacant land for additional units Investment Highlights: 61 space, all-age manufactured housing community 59 park-owned homes On-site office & maintenance staff On-site fenced-in workshop & storage building City water & sewer 22 storage unit facility on site 16+ acres Vacant land on premise for additional units Close Proximity to Carolina Hospital, Walmart, & Lowes within 4 miles of property

2 Storage units & workshop Property Summary: Property Name Clover Valley Mobile Home Park Property Address 1421 Gilbert Dr, Florence, SC Type of Park All Age Rental Agreement One Year Number of Spaces 61 Vacant Spaces 2 Number of Park Owned Homes 59 Land Size 16+ Acres List Price $1,750,000 Parking Ample

3 Utilities Paid By Company Water Landlord City of Florence Electric Tenant Duke Energy Sewer Landlord City of Florence Trash Landlord Waste Management Clover Valley Mobile Home Park is a 61 space, all-age community located in Florence, SC. It is located on 16+ acres & being offered on the basis of its current income. The average 3-bedroom apartment rents in Florence for $839. Unemployment rate is 5.25%, lower than the U.S. unemployment rate of 6.3%. Median home price in Florence is $119,100. The park currently has on-site maintenance staff. Florence, South Carolina is located at the intersection of Interstate 95 and Interstate 20, and only 70 miles from Myrtle Beach, Florence is the prime location for many business. It is currently a major hub for manufacturing and commerce with nine foreign affiliated companies and 14 Fortune 500 companies calling Florence home. AT&T and Duke Energy also have headquarters here. Florence has a thriving economy as a transportation and distribution center with manufacturing and agriculture added to the mix. The main transportation routes from the north and east split at this point, continuing inland to Atlanta and down the coast to Savannah and into Florida. Manufacturers include Honda, GE, Maytag, DuPont, and Southeastern Steel. The McLeod Regional Medical Center adds a significant health care presence. Darlington Raceway 5 miles north is an active NASCAR track, and a series of state parks offer some recreation in the piney hills to the northwest. The area is strong financially with an attractive. Cost of living Index and healthy recent job growth. Florence has blossomed into a strong center for medical care, with three major medical providers McLeod Regional Medical Center, Carolinas Hospital System, and HealthSouth. The growth of these providers has led to the transformation of the Florence skyline over the last 10 years. This growth has led to the demand and development of multi-story, high-rises, as well as community relation projects. Development in recent years has brought the headquarters of pharmaceutical and insurance companies such as, General Electric Medical Systems Manufacturing, to the area. With all the economic growth and close proximity to tourist attractions like Myrtle Beach, Florence is an excellent city to invest.

4 Downtown Walmart Lowes Hospital MHP Carolina Hospital only 1.3 miles (3min drive) from the MHP

5 EXPENSES Current Real Estate Taxes $13330 Insurance Liability $2220 Insurance Building $6492 Management $24200 Utilities Water & Sewer $39600 Electric $1980 Trash $3900 Total Utilities $45480 Repairs & Maintenance $24000 General & Administrative $2045 Telephone/Internet 780 Maintenance Staff Salaries $38400 Total Expenses $ % of EGI 43.3% Comments: The Repairs/Maintenance and the Maintenance Staff Salaries are higher than normal due to completing the rehab for the remaining five units. Income Current GROSS POTENTIAL INCOME $361,080 Vacancy/Collection Allowance (% of GPI) 5% / $18,054 EFFECTIVE GROSS INCOME $343,026 Total Expenses $156,947 NET OPERATING INCOME $204,133

6 Rent Roll Name Lot # Income Income with Increase Temporary Office 1 3b2b Jackson, Charmion 2 3b1.5b Bishop, Valerie 3 2b1b Bostick, Delvin 4 3b1b vacant Lot Robinson, Selma 6 2b1b Johnson, Bernard 7 2b1b Anderson, Diane 8 3b2b Fortune, Shaquana 9 3b2b b2b Black, Janet 11 3b2b Bartell-Fields, Shaunina 12 3b1.75b Gause, Delores 13 2b1b Thomas, blair 14 2b2b Robinson, Pamela 15 3b1b Malloy, Carol 16 2b2b Whack, Leon 17 2b1b cooper, Kashima 18 2b1b Benjamin, Dominique 19 3b2b Pigett, Lathsa 20 2b1b Jaines, Shanika 21 2b1b Fillmore, Sabrina 22 2b2b Barr, Anthony 23 2b1b

7 melton, Shirley 24 2b2b Cameron, Pearl 25 3b1b Culbreth, Ashley 26 2b1b Mcduffie, Lashannon 27 2b1b Hines, Shameka 28 3b1.5b Smith, Kenyetta 29 2b1.5b Taylor, Jimmy 30 2b1b Wright, Catherine 31 3b2b Richardson, Gracie 32 2b1.5b Davis, Nadaydra 33 2b1.5b Gordon, Jasmine 34 2b1b Montgomery, Ashia 35 3b2b Mccall, Gloria 36 3b2b Blather, Jessica 37 3b2b Gurley, Lorey 38 3b2b Williams, Judy 39 3b2b b1.5b McGoogan, Emmanuel 41 2b2b Davis, Brenda 42 2b2b Cooper, Lillie 43 3b2b b2b Washignton, Nathasha 45 2b1b McCormick, Theresa 46 2b1b

8 Smith, Jim 47 2b1.75b Rob, Tony 48 1b1b Supreme, Gail 49 3b2b Kelly, Dan 50 2b2b Taylor, Opal 51 2b1b Brown, Wallace 52 2b2b Duffey, Pamela 53 2b1b Vacant Lot Fields, Britney 55 2b1b Brooks, jessie 56 2b1b b1.75b Coe, Annette 58 3b2b Allen, Anthony 59 2b1b Ford, Deat 60 2b2b Harvey, Stephanie 61 3b2b Total Income 28, , Storage building 4 units at units at , Total 30, ,015.00

9 Vital Data CAP Rate 11.66% List Price $1,750,000 Effective Gross Income $343,026 Net Operating Income $204,133 Gross Income After $396,180 Increase NOI After Increase $239,233 CAP Rate After Increase 13.67%