Cathy Anderson, CCIM 901-282-6312 cathy.anderson@crye-leike.com Serene and friendly 48 pad park for sale (park-owned homes) Located on busy Hwy 110 in Heber Springs, Arkansas Spacious lots, all separately metered for electric and gas City water, septic. Owner pays taxes and water. Offered at $1,100,000 Phone: 901-758-5670 6525 Quail Hollow Road, Ste. 401 Memphis, TN 38120 www.crye-leike.com
Property Description Cathy Anderson, CCIM 901-282-6312 Zack's Home Rentals Heber Springs, Arkansas Beautiful trees and shade welcome you as you enter the centrally located Zach's Home Rentals in Heber Springs, Arkansas. This serene 48 pad, 14.3 acre park has extremely spacious lots, each separately metered for electric and gas. The park is served by multiple septic tanks, customary for the area. The tenants are separately billed for electric and gas and the park owner presently pays for water and trash service for the park. Current owner purchased park recently after viewing it as a value-added opportunity. Since purchase owner has invested in remodeling many of the parkowned homes and has brought in new tenants after remodeling. Demand is strong in the area, with very little competition in the affordable housing market. Park owner has decided to sell to be able to spend more time closer to his single family rental units in another state. Pad rental rates range from $300/month up to $700/month. There are 3 RV spots (RV's are park-owned) and 2 cottages located in the park that rent including utilities. All other rentals pay separate electric. Current owner has remodeled many of the homes in the park and is completing more renovations. The park also has a large shop building complete with office and restroom, and four other storage shed areas in the park, This location is minutes away from the charming downtown of Heber Springs and the beautiful, much visited Greers Ferry Lake. This is a friendly park with a good tenant mix and neighborhood feel. Owner must relocate and is offering park for sale at $1,100,000. Park is only approximately 60 miles from the state capitol of Little Rock, AR. page 2 of 17
Photos
Zack's Home Rentals Property Photos Cathy Anderson, CCIM 901-282-6312 Zack's Home Rentals Heber Springs, Arkansas page 4 of 17
Zack s Home Rentals Additional Photos Heber Springs, Arkansas 75243 Contact: Cathy Anderson, CCIM (901) 282-6312 Cathy.anderson@crye-leike.com
Rent Roll & Financials
#Pads Pad # Type Length as tenant Monthly Rent Add'l Info Annual Rent 1 1 2b/1b 2 months $425.00 3 pets $5,100.00 2 2 2/1 1/2b 20 years $300.00 1 pet $3,600.00 3 3 2/1 1/2 b VACANT Needs remodeling $0.00 4 4 2/1b 1 1/2 years $525.00 1 pet $6,300.00 5 5 3/1 1/2b VACANT Needs remodeling $0.00 6 6 2/1b 2 months $375.00 1 pet $4,500.00 7 7 3/1 1/b 2 years $450.00 $5,400.00 8 8 3/1 1/2 b 3 years $375.00 $4,500.00 9 9 2/1b 5/1 $300.00 $3,600.00 10 10 2/1b 2 years $350.00 $4,200.00 11 11 2/2b 2 years $475.00 1 pet $5,700.00 12 12 2/1b VACANT $0.00 13 13 1-Feb 2 months $300.00 $3,600.00 14 14 1-Feb 2 years $450.00 2 cats $5,400.00 15 14B 3/2b 10 months $650.00 $7,800.00 16 14C 3/1 1/2b 1 year $325.00 $3,900.00 17 14D 2/2b VACANT $0.00 18 14E 2/1b 4 months $350.00 $4,200.00 (rented lot) 19 14F 3/1 1/2b 3/1 $450.00 $5,400.00 20 14G 2/1b VACANT Needs remodeling $0.00 21 14H (RV) camper $300.00 $3,600.00 22 15 3/2b 2 years $365.00 $4,380.00 23 16 3/1 1/2b 2 years $450.00 $5,400.00 24 17 2/1b 3/1 $400.00 2 pets $4,800.00 25 18A 1/1b 4 months $550.00 2 pets $6,600.00 26 18B 1/1b 4 years $500.00 $6,000.00 27 19 2/1b 7 months $425.00 1 pet $5,100.00 28 20 2/1b VACANT Needs remodeling $0.00 29 21 3/2b 8 years $475.00 3 pets $5,700.00 30 22 2/2b 2 years $325.00 $3,900.00 31 23 2/1b 2 years $400.00 1 pet $4,800.00 32 24 2/2b 15 months $425.00 $5,100.00 33 25 2/2b 10 years $475.00 $5,700.00 34 26 3/1b 3/1 $500.00 1 pet $6,000.00 35 27 3/2b 10 months $525.00 3 pets $6,300.00 36 28 10 months $700.00 2 pets $8,400.00 37 29 2/1b 2 years $375.00 $4,500.00 38 30 2/2b 5/1 $450.00 2 pets $5,400.00 39 31 2/2b 10 months $450.00 $5,400.00 40 32 3/1 1/2b 3/1 $450.00 $5,400.00 41 34 3/2b 7 months $500.00 1 pet $6,000.00 42 35 2/1b 3/1 $325.00 1 pet $3,900.00 43 36 2/1b 3/1 $300.00 $3,600.00 44 37 2/1b 4 years $325.00 1 pet $3,900.00 45 38 2/2b 16 months $400.00 $4,800.00 46 39 3/1 1/2b 9 months $475.00 $5,700.00 47 50 (RV) RV 6 years $630.00 4 pets $7,560.00 48 51 (RV) RV 4/1 $550.00 $6,600.00 49 Rock 3/1b 13 years $350.00 $4,200.00 House TOTAL: $18,495.00 $217,740.00 Owner currently charges $25/pet/month for any tenant with pets.
, Financial Data: Based on rentals as of April 2017 Income: Monthly Rentals Annual Rentals Rental Income: $18,145.00 $217,740.00 Total: $18,145.00 $217,740.00 Expenses: Property Taxes: $312.00 $3,748.00 Personal propery tax (2 RV's) $48.00 General liability insurance: $1,319.00 $15,831.00 Repairs/Supplies: $1,000.00 $12,000.00 Electric: $1,000.00 $12,000.00 Water: $600.00 $7,200.00 Propane: $235.00 Natural gas: $797.00 Cable: $600.00 Trash: $480.00 $5,760.00 Total: $58,219.00 NOI: $159,521.00 Contact: Cathy Anderson, CCIM Crye-Leike Commercial Office: (901) 758-5670 Cell: (901) 282-6312 cathy.anderson@crye-leike.com
Owner Improvements: Roofs: 18A (new shingle roof) 18B (new shingle roof) 18 roofs newly painted in 2016 6 metal roofs in good condition 26 total roofs in good condition Remodeled Units: #1 #25 #6 #26 #11 #27 #14B #28 #17 #30 #19 #31 #18A #32 #18B #35 #20 #36 #23 #38 #24 Remaining units needing remodeling: #3 #5 #14G Remaining roofs that need painting: #14 #20 #21 #22 #27 #30 #31 #34 #37 #38 #39 Trees: All trees on the 14 acres have been trimmed. Owner currently pressure washing and painting remaining roofs.
Mobile Home Inventory
Maps & Parcel Info
Location Map Cathy Anderson, CCIM 901-282-6312 page 14 of 17
Aerial Map Cathy Anderson, CCIM 901-282-6312 page 15 of 17
Demographics Cathy Anderson, CCIM 901-282-6312 Population Characteristic 1 Mile 3 Mile 5 Mile AGES 0-4 N/A 361 399 AGES 5-9 N/A 469 517 AGES 10-14 N/A 449 495 AGES 15-19 N/A 458 502 AGES 20-24 N/A 446 496 AGES 25-29 N/A 423 479 AGES 30-34 N/A 387 448 AGES 35-39 N/A 380 440 AGES 40-44 N/A 395 459 AGES 45-49 N/A 426 489 AGES 50-54 N/A 433 489 AGES 55-59 N/A 437 488 AGES 60-64 N/A 435 480 AGES 65-69 N/A 411 444 AGES 70-74 N/A 379 413 AGES 75-79 N/A 329 357 AGES 80-84 N/A 239 259 AGES 85+ N/A 438 469 Race Characteristic 1 Mile 3 Mile 5 Mile Non Hispanic White N/A 7,150 7,965 Population Black N/A 8 8 Population Am In/AK Nat N/A 3 3 Household Income 1 Mile 3 Mile 5 Mile Median Household Income N/A $32,447 $27,786 < $10000 N/A 267 308 $10000-$14999 N/A 290 336 $15000-$19999 N/A 293 352 $20000-$24999 N/A 424 457 $25000-$29999 N/A 145 145 $30000-$34999 N/A 367 404 $35000-$39999 N/A 110 110 $40000-$44999 N/A 181 203 $45000-$49999 N/A 148 148 $50000-$60000 N/A 238 259 $60000-$74000 N/A 273 279 $75000-$99999 N/A 214 228 $100000-$124999 N/A 128 128 $125000-$149999 N/A 25 39 $150000-$199999 N/A 67 67 > $200000 N/A 9 26 Characteristic Housing 1 Mile 3 Mile 5 Mile Housing Units N/A 3,792 4,158 Occupied Housing Units N/A 3,134 3,451 Owner Occupied Housing Units N/A 1,964 2,175 Renter Occupied Housing Units N/A 1,170 1,276 Vacant Housing Units N/A 658 707 page 16 of 17
Zack s Home Rentals FAQ s 1. How is trash currently handled at the park? The tenants are each responsible for bringing their trash to the front of their pad in a trash receptacle. Currently, there is one pick-up a week, on Tuesday. The owner currently pays for the trash pick-up at $480/month. 2. How is water handled? The owner presently pays for water, which runs about $600/month. The homes are not currently sub-metered for water. 3. Is every home sub-metered for electric? Yes, each home has its own electric panel. Most panels are at least 100 amps (gas and electric homes) and the newer all-electric homes have 200 amp panels. The two cabins share one meter (utilities included on these units). 4. Is this all city water and sewer? The water is provided by the city. The park uses private septic tanks and pumps a couple of times/year. Pumping fees generally run around $200/tank. 5. What county is the park located in? Cleburne County, AR. For more tax information on the park, click this link: https://www.actdatascout.com/countyhome/publicrealestatesearchdetails?countyid=5 023&rpid=29427&parcelNumber=300-02957-802&year=2012 6. What is the current zoning? R-4. Manufactured Home Residential. See link: http://www.cityofhebersprings.com/images/newzonemap.pdf 7. What are the tenants responsibilities? Tenants are responsible for paying their own rent and paying their own utility (electric and gas) bills directly to the utility company. 8. What is the owner s responsibility? The owner pays all taxes, water, trash, home repair and all common maintenance for the park. 9. Are there any RV s on site: Yes, there are 3 pads that currently have RV s (14H, #50 and #51). All RV s are park-owned. 10. Are there any separate homes (not pre-manufactured) on site? Yes, there are two homes, noted on the Rent Roll as Rock House, which rents for $350/month and another house on pad 14B which rents for $650/month. 11. Do most of the tenants work outside of the park? The tenant breakdown in the park is a healthy mix of working, retired and a few disabled tenants. There are families with school-age children and a vibrant, safe feel to the park. Contact: Cathy Anderson, CCIM Crye-Leike Commercial Office: (901) 758-5670 Cell: (901) 282-6312 Cathy.anderson@crye-leike.com