A 63 Lot Manufactured Home Community Investment Opportunity · A 63 Lot Manufactured Home Community...

A 63 Lot Manufactured Home Community Investment Opportunity11221 E Legion Hut Rd Little Rock AR 72103

Legion Hut MHC

P 02wwwmarcusmilichapcom Legion Hut MHC

WE COOPERATE WITH BROKERS Disclaimer Notice

Non-Endorsement

Marcus amp Millichap is not affiliated with sponsored by or endorsed by

any commercial tenant or lessee identified in this marketing package The

presence of any corporationrsquos logo or name is not intended to indicate or

imply affiliation with or sponsorship or endorsement by said occupation

of Marcus amp Millichap its affiliates or subsidiaries and any agent

product service or commercial listing of Marcus amp Millichap and is solely

intended for the purpose of providing tenant lease information about this

listing to prospective customers ALL PROPERTY SHOWINGS ARE BY

APPOINTMENT ONLY PLEASE CONSULT YOUR MARCUS amp MILLICHAP

AGENT FOR MORE DETAILS Marcus amp Millichap Offices throughout the

US and Canada wwwmarcusampmillichapcom

Guidelines

The offering is being distributed exclusively by Marcus amp Millichap REIS to the investment community Following the initial

bids the owner will select an investor to purchase the property or request from a group of investors to submit a best and final

offer from which one will be selected The selection will be based on a variety of factors including purchase price contract

terms financial strength ability to close timing and experience in closing similar transactions

All offers must be presented in writing and include

bull Pricebull Source of capitalbull Proof of fundsbull Relevant experiencebull Proposed schedule of due diligence and closingbull Amount of earnest moneybull List of contingencies including committee approvals possible 1031 exchanges etc

All interested investors are encouraged to schedule a property tour to visit the community and the surrounding market with an

approved representative to fully appreciate its market position quality and strong fundamentals

The information contained in this marketing brochure is proprietary and

strictly confidential It is intended to be reviewed by the party receiving

it from Marcus amp Millichap This marketing brochure has been prepared

to provide summarized unverified information to prospective purchasers

and to establish only a preliminary level of interest in the subject property

The information contained herein is not a substitute for a thorough

due diligence investigation Marcus amp Millichap has not made any

investigation and makes no warranty or representation with respect to

the income or expenses for the subject property the future projected

financial performance of the property the size and square footage of the

property and improvements the presence or absence of contaminating

substances PCBs or asbestos the compliance with state and Federal

regulations the physical condition of the improvements thereon or the

financial condition or business prospects of any tenant or any tenantrsquos

plans or intentions to continue its occupancy of the subject property

The information contained in this marketing brochure has been obtained

from sources we believe to be reliable however Marcus amp Millichap has

not verified and will not verify any of the information contained herein

nor has Marcus amp Millichap conducted any investigation regarding these

matters and makes no warranty or representation what so ever regarding

the accuracy or completeness of the information provided All potential

buyers must take appropriate measures to verify all of the information set

forth herein Marcus amp Millichap is a service mark of Marcus amp Millichap

Investment Services Inc 2018Marcus amp Millichap All rights reserved

Note to the reader you will find links throughout the OM pages containing important information we advise that you click on these links to learn more

Table of Contents

IndexOffering Made Easy

Property Description

Rental Units and Investment Summary

Property Expenses

Local Market Information

10 Year Pro-Forma

Property Photos

Sales Agent Team Leader and Admin

03

03

04

05

05

06

06

07

WELCOME


STEP 1

Schedule a callwith your Agent(720) MHP-4YOU

STEP 2


Legion Hut MHC has a total of 63 MH lots and 1 single family

home including an office for the park There is a total of 45

tenants with 30 lot rent only tenants paying an average of $280

9 rented POHs paying an average of $380 5 rent to own homes

and 1 vacant POH There is also a single-family home that is

rented for $850 per month Current occupancy is at 7031

The POHs are in above average condition and includes four new

2019 homes and an average vintage on the remaining homes

being 1995

The park is connected to public water and sewer and is being

billed back to the tenants Each developed lot has a submeter

The park has gravel roads in average condition and presents and

opportunity to pave the park as the upside is being achieved in

order to later refinance with a non-recourse loan The park is not

in a flood zone

This deal is being offered as a value-add investment opportunity

with a 64 normalized cap rate on current lot rent The gross

revenue is $226083 At full price using the debt we have been

quoted the total return is 95 on normalized numbers We are

asking our investors to submit offers at or above $1640000

Well located well maintained all ages mobile home community 9 miles from downtown Little Rock AR The city has a population of 197780 with 720000 residents in the MSA The MSA has grown +7 since 2010 and the unemployment rate is lower than the national average at 33

bull Strong growing MSA with 200K+ population

bull Located 98 miles from state capital building

bull Public water amp sewer

bull Four 2019 POH recently installed

bull Permitted for 63 spaces

bull 26 miles from Walmart supercenter

bull Value-add in vacant lots 1 vacant POH amp below market rents

bull Not in flood zone

bull Gravel roads

bull Recently purchased (2018) and improved

bull 3 of the POH are older than 1990 but in good shape

Investment Highlights

Known Issues

Property Location

Propery Address11221 E LEGION HUT Rd Little Rock AR 72103

County Pulaski

Metro Area Little Rock AR

Parcel Number(s) 45L0610009000 45L0610009001

Site Description

Purchase Price $1640000

Total Rental Units 64

Mobile Home Lots 63

CommercialRetail 0

Total Land Area 809

Year Built NA

Zoning 0

Flood Zone No

Opportunity Zone No

Mechanical

Water Public-Tenants Pay (Submeters)

Sewer Public-Tenants Pay (Submeters)

Electrical Public - Direct Billed

Gas Public - Direct Billed

Trash Landlord

Cable Public - Direct Billed

Landscape Landlord

Snow Removal Landlord

Property Overview

STEP 3

Highlights amp Known Issues

1 Watch short video from listing broker about this opportunity CLICK HERE

2 Watch extended video from listing broker about this opportunity CLICK HERE

3 View brokerrsquos excel sheet CLICK HERE

Make an offer (use our template or use your own)

1 Letter of Intent CLICK HERE

2 State Required Disclosures CLICK HERE

Send offers toYour Local MampM Agent


Project Overview

This deal requires

bull A personal balance sheet capable of being financeable for recourse debt on the purchase loan

bull Ability to qualify for CMBS financing in year 5 (Net Worth ~$1500000 + Personal Capital on Hand after closing of ~$150000+)

bull Ability to execute a successful Home Sales Program within the community in order to fill procure and either arrange financing for prospective homeowner(s) or profitably rent

What it has

bull Rental market is considered cost burdened which points to above average market rent growth over 3 (Our forecasts are based on 3)

bull Using the parkrsquos current rents many potential home buyerrsquos can afford to buy a quality used or new mobile home through an existing consumer financing program

bull Legacy in place now because owner is financed on 4 new 2020 model homes ltassumablegt

bull 21st has provided better terms on that loan and both have a end to consumer sales program that has yet to be set up in this park

bull Modeled Assumption loan currently in place

Expected Returns

bull AvgCash-on-Cash Returns (10 Years) 8388bull Years 1-5 (Pre Refinance) 823bull Years 6-10 (Post Refinance) 15953 Due to basis change on assetrsquos balance sheet due to Year 5 CMBS refinance

Watch an extended in-depth video about the underwritng and pro-forma regarding this opportunity CLICK HERE

Dowload the PDF overview sheet to follow along with the video CLICK HERE

Rental Units amp Investment Summary

Local Mobile Home Park Rents


Rent Comps Lot Rent POH Rent Utility Info

Legion Hut MHP $280 $380 Public

Whispering Hills MHE - Mabelvale AR $225 $300 Public

Owen Creek MHP - Alexander AR $360

Knollwood MHP 1 - Little Rock AR $315

Knollwood MHP 2 - Alexander AR $315

WHMHE is adjacent to Legion Hut and is mostly a POH rental community with older homes

CommentsThis market has about 14 parks within the county that are between 50-99 lots The average

lot rents in the area is $305 for similar parks and $350+ for well run professionally managed

parks The population has been growing rapidly and is supported by higher wage jobs and an

unemployment rate that is below the national average We predict that as the MSA grows

affordable housing is going to become more scarce and therefore put upward pressure on lot

rents and park owned rental units Currently the market supports $350 lot rent at well ran and

maintained communities Poorly ran parks are averaging a sub-$250 lot rent

Click on the folloring links for additional property information

Other MaterialsParcel MapList of POH inventory2019 PampLNov-20 Rent Roll

Capitalized Revenues amp Investment Summary

Actuals Normalized Pro Forma

Total Gross Income $198283 $226083 $237337

Lot Revenue $120647 $147840 $159743

RV Revenue $0 $0 $0

Single Family Home amp Apartment Revenue $0 $10200 $12000

CommercialRetail Revenue $0 $0 $0

Self Storage Revenue $0 $0 $0

Other Income $18440 $20204 $23421

Capitalized Income $139086 $172839 $189188

Capitalized Expenses $68367 $83090 $86822

Net Operating Income (excludes POH income) $70720 $89749 $102366

Park Owned Home Revenues - Not Capitalized


Total POH Revenue $59197 $53244 $48149

POH amp RTO Expenses $20637 $30853 $31444

POH RTO Net Income $38560 $22391 $16705

Per POH Value $23566 $23566 $23566

Total POH Value $235660 $235660 $235660

Investment Metric Table

Lot Rent Cap Rate 645 736

Gross Cap Rate (includes POH IampE) 684 726

Cash On Cash Levered 476 593

Total Return 950 1067

10 Year IRR No infill 1264

Infill amp 5YR Refi 2082

10 Year Equity Multiple No infill 283


Price Per Lot $25625 $25625

Unit Breakdown

Total Rental Units 64 Year-2 Proforma

Total Tenants 45 46

Total Mobile Home Lots 63 63

Total RV Lots 0 0

Tenant Owned Homes 30 30

Abandoned Homes 0 0

Vacant Lots 18 18

Rent to Own POHs 5 5

Rented POHs 9 10

Vacant POHs 1 0

Average Lot Rent $280 $296

Average RTO Payment $399 $399

Average POH Rent $380 $391


Property ExpensesActuals Normalized Actuals Pro Forma

Total Revenue $139086 $172839 $189188 Local MarketInformationLittle Rock is the capital of Arkansas Capital-city complex - Center of the state along

the Arkansas River May October and April are the most pleasant months in Little Rock

Typical of mid-America the downtown area is laid out on a rectangular grid with

mostly average modern architecture a sprinkling of older historic structures and a

waterfront park along the Arkansas River North Little Rock is a growing business-

friendly and mainly progressive middle class center across the river

The hub of Little Rock is the bustling River Market District featuring restaurants shops

bars nightlife museums and hotels as well as the arearsquos main library Focal points in

the city include the Clinton Presidential Center amp Park the nearby world headquarters

of Heifer International and the Central Arkansas Nature Center

Little Rock has plenty for outdoor lovers as well with great weather and numerous

city parks offering runningwalking trails bike paths fishing private and public golf

courses sports facilities and picnic areas

Local Market Statistics

Little Rock Pulaski Little Rock MSA

Population 197780 392848 730346

Growth +37 +42 +71

Medium Home Price $143000 $134000 $141220

Average Apartment Rent $881 $831 $832

Family Median Home $46409 $46410 $49179

Unemployment Rate 340 340 330

Expense Category Note On Expense Item

POH Expenses CAPEX Actuals Normalized Actuals Pro Forma

Property Taxes Estimated at 06 of Real Estate Value Allocation $250 $0 $7808 $7808 $8042

Property Insurance Normalized to Industry Averages 3 Pro Forma Increase $2463 $0 $3150 $3201 $3297

Repairs amp Maintenance Normalized to Industry Averages 3 Pro Forma Increase $12498 $0 $7770 $9600 $9888

Mowing amp Landscaping Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $3500 $3500 $3605

Snow Removal Broker Estimate $0 $0 $0 $1000 $1030

Public Water PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641

Public Sewer PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641

Trash PF includes +1 tenant amp 3 increase $0 $0 $5064 $5064 $5334

Electricity Normalized Equals Sellers Disclosure 3 Pro Forma Increase $3481 $0 $1800 $1800 $1854

Employee Salaries Normalized to Industry Averages 3 Pro Forma Increase $1730 $0 $11085 $11520 $11866

Payroll Taxes amp Expenses 12 of Total Payroll $0 $0 $0 $1382 $1424

3rd Party Management 5 of Total Revenue $214 $0 $522 $8642 $9460

Office Supplies amp Expenses $15 per lotmonth $0 $0 $245 $1151 $1186

Legal Fees Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1229 $1229 $1266

Accounting Fees $0 $0 $0 $1000 $1030

Licenses Permits Dues Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $511 $511 $526

Other Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1683 $1683 $1733

Capital Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $3077 $0 $0 $0

Total Expense $20637 $3077 $68367 $83090 $86822

Expense Ratio 4915 4807 4589

Net Operating Income (Excluding POH Income) $7071951 $8974889 $10236575

Capitalization Rate (lot rent only) 508 645 736

Net Operating Income (Including POH Income) $109280 $112140 $119071

Capitalization Rate (lot rent amp park owned home income) 666 684 726

RE Debt Service Loan 1 (65 LTV 485 Interest Rate 25 Year Amortization) $62505 $62505 $62505

POH Debt Service Loan 2 (60 LTV 890 Interest Rate 10 Year Amortization) $21295 $21295 $21295

Cash Flow $25479 $28339 $35270

Debt Service Coverage Ratio 130 134 142

Cash-On-Cash Return 428 476 593

Total Return 902 950 1067

Broker Estimate


Park Only 10YR Pro-Forma

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Market Rent In Period $305 $314 $324 $333 $343 $354 $364 $375 $386 $398

Rent Charged In Period $28000 $29582 $312 $327 $343 $354 $364 $375 $386 $398

Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896

Other Housing Revenue $10200 $12000 $12360 $12731 $13113 $13506 $13911 $14329 $14758 $15201

Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573

Collections LossBad Debt ($5405) ($5977) ($6286) ($6597) ($6907) ($7114) ($7328) ($7548) ($7774) ($8007)

Total Real Estate Revenue $172839 $189188 $198521 $207884 $217278 $223797 $230510 $237426 $244549 $251885

Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)

Insurance Expense ($3200) ($3296) ($3395) ($3497) ($3602) ($3710) ($3821) ($3936) ($4054) ($4175)

Repairs amp Maintenance Services ($9600) ($9888) ($10185) ($10490) ($10805) ($11129) ($11463) ($11807) ($12161) ($12526)

Mowing amp Landscaping Services ($3500) ($3605) ($3713) ($3825) ($3939) ($4057) ($4179) ($4305) ($4434) ($4567)

Snow amp Ice Services ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)

Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)

Electric Services ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)

On-Site Management ($11520) ($11866) ($12222) ($12588) ($12966) ($13355) ($13755) ($14168) ($14593) ($15031)

Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)

3rd Party Management ($8642) ($9459) ($9926) ($10394) ($10864) ($11190) ($11526) ($11871) ($12227) ($12594)

Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)

Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)

Accounting Expense ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)

Licenses Permits Dues ($511) ($526) ($542) ($558) ($575) ($592) ($610) ($628) ($647) ($667)

Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)

Total Real Estate Expenses ($83090) ($86821) ($91609) ($94528) ($97521) ($100447) ($103460) ($106564) ($109761) ($113054)

Expense Ratio 481 459 461 455 449 449 449 449 449 449

Net Operating Income $89749 $102366 $106912 $113357 $119757 $123350 $127050 $130862 $134788 $138831

Same Store NOI Growth 141 44 60 56 30 30 30 30 30

Debt Service in Period ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081)

Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750

Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)

Real Estate DSCR 126 156 171 176 181 186 192 198 204 210

Real Estate Debt

Financing Value of RE $1404336

Purchase Loan Amount $912818

LTV 650

Interest Rate 4850

Amortization 25


POHRTO 10 Year Pro-Forma


Average Rent (Include Lot Rent) $660 $67980 $700 $721 $743 $765 $788 $812 $836 $861

POH Portion In Period (Less Lot Rent in Period) $380 $38398 $389 $394 $400 $412 $424 $437 $450 $463

POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583

RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0

Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556


Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665

Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)



Electric Expense ($1125) ($1159) ($1194) ($1229) ($1266) ($1304) ($1343) ($1384) ($1425) ($1468)


Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)



Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)

Total Park Owned Home Expen-ses ($30853) ($31444) ($32149) ($33043) ($34001) ($35021) ($36071) ($37153) ($38268) ($39416)

Expense Ratio 57947 65306 717 738 748 748 748 748 748 748


Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)

POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249

Park Owned Home Info amp Debt Assumptions

Park Owned Homes 10

Avg Value per Home $23566

Total POH Value $235664

POH Financing $140692

Interest Rate 8900

Amortization 10 Matures 1152027

Value of POH Equity $94972


LP Structure

Uses of Capital

Real Estate Equity ($491518)

POH Equity ($94972)

Allowance for Cap Ex ($32000)

Site Prep ($130000)

Project Capial Needed $748490

Acquisition Fee to GP $32800

Total to Raise $781290

to Investment 9580

to Aquisition Fee 420

Assumptions

Acquisition Fee 20

Capital Mgmt Fee 20

Preferred Return 80

Split to LP 80

Split to GP 20

LP Internal Rate of Return 1604

LP Equity Multiple 325

LP Average Cash-on-Cash 2006

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490

Ending LP Account $748490 $748490 $748490 $898490 $898490

Average LP Account $748490 $748490 $748490 $823490 $898490

Operating Cash Flows $13925 $30138 $30168 $56853 $108126

Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879

Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970

Distributed to LP $13925 $30138 $30168 $56853 $108126

Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185

Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849

LP Cash on Cash 186 403 403 690 1203

New LP Capial Account $205276 $205276 $205276 $205276 $205276




Available for Profit Share $43235 $49309 $64027 $87395 $94033

LP Share of Profits $34588 $39447 $51222 $69916 $75226

GP Share of Profits $8647 $9862 $12805 $17479 $18807

LP Cash on Cash 2485 2722 3295 4206 4465

Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788

Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128

GP Purchase of LP Shares 22 $2000+ per month starting in Year 5

GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495

GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128

SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623

GP Internal Rate of Return 2791

GP Equity Multiple 721

Due From CMBS Refinance $843248

Payment of LP Deferred Returns $72185

Payment of GP Deferred Returns $77849

Used as Return of LP Capital Y6 $693214

$1481356

$205276

$1276080

$1020864

$255216

Due from Year 10 Sale

LP Capital Account brought to $0

Available for Profit Share

Profit Share Due LP

Profit Share Due GP

Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called

unless a Cash Out Refi or Sale is about to occur


Property PhotosClick here for additional property photos


Property Photos

Click here for additional property photos

P 23wwwmarcusmilichapcom Werner Hancock MHP

Brokerage Team

Marcus amp Millichap Atlanta GA

Phone (678) 677-9515

ParkerKellymarcusmillichapcom

Parker Kelly started his career in real estate just as he returned home

to Atlanta from finishing school at East Carolina University He has

worked as a land acquisitions broker a new construction home sales

agent and has now joined Marcus amp Millichap as an investment

sales agent specializing in manufactured housing amp RV parks

TEAM AGENT

Parker Kelly

(720) MHP-4YOU

ESTERSON MANUFACTURED HOUSING TEAM

GlennEstersonmarcusmillichapcom

wwwestersonmhcteamcom

Marcus amp Millichap Denver CO

Phone (720) 419-4319

BrandonPearsonmarcusmillichapcom

Marcus amp Millichap Charlotte NC

Phone (423) 483-0492


TEAM AGENT SENIOR BROKER

Brandon Pearson Glenn D Esterson


Phone (678) 677-9515


Marcus amp Millichap Seattle WA

Phone (206) 963-6076

VasiliArvanitidismarcusmillichapcom

TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis

Marcus amp Millichap Charleston SC

Phone (843) 469-0347

DylanHellbergmarcusmillichapcom

TEAM AGENT

Dylan Hellberg

Marcus amp Millichap Tampa FL

Phone (276) 237-4311

CharlesDeHartmarcusmillichapcom

OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707

SallieWhitehurstmarcusmillichapcom

LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC

Offices throughout the US and Canadawwwmarcusmillichapcom

ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap

agent for more details

(720) MHP - 4YOU

Anne WilliamsLic PB00066390 - Broker of Record

Marcus amp Millichap Real EstateInvestment Services of Nashville Inc


WE COOPERATE WITH BROKERS Disclaimer Notice

Non-Endorsement

Marcus amp Millichap is not affiliated with sponsored by or endorsed by

any commercial tenant or lessee identified in this marketing package The

presence of any corporationrsquos logo or name is not intended to indicate or

imply affiliation with or sponsorship or endorsement by said occupation

of Marcus amp Millichap its affiliates or subsidiaries and any agent

product service or commercial listing of Marcus amp Millichap and is solely

intended for the purpose of providing tenant lease information about this

listing to prospective customers ALL PROPERTY SHOWINGS ARE BY

APPOINTMENT ONLY PLEASE CONSULT YOUR MARCUS amp MILLICHAP

AGENT FOR MORE DETAILS Marcus amp Millichap Offices throughout the

US and Canada wwwmarcusampmillichapcom

Guidelines

The offering is being distributed exclusively by Marcus amp Millichap REIS to the investment community Following the initial

bids the owner will select an investor to purchase the property or request from a group of investors to submit a best and final

offer from which one will be selected The selection will be based on a variety of factors including purchase price contract

terms financial strength ability to close timing and experience in closing similar transactions

All offers must be presented in writing and include

bull Pricebull Source of capitalbull Proof of fundsbull Relevant experiencebull Proposed schedule of due diligence and closingbull Amount of earnest moneybull List of contingencies including committee approvals possible 1031 exchanges etc

All interested investors are encouraged to schedule a property tour to visit the community and the surrounding market with an

approved representative to fully appreciate its market position quality and strong fundamentals

The information contained in this marketing brochure is proprietary and

strictly confidential It is intended to be reviewed by the party receiving

it from Marcus amp Millichap This marketing brochure has been prepared

to provide summarized unverified information to prospective purchasers

and to establish only a preliminary level of interest in the subject property

The information contained herein is not a substitute for a thorough

due diligence investigation Marcus amp Millichap has not made any

investigation and makes no warranty or representation with respect to

the income or expenses for the subject property the future projected

financial performance of the property the size and square footage of the

property and improvements the presence or absence of contaminating

substances PCBs or asbestos the compliance with state and Federal

regulations the physical condition of the improvements thereon or the

financial condition or business prospects of any tenant or any tenantrsquos

plans or intentions to continue its occupancy of the subject property

The information contained in this marketing brochure has been obtained

from sources we believe to be reliable however Marcus amp Millichap has

not verified and will not verify any of the information contained herein

nor has Marcus amp Millichap conducted any investigation regarding these

matters and makes no warranty or representation what so ever regarding

the accuracy or completeness of the information provided All potential

buyers must take appropriate measures to verify all of the information set

forth herein Marcus amp Millichap is a service mark of Marcus amp Millichap

Investment Services Inc 2018Marcus amp Millichap All rights reserved

Note to the reader you will find links throughout the OM pages containing important information we advise that you click on these links to learn more

Table of Contents

IndexOffering Made Easy


Rental Units and Investment Summary

Property Expenses

Local Market Information

10 Year Pro-Forma

Property Photos

Sales Agent Team Leader and Admin

03

03

04

05

05

06

06

07

WELCOME


STEP 1


STEP 2










being 1995






in a flood zone















bull Gravel roads




Known Issues

Property Location


County Pulaski



Site Description



Mobile Home Lots 63

CommercialRetail 0

Total Land Area 809

Year Built NA

Zoning 0

Flood Zone No

Opportunity Zone No

Mechanical





Trash Landlord


Landscape Landlord


Property Overview

STEP 3










Project Overview

This deal requires




What it has






Expected Returns


























Lot Revenue $120647 $147840 $159743

RV Revenue $0 $0 $0




Other Income $18440 $20204 $23421









Per POH Value $23566 $23566 $23566

Total POH Value $235660 $235660 $235660











Unit Breakdown


Total Tenants 45 46


Total RV Lots 0 0


Abandoned Homes 0 0

Vacant Lots 18 18


Rented POHs 9 10

Vacant POHs 1 0





















Population 197780 392848 730346

Growth +37 +42 +71





















Accounting Fees $0 $0 $0 $1000 $1030




Total Expense $20637 $3077 $68367 $83090 $86822








Cash Flow $25479 $28339 $35270




Broker Estimate






Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896


Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573



Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)





Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)



Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)


Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)

Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)



Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)


Expense Ratio 481 459 461 455 449 449 449 449 449 449




Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750

Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)

Real Estate DSCR 126 156 171 176 181 186 192 198 204 210

Real Estate Debt



LTV 650

Interest Rate 4850

Amortization 25






POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583

RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0

Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556


Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665

Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)





Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)



Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)


Expense Ratio 57947 65306 717 738 748 748 748 748 748 748


Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)

POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249


Park Owned Homes 10




Interest Rate 8900




LP Structure

Uses of Capital


POH Equity ($94972)


Site Prep ($130000)




to Investment 9580


Assumptions

Acquisition Fee 20

Capital Mgmt Fee 20

Preferred Return 80

Split to LP 80

Split to GP 20














LP Cash on Cash 186 403 403 690 1203








LP Cash on Cash 2485 2722 3295 4206 4465




GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495

GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128








$1481356

$205276

$1276080

$1020864

$255216




Profit Share Due LP

Profit Share Due GP






Property Photos



Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU




STEP 1


STEP 2










being 1995






in a flood zone















bull Gravel roads




Known Issues

Property Location


County Pulaski



Site Description



Mobile Home Lots 63

CommercialRetail 0

Total Land Area 809

Year Built NA

Zoning 0

Flood Zone No

Opportunity Zone No

Mechanical





Trash Landlord


Landscape Landlord


Property Overview

STEP 3










Project Overview

This deal requires




What it has






Expected Returns


























Lot Revenue $120647 $147840 $159743

RV Revenue $0 $0 $0




Other Income $18440 $20204 $23421









Per POH Value $23566 $23566 $23566

Total POH Value $235660 $235660 $235660











Unit Breakdown


Total Tenants 45 46


Total RV Lots 0 0


Abandoned Homes 0 0

Vacant Lots 18 18


Rented POHs 9 10

Vacant POHs 1 0





















Population 197780 392848 730346

Growth +37 +42 +71





















Accounting Fees $0 $0 $0 $1000 $1030




Total Expense $20637 $3077 $68367 $83090 $86822








Cash Flow $25479 $28339 $35270




Broker Estimate






Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896


Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573



Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)





Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)



Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)


Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)

Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)



Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)


Expense Ratio 481 459 461 455 449 449 449 449 449 449




Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750

Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)

Real Estate DSCR 126 156 171 176 181 186 192 198 204 210

Real Estate Debt



LTV 650

Interest Rate 4850

Amortization 25






POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583

RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0

Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556


Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665

Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)





Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)



Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)


Expense Ratio 57947 65306 717 738 748 748 748 748 748 748


Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)

POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249


Park Owned Homes 10




Interest Rate 8900




LP Structure

Uses of Capital


POH Equity ($94972)


Site Prep ($130000)




to Investment 9580


Assumptions

Acquisition Fee 20

Capital Mgmt Fee 20

Preferred Return 80

Split to LP 80

Split to GP 20














LP Cash on Cash 186 403 403 690 1203








LP Cash on Cash 2485 2722 3295 4206 4465




GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495

GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128








$1481356

$205276

$1276080

$1020864

$255216




Profit Share Due LP

Profit Share Due GP






Property Photos



Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU




Project Overview

This deal requires




What it has






Expected Returns


























Lot Revenue $120647 $147840 $159743

RV Revenue $0 $0 $0




Other Income $18440 $20204 $23421









Per POH Value $23566 $23566 $23566

Total POH Value $235660 $235660 $235660











Unit Breakdown


Total Tenants 45 46


Total RV Lots 0 0


Abandoned Homes 0 0

Vacant Lots 18 18


Rented POHs 9 10

Vacant POHs 1 0





















Population 197780 392848 730346

Growth +37 +42 +71





















Accounting Fees $0 $0 $0 $1000 $1030




Total Expense $20637 $3077 $68367 $83090 $86822








Cash Flow $25479 $28339 $35270




Broker Estimate






Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896


Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573



Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)





Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)



Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)


Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)

Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)



Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)


Expense Ratio 481 459 461 455 449 449 449 449 449 449




Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750

Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)

Real Estate DSCR 126 156 171 176 181 186 192 198 204 210

Real Estate Debt



LTV 650

Interest Rate 4850

Amortization 25






POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583

RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0

Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556


Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665

Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)





Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)



Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)


Expense Ratio 57947 65306 717 738 748 748 748 748 748 748


Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)

POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249


Park Owned Homes 10




Interest Rate 8900




LP Structure

Uses of Capital


POH Equity ($94972)


Site Prep ($130000)




to Investment 9580


Assumptions

Acquisition Fee 20

Capital Mgmt Fee 20

Preferred Return 80

Split to LP 80

Split to GP 20














LP Cash on Cash 186 403 403 690 1203








LP Cash on Cash 2485 2722 3295 4206 4465




GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495

GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128








$1481356

$205276

$1276080

$1020864

$255216




Profit Share Due LP

Profit Share Due GP






Property Photos



Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU

























Lot Revenue $120647 $147840 $159743

RV Revenue $0 $0 $0




Other Income $18440 $20204 $23421









Per POH Value $23566 $23566 $23566

Total POH Value $235660 $235660 $235660











Unit Breakdown


Total Tenants 45 46


Total RV Lots 0 0


Abandoned Homes 0 0

Vacant Lots 18 18


Rented POHs 9 10

Vacant POHs 1 0





















Population 197780 392848 730346

Growth +37 +42 +71





















Accounting Fees $0 $0 $0 $1000 $1030




Total Expense $20637 $3077 $68367 $83090 $86822








Cash Flow $25479 $28339 $35270




Broker Estimate






Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896


Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573



Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)





Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)



Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)


Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)

Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)



Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)


Expense Ratio 481 459 461 455 449 449 449 449 449 449




Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750

Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)

Real Estate DSCR 126 156 171 176 181 186 192 198 204 210

Real Estate Debt



LTV 650

Interest Rate 4850

Amortization 25






POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583

RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0

Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556


Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665

Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)





Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)



Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)


Expense Ratio 57947 65306 717 738 748 748 748 748 748 748


Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)

POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249


Park Owned Homes 10




Interest Rate 8900




LP Structure

Uses of Capital


POH Equity ($94972)


Site Prep ($130000)




to Investment 9580


Assumptions

Acquisition Fee 20

Capital Mgmt Fee 20

Preferred Return 80

Split to LP 80

Split to GP 20














LP Cash on Cash 186 403 403 690 1203








LP Cash on Cash 2485 2722 3295 4206 4465




GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495

GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128








$1481356

$205276

$1276080

$1020864

$255216




Profit Share Due LP

Profit Share Due GP






Property Photos



Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU




















Population 197780 392848 730346

Growth +37 +42 +71





















Accounting Fees $0 $0 $0 $1000 $1030




Total Expense $20637 $3077 $68367 $83090 $86822








Cash Flow $25479 $28339 $35270




Broker Estimate






Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896


Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573



Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)





Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)



Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)


Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)

Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)



Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)


Expense Ratio 481 459 461 455 449 449 449 449 449 449




Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750

Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)

Real Estate DSCR 126 156 171 176 181 186 192 198 204 210

Real Estate Debt



LTV 650

Interest Rate 4850

Amortization 25






POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583

RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0

Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556


Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665

Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)





Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)



Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)


Expense Ratio 57947 65306 717 738 748 748 748 748 748 748


Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)

POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249


Park Owned Homes 10




Interest Rate 8900




LP Structure

Uses of Capital


POH Equity ($94972)


Site Prep ($130000)




to Investment 9580


Assumptions

Acquisition Fee 20

Capital Mgmt Fee 20

Preferred Return 80

Split to LP 80

Split to GP 20














LP Cash on Cash 186 403 403 690 1203








LP Cash on Cash 2485 2722 3295 4206 4465




GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495

GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128








$1481356

$205276

$1276080

$1020864

$255216




Profit Share Due LP

Profit Share Due GP






Property Photos



Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU








Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896


Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611

Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573



Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)





Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)

Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)



Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)


Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)

Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)



Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)


Expense Ratio 481 459 461 455 449 449 449 449 449 449




Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750

Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)

Real Estate DSCR 126 156 171 176 181 186 192 198 204 210

Real Estate Debt



LTV 650

Interest Rate 4850

Amortization 25






POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583

RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0

Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556


Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665

Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)





Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)



Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)


Expense Ratio 57947 65306 717 738 748 748 748 748 748 748


Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)

POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249


Park Owned Homes 10




Interest Rate 8900




LP Structure

Uses of Capital


POH Equity ($94972)


Site Prep ($130000)




to Investment 9580


Assumptions

Acquisition Fee 20

Capital Mgmt Fee 20

Preferred Return 80

Split to LP 80

Split to GP 20














LP Cash on Cash 186 403 403 690 1203








LP Cash on Cash 2485 2722 3295 4206 4465




GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495

GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128








$1481356

$205276

$1276080

$1020864

$255216




Profit Share Due LP

Profit Share Due GP






Property Photos



Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU








POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583

RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0

Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556


Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665

Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)





Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)



Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)


Expense Ratio 57947 65306 717 738 748 748 748 748 748 748


Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)

POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249


Park Owned Homes 10




Interest Rate 8900




LP Structure

Uses of Capital


POH Equity ($94972)


Site Prep ($130000)




to Investment 9580


Assumptions

Acquisition Fee 20

Capital Mgmt Fee 20

Preferred Return 80

Split to LP 80

Split to GP 20














LP Cash on Cash 186 403 403 690 1203








LP Cash on Cash 2485 2722 3295 4206 4465




GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495

GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128








$1481356

$205276

$1276080

$1020864

$255216




Profit Share Due LP

Profit Share Due GP






Property Photos



Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU




LP Structure

Uses of Capital


POH Equity ($94972)


Site Prep ($130000)




to Investment 9580


Assumptions

Acquisition Fee 20

Capital Mgmt Fee 20

Preferred Return 80

Split to LP 80

Split to GP 20














LP Cash on Cash 186 403 403 690 1203








LP Cash on Cash 2485 2722 3295 4206 4465




GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495

GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128








$1481356

$205276

$1276080

$1020864

$255216




Profit Share Due LP

Profit Share Due GP






Property Photos



Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU






Property Photos



Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU




Brokerage Team


Phone (678) 677-9515







TEAM AGENT

Parker Kelly

(720) MHP-4YOU





Phone (720) 419-4319



Phone (423) 483-0492





Phone (678) 677-9515



Phone (206) 963-6076


TEAM AGENT

TEAM AGENT

Parker Kelly

Vasili Arvanitidis


Phone (843) 469-0347


TEAM AGENT

Dylan Hellberg


Phone (276) 237-4311


OPERATIONS MANAGER

Charles Dehart


Phone (770) 262-6707


LICENSED ASSISTANT

Sallie Whitehurst

Legion Hut MHC




(720) MHP - 4YOU



Legion Hut MHC




(720) MHP - 4YOU



A 63 Lot Manufactured Home Community Investment Opportunity · A 63 Lot Manufactured Home Community...

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