cimarron mhc€¦ · cimarron mhc is on all public utilities, with direct billing for . water,...
TRANSCRIPT
A 40 Lot Manufactured Home Community Investment Opportunity
31 Cimarron Dr Spring Lake NC 28390
Cimarron MHC
P 02wwwestersonmhcteamcom Cimarron MHC
Disclaimer Notice
Non-EndorsementMarcus 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 2020 Marcus 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
IndexWelcome Page
Property Description
Rental Units and Investment Summary
Property Expenses (Actual Year 1 amp PF)
Property Photos amp Parcel Outline
Sales Agent Team Leader and Admin
02
03
04
05
06-07
08
WELCOME
All potential buyers are strongly advised to take advantage of their
opportunities and obligations to conduct thorough due diligence and
seek expert opinions as they may deem necessary especially given the
unpredictable changes resulting from the continuing COVID-19 pandemic
Marcus amp Millichap has not been retained to perform and cannot conduct
due diligence on behalf of any prospective purchaser Marcus amp Millichaprsquos
principal expertise is in marketing investment properties and acting as
intermediaries between buyers and sellers Marcus amp Millichap and its
investment professionals cannot and will not act as lawyers accountants
contractors or engineers All potential buyers are admonished and advised
to engage other professionals on legal issues tax regulatory financial
and accounting matters and for questions involving the propertyrsquos
physical condition or financial outlook Projections and pro forma financial
statements are not guarantees and given the potential volatility created
by COVID-19 all potential buyers should be comfortable with and rely
solely on their own projections analyses and decision-making)
SPECIAL COVID-19 NOTICE
P 03wwwestersonmhcteamcom Cimarron MHC
STEP 1
Schedule a callwith your Agent(720) MHP-4YOU
STEP 2
Property Description
Cimarron MHC has a total of 40 lots that consist of 4 lot rent only
tenants 12 tenants on rent to own contracts 11 rented POHrsquos
9 vacant lots and 4 vacant POHrsquos All 4 of the vacant POHrsquos will
need to be renovated or demolished Lot rent is $195 and home
rent averages $375 There are 3 brand new Clayton homes 2
of which are on a rent to own contract with a roughly $45000
balance to the tenant POHrsquos are an average vintage of 1993
with some being renovated and in above average condition
some average and 4 in rough shape
Cimarron MHC is on all public utilities with direct billing for
water sewer and electricity Trash is billed back to the tenants
The roads are paved Tenants mow their lawns The manager
responsible for bringing the park from 5 tenants to 27 tenants
is willing to continue managing There is a flood zone slightly
affecting 2 lots 5 additoinal lots are in a low-risk floodzone
This deal is being offered as a value add investment with an
842 normalized cap rate on current lot rent and a 942 gross
cap rate including POH income and expenses 3 new homes
have a mortgage that needs to be assume Balance is $109k
debt service is $12k per year and is accounted for in the POH
expenses Pro forma returns of 185 cash on cash and 22
total return
Cimarron MHC is a 40 lot value add investment located in a strong growing market just 14 miles from downtown Fayetteville Spring Lake has seen a 78 growth in population and has a median home price of $115500 with Harnett County growing 181 to 129000 people and a median home price of $169200
bull Public utilities- direct billed
bull Below market lot rents
bull 3 brand new homes
bull Population growth of 18 in Harnett County
bull Flood zone (low-risk zone 5-7 homes)
bull Recent turn around
bull Heavy POH
Investment Highlights
Known Issues
Property Location
Propery Address31 Cimarron Dr Spring Lake NC 28390
County Harnett
Metro Area Fayatteville Metro Area
Parcel Number(s) 010513 0086
Site Description
Purchase Price $740000
Total Rental Units 40
Mobile Home Lots 40
CommercialRetail 0
Total Land Area 763
Year Built NA
Roads Private ndash Paved
Flood Zone Yes
Opportunity Zone No
Mechanical
Water Public-Tenants Pay (Direct to Provider)
Sewer Public-Tenants Pay (Direct to Provider)
Electrical Public - Direct Billed
Gas NA
Trash Public - Direct Billed
Cable Public - Direct Billed
Landscape Tenant
Snow Removal NA
Property Overview
STEP 3
Highlights amp Known Issues
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
1 Watch short video from listing broker about this opportunity CLICK HERE
2 View brokerrsquos excel sheet CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwestersonmhcteamcom Cimarron MHC
Unit Breakdown
Total Rental Units 40 Pro Forma
Total Tenants 27 30
Total Mobile Home Lots 40 40
Total RV Lots 0 0
Tenant Owned Homes 4 4
Abandoned Homes 0 0
Vacant Lots 9 9
Rent to Own POHs 12 12
Rented POHs 11 14
Vacant POHs 4 1
Average Lot Rent $195 $210
Average RTO Payment $325 $325
Average POH Rent $375 $375
Total Commercial Retail Units 0 0
Rent Comps Lot Rent POH Rent Utility Info
Cimarron MHC $195 $386 Public - Direct Bill
Southlawn MHC $250 NA Public - Direct Bill
Lone Pine MHP $205 NA Public - WampSBilled Back
Golden Gate MHP $225 NA Public - WampS Billed Back
Golden Creek Subdivision $190 NA Public - Direct Bill
The Fayetteville Metro area has strong population growth
median home price and median income Mobile home
parks in this metro range widely in quality and condition
with lot rents ranging from $150 to the low $300rsquos Utilities
are a mix of public and private with the majority of parks
having public utilities that are billed back or billed to
tenants directly from the utility company
Rent Comp Comments
Click on the following links for additional property information
Other MaterialsParcel Map2017-20 PampLJune-20 Rent Roll
Capitalized Revenues amp Investment Summary
Actuals Normalized Pro Forma
Total Gross Income $113936 $164438 $190181
Lot Revenue $47149 $63180 $75600
RV Revenue $0 $0 $0
Single Family Home amp Apartment Revenue $0 $0 $0
CommercialRetail Revenue $0 $0 $0
Self Storage Revenue $0 $0 $0
Other Income $5003 $6162 $6218
Capitalized Income $52152 $68078 $80306
Capitalized Expenses $19115 $32100 $35502
Net Operating Income (excludes POH income) $33037 $35979 $44804
Park Owned Home Revenues - Not Capitalized
Total Gross Income (includes POH amp all revenue sources) $113936 $164438 $190181
Total POH Revenue $60165 $96360 $109876
POH amp RTO Expenses $6783 $62634 $71419
POH RTO Net Income $53382 $33726 $38456
Per POH Value $11404 $11404 $11404
Total POH Value $171064 $171064 $171064
Total RTO Value $141400 $141400 $141400
Investment Metric Table
Lot Rent Cap Rate 773 842 1048
Gross Cap Rate (includes POH IampE) 1168 942 1125
Cash On Cash Levered 1968 1323 1846
Total Return 2324 1679 2202
Price Per Lot $18500 $18500 $18500
Price Per Occupied Lot $27407 $27407 $27407
There is signifcant upside by executing minor lot rent
increases and filling vacant homeslots Raising lot rent $10
throughout the park and only filling only 3 vacant homes
results in pro forma returns of 183 cash on cash and
218 total return
Upside Comments
P 05wwwestersonmhcteamcom Cimarron MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $52152 $68078 $80306
Local MarketInformationOnce an important inland port on the Cape Fear River Fayetteville houses two large
military installations Fort Bragg and Pope Air Force Base The two facilities provide
the cityrsquos main economic base Median home prices represent a good value and there
are appealing developments of homes and golf courses as the area becomes more
desirable as a retirement destination The metrorsquos population has been growing by
78 per year and is hoome to over 385000 residents
Local Market Statistics
Spring Lake Harnett Fayatteville
Population 12746 128753 385337
Growth 0078 0181 0079
Medium Home Price $115500 $169200 $141600
Average Apartment Rent $850 $787 $893
Family Median Home $37154 $44417 $44692
Unemployment Rate 510 460 510
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 15 of Real Estate Value Allocation $758 $0 $4856 $4856 $6413
Property Insurance Normalized to Industry Averages 22 Pro Forma Increase $521 $0 $1805 $2000 $2044
Repairs amp Maintenance PF models $75 maint for vacant lots and $150 maint for occupied lots $2226 $0 $2226 $4290 $5250
Mowing amp Landscaping Tenants mow their own lawns and management mows vacant and common areas $0 $0 $0 $1500 $1533
Public Water PF models $35 per lot per month charge for vacancy from Harnett Regional Water $0 $0 $4673 $4673 $4620
Trash Normalized Equals Sellers Disclosure 22 Pro Forma Increase $0 $0 $2662 $2662 $2721
Employee Salaries Tenant gets free lot rent to mow and pick up trash $3278 $0 $1740 $4740 $4844
Payroll Taxes amp Expenses 10 of Total Payroll $0 $0 $0 $474 $484
3rd Party Management 5 of Total Revenue $0 $0 $0 $3404 $4015
Office Supplies amp Expenses Broker Estimate $0 $0 $0 $750 $767
Legal Fees Broker Estimate $0 $0 $1152 $750 $767
Accounting Fees Broker Estimate $0 $0 $0 $750 $767
Licenses Permits Dues Broker Estimate $0 $0 $0 $250 $256
Advertising Broker Estimate $0 $0 $0 $500 $511
Credit Checks amp Application Fees Broker Estimate $0 $0 $0 $500 $511
Cap Ex $0 $17811 $0 $0 $0
Total Expense $6783 $17811 $19115 $32100 $35502
Expense Ratio 3665 4715 4421
Net Operating Income (Excluding POH Income) $3303720 $3597879 $4480394
Capitalization Rate (lot rent only) 773 842 1048
Net Operating Income (Including POH Income) $86419 $69705 $83260
Capitalization Rate (lot rent amp park owned home income) 1168 942 1125
Debt Service Loan 1 (65 LTV 55 interest rate 25 year amortization Recourse) $35445 $35445 $35445
Cash Flow $50974 $34260 $47815
Debt Service Coverage Ratio 244 197 235
Cash-On-Cash Return 1968 1323 1846
Total Return 2324 1679 2202
P 06wwwestersonmhcteamcom Cimarron MHC
Property PhotosClick here for additional property photos
P 13wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Dylan joined The Esterson MHC Team of Marcus amp Millichap in 2019
with the vision of assisting buyers and sellers nation wide with their
manufactured housing transaction needs His team is quickly gaining
a reputation as one of the top brokerage teams in the industry
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(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
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson Glenn D Esterson
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
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
Marcus amp Millichap Atlanta GA
Phone (770) 262-6707
SallieWhitehurstmarcusmillichapcom
LICENSED ASSISTANT
Sallie Whitehurst
Cimarron MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Ben YelmLic 303785 - Broker of RecordMarcus amp Millichap Real Estate
Investment Services of Charlotte Inc
P 02wwwestersonmhcteamcom Cimarron MHC
Disclaimer Notice
Non-EndorsementMarcus 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 2020 Marcus 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
IndexWelcome Page
Property Description
Rental Units and Investment Summary
Property Expenses (Actual Year 1 amp PF)
Property Photos amp Parcel Outline
Sales Agent Team Leader and Admin
02
03
04
05
06-07
08
WELCOME
All potential buyers are strongly advised to take advantage of their
opportunities and obligations to conduct thorough due diligence and
seek expert opinions as they may deem necessary especially given the
unpredictable changes resulting from the continuing COVID-19 pandemic
Marcus amp Millichap has not been retained to perform and cannot conduct
due diligence on behalf of any prospective purchaser Marcus amp Millichaprsquos
principal expertise is in marketing investment properties and acting as
intermediaries between buyers and sellers Marcus amp Millichap and its
investment professionals cannot and will not act as lawyers accountants
contractors or engineers All potential buyers are admonished and advised
to engage other professionals on legal issues tax regulatory financial
and accounting matters and for questions involving the propertyrsquos
physical condition or financial outlook Projections and pro forma financial
statements are not guarantees and given the potential volatility created
by COVID-19 all potential buyers should be comfortable with and rely
solely on their own projections analyses and decision-making)
SPECIAL COVID-19 NOTICE
P 03wwwestersonmhcteamcom Cimarron MHC
STEP 1
Schedule a callwith your Agent(720) MHP-4YOU
STEP 2
Property Description
Cimarron MHC has a total of 40 lots that consist of 4 lot rent only
tenants 12 tenants on rent to own contracts 11 rented POHrsquos
9 vacant lots and 4 vacant POHrsquos All 4 of the vacant POHrsquos will
need to be renovated or demolished Lot rent is $195 and home
rent averages $375 There are 3 brand new Clayton homes 2
of which are on a rent to own contract with a roughly $45000
balance to the tenant POHrsquos are an average vintage of 1993
with some being renovated and in above average condition
some average and 4 in rough shape
Cimarron MHC is on all public utilities with direct billing for
water sewer and electricity Trash is billed back to the tenants
The roads are paved Tenants mow their lawns The manager
responsible for bringing the park from 5 tenants to 27 tenants
is willing to continue managing There is a flood zone slightly
affecting 2 lots 5 additoinal lots are in a low-risk floodzone
This deal is being offered as a value add investment with an
842 normalized cap rate on current lot rent and a 942 gross
cap rate including POH income and expenses 3 new homes
have a mortgage that needs to be assume Balance is $109k
debt service is $12k per year and is accounted for in the POH
expenses Pro forma returns of 185 cash on cash and 22
total return
Cimarron MHC is a 40 lot value add investment located in a strong growing market just 14 miles from downtown Fayetteville Spring Lake has seen a 78 growth in population and has a median home price of $115500 with Harnett County growing 181 to 129000 people and a median home price of $169200
bull Public utilities- direct billed
bull Below market lot rents
bull 3 brand new homes
bull Population growth of 18 in Harnett County
bull Flood zone (low-risk zone 5-7 homes)
bull Recent turn around
bull Heavy POH
Investment Highlights
Known Issues
Property Location
Propery Address31 Cimarron Dr Spring Lake NC 28390
County Harnett
Metro Area Fayatteville Metro Area
Parcel Number(s) 010513 0086
Site Description
Purchase Price $740000
Total Rental Units 40
Mobile Home Lots 40
CommercialRetail 0
Total Land Area 763
Year Built NA
Roads Private ndash Paved
Flood Zone Yes
Opportunity Zone No
Mechanical
Water Public-Tenants Pay (Direct to Provider)
Sewer Public-Tenants Pay (Direct to Provider)
Electrical Public - Direct Billed
Gas NA
Trash Public - Direct Billed
Cable Public - Direct Billed
Landscape Tenant
Snow Removal NA
Property Overview
STEP 3
Highlights amp Known Issues
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
1 Watch short video from listing broker about this opportunity CLICK HERE
2 View brokerrsquos excel sheet CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwestersonmhcteamcom Cimarron MHC
Unit Breakdown
Total Rental Units 40 Pro Forma
Total Tenants 27 30
Total Mobile Home Lots 40 40
Total RV Lots 0 0
Tenant Owned Homes 4 4
Abandoned Homes 0 0
Vacant Lots 9 9
Rent to Own POHs 12 12
Rented POHs 11 14
Vacant POHs 4 1
Average Lot Rent $195 $210
Average RTO Payment $325 $325
Average POH Rent $375 $375
Total Commercial Retail Units 0 0
Rent Comps Lot Rent POH Rent Utility Info
Cimarron MHC $195 $386 Public - Direct Bill
Southlawn MHC $250 NA Public - Direct Bill
Lone Pine MHP $205 NA Public - WampSBilled Back
Golden Gate MHP $225 NA Public - WampS Billed Back
Golden Creek Subdivision $190 NA Public - Direct Bill
The Fayetteville Metro area has strong population growth
median home price and median income Mobile home
parks in this metro range widely in quality and condition
with lot rents ranging from $150 to the low $300rsquos Utilities
are a mix of public and private with the majority of parks
having public utilities that are billed back or billed to
tenants directly from the utility company
Rent Comp Comments
Click on the following links for additional property information
Other MaterialsParcel Map2017-20 PampLJune-20 Rent Roll
Capitalized Revenues amp Investment Summary
Actuals Normalized Pro Forma
Total Gross Income $113936 $164438 $190181
Lot Revenue $47149 $63180 $75600
RV Revenue $0 $0 $0
Single Family Home amp Apartment Revenue $0 $0 $0
CommercialRetail Revenue $0 $0 $0
Self Storage Revenue $0 $0 $0
Other Income $5003 $6162 $6218
Capitalized Income $52152 $68078 $80306
Capitalized Expenses $19115 $32100 $35502
Net Operating Income (excludes POH income) $33037 $35979 $44804
Park Owned Home Revenues - Not Capitalized
Total Gross Income (includes POH amp all revenue sources) $113936 $164438 $190181
Total POH Revenue $60165 $96360 $109876
POH amp RTO Expenses $6783 $62634 $71419
POH RTO Net Income $53382 $33726 $38456
Per POH Value $11404 $11404 $11404
Total POH Value $171064 $171064 $171064
Total RTO Value $141400 $141400 $141400
Investment Metric Table
Lot Rent Cap Rate 773 842 1048
Gross Cap Rate (includes POH IampE) 1168 942 1125
Cash On Cash Levered 1968 1323 1846
Total Return 2324 1679 2202
Price Per Lot $18500 $18500 $18500
Price Per Occupied Lot $27407 $27407 $27407
There is signifcant upside by executing minor lot rent
increases and filling vacant homeslots Raising lot rent $10
throughout the park and only filling only 3 vacant homes
results in pro forma returns of 183 cash on cash and
218 total return
Upside Comments
P 05wwwestersonmhcteamcom Cimarron MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $52152 $68078 $80306
Local MarketInformationOnce an important inland port on the Cape Fear River Fayetteville houses two large
military installations Fort Bragg and Pope Air Force Base The two facilities provide
the cityrsquos main economic base Median home prices represent a good value and there
are appealing developments of homes and golf courses as the area becomes more
desirable as a retirement destination The metrorsquos population has been growing by
78 per year and is hoome to over 385000 residents
Local Market Statistics
Spring Lake Harnett Fayatteville
Population 12746 128753 385337
Growth 0078 0181 0079
Medium Home Price $115500 $169200 $141600
Average Apartment Rent $850 $787 $893
Family Median Home $37154 $44417 $44692
Unemployment Rate 510 460 510
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 15 of Real Estate Value Allocation $758 $0 $4856 $4856 $6413
Property Insurance Normalized to Industry Averages 22 Pro Forma Increase $521 $0 $1805 $2000 $2044
Repairs amp Maintenance PF models $75 maint for vacant lots and $150 maint for occupied lots $2226 $0 $2226 $4290 $5250
Mowing amp Landscaping Tenants mow their own lawns and management mows vacant and common areas $0 $0 $0 $1500 $1533
Public Water PF models $35 per lot per month charge for vacancy from Harnett Regional Water $0 $0 $4673 $4673 $4620
Trash Normalized Equals Sellers Disclosure 22 Pro Forma Increase $0 $0 $2662 $2662 $2721
Employee Salaries Tenant gets free lot rent to mow and pick up trash $3278 $0 $1740 $4740 $4844
Payroll Taxes amp Expenses 10 of Total Payroll $0 $0 $0 $474 $484
3rd Party Management 5 of Total Revenue $0 $0 $0 $3404 $4015
Office Supplies amp Expenses Broker Estimate $0 $0 $0 $750 $767
Legal Fees Broker Estimate $0 $0 $1152 $750 $767
Accounting Fees Broker Estimate $0 $0 $0 $750 $767
Licenses Permits Dues Broker Estimate $0 $0 $0 $250 $256
Advertising Broker Estimate $0 $0 $0 $500 $511
Credit Checks amp Application Fees Broker Estimate $0 $0 $0 $500 $511
Cap Ex $0 $17811 $0 $0 $0
Total Expense $6783 $17811 $19115 $32100 $35502
Expense Ratio 3665 4715 4421
Net Operating Income (Excluding POH Income) $3303720 $3597879 $4480394
Capitalization Rate (lot rent only) 773 842 1048
Net Operating Income (Including POH Income) $86419 $69705 $83260
Capitalization Rate (lot rent amp park owned home income) 1168 942 1125
Debt Service Loan 1 (65 LTV 55 interest rate 25 year amortization Recourse) $35445 $35445 $35445
Cash Flow $50974 $34260 $47815
Debt Service Coverage Ratio 244 197 235
Cash-On-Cash Return 1968 1323 1846
Total Return 2324 1679 2202
P 06wwwestersonmhcteamcom Cimarron MHC
Property PhotosClick here for additional property photos
P 13wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Dylan joined The Esterson MHC Team of Marcus amp Millichap in 2019
with the vision of assisting buyers and sellers nation wide with their
manufactured housing transaction needs His team is quickly gaining
a reputation as one of the top brokerage teams in the industry
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(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
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson Glenn D Esterson
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
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
Marcus amp Millichap Atlanta GA
Phone (770) 262-6707
SallieWhitehurstmarcusmillichapcom
LICENSED ASSISTANT
Sallie Whitehurst
Cimarron MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Ben YelmLic 303785 - Broker of RecordMarcus amp Millichap Real Estate
Investment Services of Charlotte Inc
P 03wwwestersonmhcteamcom Cimarron MHC
STEP 1
Schedule a callwith your Agent(720) MHP-4YOU
STEP 2
Property Description
Cimarron MHC has a total of 40 lots that consist of 4 lot rent only
tenants 12 tenants on rent to own contracts 11 rented POHrsquos
9 vacant lots and 4 vacant POHrsquos All 4 of the vacant POHrsquos will
need to be renovated or demolished Lot rent is $195 and home
rent averages $375 There are 3 brand new Clayton homes 2
of which are on a rent to own contract with a roughly $45000
balance to the tenant POHrsquos are an average vintage of 1993
with some being renovated and in above average condition
some average and 4 in rough shape
Cimarron MHC is on all public utilities with direct billing for
water sewer and electricity Trash is billed back to the tenants
The roads are paved Tenants mow their lawns The manager
responsible for bringing the park from 5 tenants to 27 tenants
is willing to continue managing There is a flood zone slightly
affecting 2 lots 5 additoinal lots are in a low-risk floodzone
This deal is being offered as a value add investment with an
842 normalized cap rate on current lot rent and a 942 gross
cap rate including POH income and expenses 3 new homes
have a mortgage that needs to be assume Balance is $109k
debt service is $12k per year and is accounted for in the POH
expenses Pro forma returns of 185 cash on cash and 22
total return
Cimarron MHC is a 40 lot value add investment located in a strong growing market just 14 miles from downtown Fayetteville Spring Lake has seen a 78 growth in population and has a median home price of $115500 with Harnett County growing 181 to 129000 people and a median home price of $169200
bull Public utilities- direct billed
bull Below market lot rents
bull 3 brand new homes
bull Population growth of 18 in Harnett County
bull Flood zone (low-risk zone 5-7 homes)
bull Recent turn around
bull Heavy POH
Investment Highlights
Known Issues
Property Location
Propery Address31 Cimarron Dr Spring Lake NC 28390
County Harnett
Metro Area Fayatteville Metro Area
Parcel Number(s) 010513 0086
Site Description
Purchase Price $740000
Total Rental Units 40
Mobile Home Lots 40
CommercialRetail 0
Total Land Area 763
Year Built NA
Roads Private ndash Paved
Flood Zone Yes
Opportunity Zone No
Mechanical
Water Public-Tenants Pay (Direct to Provider)
Sewer Public-Tenants Pay (Direct to Provider)
Electrical Public - Direct Billed
Gas NA
Trash Public - Direct Billed
Cable Public - Direct Billed
Landscape Tenant
Snow Removal NA
Property Overview
STEP 3
Highlights amp Known Issues
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
1 Watch short video from listing broker about this opportunity CLICK HERE
2 View brokerrsquos excel sheet CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwestersonmhcteamcom Cimarron MHC
Unit Breakdown
Total Rental Units 40 Pro Forma
Total Tenants 27 30
Total Mobile Home Lots 40 40
Total RV Lots 0 0
Tenant Owned Homes 4 4
Abandoned Homes 0 0
Vacant Lots 9 9
Rent to Own POHs 12 12
Rented POHs 11 14
Vacant POHs 4 1
Average Lot Rent $195 $210
Average RTO Payment $325 $325
Average POH Rent $375 $375
Total Commercial Retail Units 0 0
Rent Comps Lot Rent POH Rent Utility Info
Cimarron MHC $195 $386 Public - Direct Bill
Southlawn MHC $250 NA Public - Direct Bill
Lone Pine MHP $205 NA Public - WampSBilled Back
Golden Gate MHP $225 NA Public - WampS Billed Back
Golden Creek Subdivision $190 NA Public - Direct Bill
The Fayetteville Metro area has strong population growth
median home price and median income Mobile home
parks in this metro range widely in quality and condition
with lot rents ranging from $150 to the low $300rsquos Utilities
are a mix of public and private with the majority of parks
having public utilities that are billed back or billed to
tenants directly from the utility company
Rent Comp Comments
Click on the following links for additional property information
Other MaterialsParcel Map2017-20 PampLJune-20 Rent Roll
Capitalized Revenues amp Investment Summary
Actuals Normalized Pro Forma
Total Gross Income $113936 $164438 $190181
Lot Revenue $47149 $63180 $75600
RV Revenue $0 $0 $0
Single Family Home amp Apartment Revenue $0 $0 $0
CommercialRetail Revenue $0 $0 $0
Self Storage Revenue $0 $0 $0
Other Income $5003 $6162 $6218
Capitalized Income $52152 $68078 $80306
Capitalized Expenses $19115 $32100 $35502
Net Operating Income (excludes POH income) $33037 $35979 $44804
Park Owned Home Revenues - Not Capitalized
Total Gross Income (includes POH amp all revenue sources) $113936 $164438 $190181
Total POH Revenue $60165 $96360 $109876
POH amp RTO Expenses $6783 $62634 $71419
POH RTO Net Income $53382 $33726 $38456
Per POH Value $11404 $11404 $11404
Total POH Value $171064 $171064 $171064
Total RTO Value $141400 $141400 $141400
Investment Metric Table
Lot Rent Cap Rate 773 842 1048
Gross Cap Rate (includes POH IampE) 1168 942 1125
Cash On Cash Levered 1968 1323 1846
Total Return 2324 1679 2202
Price Per Lot $18500 $18500 $18500
Price Per Occupied Lot $27407 $27407 $27407
There is signifcant upside by executing minor lot rent
increases and filling vacant homeslots Raising lot rent $10
throughout the park and only filling only 3 vacant homes
results in pro forma returns of 183 cash on cash and
218 total return
Upside Comments
P 05wwwestersonmhcteamcom Cimarron MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $52152 $68078 $80306
Local MarketInformationOnce an important inland port on the Cape Fear River Fayetteville houses two large
military installations Fort Bragg and Pope Air Force Base The two facilities provide
the cityrsquos main economic base Median home prices represent a good value and there
are appealing developments of homes and golf courses as the area becomes more
desirable as a retirement destination The metrorsquos population has been growing by
78 per year and is hoome to over 385000 residents
Local Market Statistics
Spring Lake Harnett Fayatteville
Population 12746 128753 385337
Growth 0078 0181 0079
Medium Home Price $115500 $169200 $141600
Average Apartment Rent $850 $787 $893
Family Median Home $37154 $44417 $44692
Unemployment Rate 510 460 510
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 15 of Real Estate Value Allocation $758 $0 $4856 $4856 $6413
Property Insurance Normalized to Industry Averages 22 Pro Forma Increase $521 $0 $1805 $2000 $2044
Repairs amp Maintenance PF models $75 maint for vacant lots and $150 maint for occupied lots $2226 $0 $2226 $4290 $5250
Mowing amp Landscaping Tenants mow their own lawns and management mows vacant and common areas $0 $0 $0 $1500 $1533
Public Water PF models $35 per lot per month charge for vacancy from Harnett Regional Water $0 $0 $4673 $4673 $4620
Trash Normalized Equals Sellers Disclosure 22 Pro Forma Increase $0 $0 $2662 $2662 $2721
Employee Salaries Tenant gets free lot rent to mow and pick up trash $3278 $0 $1740 $4740 $4844
Payroll Taxes amp Expenses 10 of Total Payroll $0 $0 $0 $474 $484
3rd Party Management 5 of Total Revenue $0 $0 $0 $3404 $4015
Office Supplies amp Expenses Broker Estimate $0 $0 $0 $750 $767
Legal Fees Broker Estimate $0 $0 $1152 $750 $767
Accounting Fees Broker Estimate $0 $0 $0 $750 $767
Licenses Permits Dues Broker Estimate $0 $0 $0 $250 $256
Advertising Broker Estimate $0 $0 $0 $500 $511
Credit Checks amp Application Fees Broker Estimate $0 $0 $0 $500 $511
Cap Ex $0 $17811 $0 $0 $0
Total Expense $6783 $17811 $19115 $32100 $35502
Expense Ratio 3665 4715 4421
Net Operating Income (Excluding POH Income) $3303720 $3597879 $4480394
Capitalization Rate (lot rent only) 773 842 1048
Net Operating Income (Including POH Income) $86419 $69705 $83260
Capitalization Rate (lot rent amp park owned home income) 1168 942 1125
Debt Service Loan 1 (65 LTV 55 interest rate 25 year amortization Recourse) $35445 $35445 $35445
Cash Flow $50974 $34260 $47815
Debt Service Coverage Ratio 244 197 235
Cash-On-Cash Return 1968 1323 1846
Total Return 2324 1679 2202
P 06wwwestersonmhcteamcom Cimarron MHC
Property PhotosClick here for additional property photos
P 13wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Dylan joined The Esterson MHC Team of Marcus amp Millichap in 2019
with the vision of assisting buyers and sellers nation wide with their
manufactured housing transaction needs His team is quickly gaining
a reputation as one of the top brokerage teams in the industry
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(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
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson Glenn D Esterson
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
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
Marcus amp Millichap Atlanta GA
Phone (770) 262-6707
SallieWhitehurstmarcusmillichapcom
LICENSED ASSISTANT
Sallie Whitehurst
Cimarron MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Ben YelmLic 303785 - Broker of RecordMarcus amp Millichap Real Estate
Investment Services of Charlotte Inc
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwestersonmhcteamcom Cimarron MHC
Unit Breakdown
Total Rental Units 40 Pro Forma
Total Tenants 27 30
Total Mobile Home Lots 40 40
Total RV Lots 0 0
Tenant Owned Homes 4 4
Abandoned Homes 0 0
Vacant Lots 9 9
Rent to Own POHs 12 12
Rented POHs 11 14
Vacant POHs 4 1
Average Lot Rent $195 $210
Average RTO Payment $325 $325
Average POH Rent $375 $375
Total Commercial Retail Units 0 0
Rent Comps Lot Rent POH Rent Utility Info
Cimarron MHC $195 $386 Public - Direct Bill
Southlawn MHC $250 NA Public - Direct Bill
Lone Pine MHP $205 NA Public - WampSBilled Back
Golden Gate MHP $225 NA Public - WampS Billed Back
Golden Creek Subdivision $190 NA Public - Direct Bill
The Fayetteville Metro area has strong population growth
median home price and median income Mobile home
parks in this metro range widely in quality and condition
with lot rents ranging from $150 to the low $300rsquos Utilities
are a mix of public and private with the majority of parks
having public utilities that are billed back or billed to
tenants directly from the utility company
Rent Comp Comments
Click on the following links for additional property information
Other MaterialsParcel Map2017-20 PampLJune-20 Rent Roll
Capitalized Revenues amp Investment Summary
Actuals Normalized Pro Forma
Total Gross Income $113936 $164438 $190181
Lot Revenue $47149 $63180 $75600
RV Revenue $0 $0 $0
Single Family Home amp Apartment Revenue $0 $0 $0
CommercialRetail Revenue $0 $0 $0
Self Storage Revenue $0 $0 $0
Other Income $5003 $6162 $6218
Capitalized Income $52152 $68078 $80306
Capitalized Expenses $19115 $32100 $35502
Net Operating Income (excludes POH income) $33037 $35979 $44804
Park Owned Home Revenues - Not Capitalized
Total Gross Income (includes POH amp all revenue sources) $113936 $164438 $190181
Total POH Revenue $60165 $96360 $109876
POH amp RTO Expenses $6783 $62634 $71419
POH RTO Net Income $53382 $33726 $38456
Per POH Value $11404 $11404 $11404
Total POH Value $171064 $171064 $171064
Total RTO Value $141400 $141400 $141400
Investment Metric Table
Lot Rent Cap Rate 773 842 1048
Gross Cap Rate (includes POH IampE) 1168 942 1125
Cash On Cash Levered 1968 1323 1846
Total Return 2324 1679 2202
Price Per Lot $18500 $18500 $18500
Price Per Occupied Lot $27407 $27407 $27407
There is signifcant upside by executing minor lot rent
increases and filling vacant homeslots Raising lot rent $10
throughout the park and only filling only 3 vacant homes
results in pro forma returns of 183 cash on cash and
218 total return
Upside Comments
P 05wwwestersonmhcteamcom Cimarron MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $52152 $68078 $80306
Local MarketInformationOnce an important inland port on the Cape Fear River Fayetteville houses two large
military installations Fort Bragg and Pope Air Force Base The two facilities provide
the cityrsquos main economic base Median home prices represent a good value and there
are appealing developments of homes and golf courses as the area becomes more
desirable as a retirement destination The metrorsquos population has been growing by
78 per year and is hoome to over 385000 residents
Local Market Statistics
Spring Lake Harnett Fayatteville
Population 12746 128753 385337
Growth 0078 0181 0079
Medium Home Price $115500 $169200 $141600
Average Apartment Rent $850 $787 $893
Family Median Home $37154 $44417 $44692
Unemployment Rate 510 460 510
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 15 of Real Estate Value Allocation $758 $0 $4856 $4856 $6413
Property Insurance Normalized to Industry Averages 22 Pro Forma Increase $521 $0 $1805 $2000 $2044
Repairs amp Maintenance PF models $75 maint for vacant lots and $150 maint for occupied lots $2226 $0 $2226 $4290 $5250
Mowing amp Landscaping Tenants mow their own lawns and management mows vacant and common areas $0 $0 $0 $1500 $1533
Public Water PF models $35 per lot per month charge for vacancy from Harnett Regional Water $0 $0 $4673 $4673 $4620
Trash Normalized Equals Sellers Disclosure 22 Pro Forma Increase $0 $0 $2662 $2662 $2721
Employee Salaries Tenant gets free lot rent to mow and pick up trash $3278 $0 $1740 $4740 $4844
Payroll Taxes amp Expenses 10 of Total Payroll $0 $0 $0 $474 $484
3rd Party Management 5 of Total Revenue $0 $0 $0 $3404 $4015
Office Supplies amp Expenses Broker Estimate $0 $0 $0 $750 $767
Legal Fees Broker Estimate $0 $0 $1152 $750 $767
Accounting Fees Broker Estimate $0 $0 $0 $750 $767
Licenses Permits Dues Broker Estimate $0 $0 $0 $250 $256
Advertising Broker Estimate $0 $0 $0 $500 $511
Credit Checks amp Application Fees Broker Estimate $0 $0 $0 $500 $511
Cap Ex $0 $17811 $0 $0 $0
Total Expense $6783 $17811 $19115 $32100 $35502
Expense Ratio 3665 4715 4421
Net Operating Income (Excluding POH Income) $3303720 $3597879 $4480394
Capitalization Rate (lot rent only) 773 842 1048
Net Operating Income (Including POH Income) $86419 $69705 $83260
Capitalization Rate (lot rent amp park owned home income) 1168 942 1125
Debt Service Loan 1 (65 LTV 55 interest rate 25 year amortization Recourse) $35445 $35445 $35445
Cash Flow $50974 $34260 $47815
Debt Service Coverage Ratio 244 197 235
Cash-On-Cash Return 1968 1323 1846
Total Return 2324 1679 2202
P 06wwwestersonmhcteamcom Cimarron MHC
Property PhotosClick here for additional property photos
P 13wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Dylan joined The Esterson MHC Team of Marcus amp Millichap in 2019
with the vision of assisting buyers and sellers nation wide with their
manufactured housing transaction needs His team is quickly gaining
a reputation as one of the top brokerage teams in the industry
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(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
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson Glenn D Esterson
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
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
Marcus amp Millichap Atlanta GA
Phone (770) 262-6707
SallieWhitehurstmarcusmillichapcom
LICENSED ASSISTANT
Sallie Whitehurst
Cimarron MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Ben YelmLic 303785 - Broker of RecordMarcus amp Millichap Real Estate
Investment Services of Charlotte Inc
P 05wwwestersonmhcteamcom Cimarron MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $52152 $68078 $80306
Local MarketInformationOnce an important inland port on the Cape Fear River Fayetteville houses two large
military installations Fort Bragg and Pope Air Force Base The two facilities provide
the cityrsquos main economic base Median home prices represent a good value and there
are appealing developments of homes and golf courses as the area becomes more
desirable as a retirement destination The metrorsquos population has been growing by
78 per year and is hoome to over 385000 residents
Local Market Statistics
Spring Lake Harnett Fayatteville
Population 12746 128753 385337
Growth 0078 0181 0079
Medium Home Price $115500 $169200 $141600
Average Apartment Rent $850 $787 $893
Family Median Home $37154 $44417 $44692
Unemployment Rate 510 460 510
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 15 of Real Estate Value Allocation $758 $0 $4856 $4856 $6413
Property Insurance Normalized to Industry Averages 22 Pro Forma Increase $521 $0 $1805 $2000 $2044
Repairs amp Maintenance PF models $75 maint for vacant lots and $150 maint for occupied lots $2226 $0 $2226 $4290 $5250
Mowing amp Landscaping Tenants mow their own lawns and management mows vacant and common areas $0 $0 $0 $1500 $1533
Public Water PF models $35 per lot per month charge for vacancy from Harnett Regional Water $0 $0 $4673 $4673 $4620
Trash Normalized Equals Sellers Disclosure 22 Pro Forma Increase $0 $0 $2662 $2662 $2721
Employee Salaries Tenant gets free lot rent to mow and pick up trash $3278 $0 $1740 $4740 $4844
Payroll Taxes amp Expenses 10 of Total Payroll $0 $0 $0 $474 $484
3rd Party Management 5 of Total Revenue $0 $0 $0 $3404 $4015
Office Supplies amp Expenses Broker Estimate $0 $0 $0 $750 $767
Legal Fees Broker Estimate $0 $0 $1152 $750 $767
Accounting Fees Broker Estimate $0 $0 $0 $750 $767
Licenses Permits Dues Broker Estimate $0 $0 $0 $250 $256
Advertising Broker Estimate $0 $0 $0 $500 $511
Credit Checks amp Application Fees Broker Estimate $0 $0 $0 $500 $511
Cap Ex $0 $17811 $0 $0 $0
Total Expense $6783 $17811 $19115 $32100 $35502
Expense Ratio 3665 4715 4421
Net Operating Income (Excluding POH Income) $3303720 $3597879 $4480394
Capitalization Rate (lot rent only) 773 842 1048
Net Operating Income (Including POH Income) $86419 $69705 $83260
Capitalization Rate (lot rent amp park owned home income) 1168 942 1125
Debt Service Loan 1 (65 LTV 55 interest rate 25 year amortization Recourse) $35445 $35445 $35445
Cash Flow $50974 $34260 $47815
Debt Service Coverage Ratio 244 197 235
Cash-On-Cash Return 1968 1323 1846
Total Return 2324 1679 2202
P 06wwwestersonmhcteamcom Cimarron MHC
Property PhotosClick here for additional property photos
P 13wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Dylan joined The Esterson MHC Team of Marcus amp Millichap in 2019
with the vision of assisting buyers and sellers nation wide with their
manufactured housing transaction needs His team is quickly gaining
a reputation as one of the top brokerage teams in the industry
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(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
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson Glenn D Esterson
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
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
Marcus amp Millichap Atlanta GA
Phone (770) 262-6707
SallieWhitehurstmarcusmillichapcom
LICENSED ASSISTANT
Sallie Whitehurst
Cimarron MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Ben YelmLic 303785 - Broker of RecordMarcus amp Millichap Real Estate
Investment Services of Charlotte Inc
P 06wwwestersonmhcteamcom Cimarron MHC
Property PhotosClick here for additional property photos
P 13wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Dylan joined The Esterson MHC Team of Marcus amp Millichap in 2019
with the vision of assisting buyers and sellers nation wide with their
manufactured housing transaction needs His team is quickly gaining
a reputation as one of the top brokerage teams in the industry
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(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
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson Glenn D Esterson
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
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
Marcus amp Millichap Atlanta GA
Phone (770) 262-6707
SallieWhitehurstmarcusmillichapcom
LICENSED ASSISTANT
Sallie Whitehurst
Cimarron MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Ben YelmLic 303785 - Broker of RecordMarcus amp Millichap Real Estate
Investment Services of Charlotte Inc
P 13wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Dylan joined The Esterson MHC Team of Marcus amp Millichap in 2019
with the vision of assisting buyers and sellers nation wide with their
manufactured housing transaction needs His team is quickly gaining
a reputation as one of the top brokerage teams in the industry
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(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
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson Glenn D Esterson
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
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
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Phone (276) 237-4311
CharlesDeHartmarcusmillichapcom
OPERATIONS MANAGER
Charles Dehart
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Phone (770) 262-6707
SallieWhitehurstmarcusmillichapcom
LICENSED ASSISTANT
Sallie Whitehurst
Cimarron MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Ben YelmLic 303785 - Broker of RecordMarcus amp Millichap Real Estate
Investment Services of Charlotte Inc
Cimarron MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Ben YelmLic 303785 - Broker of RecordMarcus amp Millichap Real Estate
Investment Services of Charlotte Inc