A 1 2 6 - S I T E M A N U F A C T U R E D H O U S I N G C O M M U N I T Y I N V E S T M E N T O F F E R I N G
G R E E N F I E L D E S T A T E S5 2 1 5 G r o v e p o r t R o a d , G r o v e p o r t , O H 4 3 1 2 5
G R E E N F I E L DE S T A T E S
F o r a v i d e o t o u r o f t h e p r o p e r t i e s , g o t o h t t p : / / a r a u s a . l i s t i n g l a b . c o m / G r e e n f i e l d E s t a t e s / i n d e x . c f m ? d o L D P a g e = 3
REO ASSET
Location 5215 Groveport Rd., Groveport, OH
County Franklin County
Year Completed 1972
Sites 126 sites
Land Size 20.65 acres; 5.10 sites per acre
Physical Occupancy 91.3% (Jan. 2011)
Utility System
Electric Public
Water Public
Sewer Public
Trash Public
Avg. Rent (Jan. 2011) $290 (trash included in rent)
Community Type All Age
Roads Asphalt
126 Sites • 20.65 Acres Price $2,765,000 Terms All Cash or Third Party Financing
SITE INFORMATION
Opportunity to increase occupancy with in-house •
sales program
Below market rents•
No homes and notes to be purchased with community•
All age community located within the Columbus MSA, only •
11 miles from downtown Columbus
Public water and sewer•
No rent control in Ohio•
Non-recourse debt may be available•
Improvements include paved streets, curbs and sidewalks•
Closest mobile home park to Groveport Commerce Center •
that contains over 290-acres of industrial warehouse space
owned by public REITs like Duke, Centerpoint, and First
Industrial.
Columbus is the largest city in Ohio with over 733,000 residents •
and a population over 1.7 million in the MSA.
As the state capital and the home of Ohio State University, •
Columbus has weathered the economic downturn better
than most areas in the Midwest. The city economy relied
more heavily on government and education and was less
affected by the auto industry.
With an enrollment of over 50,000 students, and the third •
largest campus in the country, Ohio State University is one of
the most well-known universities in the nation and is a major
economic driver for the region.
The property provides convenient access to several major •
thoroughfares including Loop 270, which circles the city.
The community is in close proximity to the Great Southern •
Shopping Center, which is anchored by Kroger, Wal-Mart,
and Lowes and is home to numerous other shops and
restaurants.
The Columbus Motor Speedway is located less than three •
miles from the community. It can hold over 5,000 spectators
and is home to events including the NASCAR sponsored
Whelen All-American Series.
INVESTMENT HIGHLIGHTS
AREA HIGHLIGHTS
G R E E N F I E L DE S T A T E S
12
3
4
56
GREENFIELDESTATES
1 Big Run Bluffs 2035 Frank Rd., Columbus, Ohio 43223 350 93% $323
2 Caravan Village 1049 Harmon Ave., Columbus, Ohio 43223 242 80% $275
3 Ashville MHP 4800 Duvall Rd., Ashville, Ohio 43101 124 96% $264
4 ByWay MHP 2778 Innis Rd., Columbus, Ohio 43291 56 96% $273
5 MANNS MHP 755 Stelzer Rd., Columbus, Ohio 43291 232 100% $302
6 Westbrook MHP 2700 Harrision Rd., Columbus, Ohio 43204 84 97% $280
Submarket Average 181 92% $295
Occupancy
91%
RentAddress
Greenfield Estates 1265215 Groveport Rd., Groveport, Ohio 43125
RENT COMPARABLES
$290
Subject Property Sites#
NOTE:1 Based in Jan. 2011 rent roll2 New owner should be able to generate other income3 Adjusted Utilities grown 3% from 20104 Taxes = 25% of Price X 2010 Tax Rate
FINANCIAL ANALYSIS
INCOME PROFORMA PER SITE
GROSS SCHEDULED RENT1 $437,808 $3,474Less: Vacancy 38,308 304Less: Bad Debt 8,756 70Plus: Other Income2 1,890 15EFFECTIVE GROSS INCOME $392,634 $3,116OPERATING EXPENSES PROFORMA PER SITE
Repairs and Maintenance 18,900 150 Payroll 37,800 300Administrative 9,450 75Marketing 1,260 10 Professional Fees 3,150 25 Utilities3
Electric 5,701 45 Water 217 2 Sewer 340 3TOTAL VARIABLE EXPENSES $76,818 $610 Taxes4 47,597 378 Insurance 6,300 50 Management Fees 15,705 125TOTAL OPERATING EXPENSES $146,420 $1,162NOI BEFORE CAPITAL RESERVES $246,213 $1,954Plus: Capital Reserves 6,300 50 NOI AFTER CAPITAL RESERVES $239,913 $1,904
270
Greenfield EstatesGreenfield Estates
DowntownColumbusDowntownColumbus
This information has been derived from sources deemed reliable. However, it is subject to errors, omissions, price change and/or withdrawal, and no warranty is made as to the accuracy. Further, no warranties or representation shall be made by Apartment Realty Advisors (ARA) and/or its agents, representatives or affiliates regarding oral statements which have been made in the discussion of the above property. This presentation, prepared by ARA, was sent to the recipient under the assumption that s/ he is a buying principal. Any potential purchaser is advised that s/ he should either have the abstract covering the real estate which is the subject of the contract examined by an attorney of his/her selection, or be furnished a policy of title insurance. Do not contact the Property.
GROVEPORT RD
OLD GROVEPORT RD
BIXBY RD
RECREATIONAL PARK COMING SOON
GREENFIELD ESTATES
COLUMBUS
DUBLIN
WESTERVILLE
GROVEPORT
GROVE CITY
GAHANNA
REYNOLDSBURG
UPPERARLINTON
Ohio StateUniversity Airport
PickeringtonPonds Metropark
HooverReservoir
Prairie OaksMetropark
Gould Park
Je�erson Meadows
71
71
70
70
70
270 270
270
670
161
315
33
GREENFIELDESTATES
Port ColumbusInternational
Airport
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F o r a v i d e o t o u r o f t h e p r o p e r t i e s , g o t o h t t p : / / a r a u s a . l i s t i n g l a b . c o m /
G r e e n f i e l d E s t a t e s / i n d e x . c f m ? d o L D P a g e = 3
PRESENTED BY
ARA National Manufactured
Housing Group
FOR MORE INFORMATIONON THIS PROPERTY
PLEASE CONTACT
NATIONAL MANUFACTURED HOUSING GROUP:
Todd Fletcher 512.637.1236
Andrew Shih 512.637.1219
901 S. MoPac Expressway Barton Oaks Plaza II, Suite 275
Austin, Texas 78746 Tel: 512.637.1237
Fax: 512.637.1740
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331 Regency Ridge Drive Dayton, Ohio 45459
Tel: 800.853.9118 Fax: 937.439.1855