high meadows mhc€¦ · a 71 lot manufactured home community . investment opportunity. 4845 kendor...
TRANSCRIPT
A 71 Lot Manufactured Home Community Investment Opportunity
4845 Kendor DrNew Kensington PA 15068
High Meadows MHC
P 02wwwestersonmhcteamcom High Meadows MHC
WE COOPERATE WITH BROKERS(restrictions may apply)
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
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 amp Overview
Rental Units and Investment Summary
Income amp Expense (Actual Year 1 amp PF)
POH amp RTO Information
Property Photos amp Parcel Outline
Sales Agent Team Leader and Admin
02
03
04
05
06
07-08
09
WELCOME
P 03wwwestersonmhcteamcom High Meadows MHC
STEP 1
Schedule a callwith your Agent(720) MHP-4YOU
STEP 2
Property Description
High Meadows MHC consists of 71 MH Lots 1 single family
home and a 3 bay garage with 36 tenant owned homes (TOH)
14 rented parked owned homes (POH) 3 rent to own homes
(RTO) 1 vacant POH 4 abandoned homes and 13 vacant lots 1
RTO matures in January 2022 and 2 RTOrsquos mature in early 2024
Average rents are $288 lot rent $286 home rent and $283 RTO
payment The park is NOT in a flood zone or opportunity zone
The property is serviced by public water thatrsquos billed back to
tenants via submeters a waste water treatment plant (WWTP)
that is billed back to tenants at a flat rate and direct billed
electricity Propane is also directly billed to tenants The WWTP
was replaced 15 years ago There is additional income from
separate residential properties using the WWTP and being billed
Trash service is provided by 4 dumpsters paid for by the park
and included in rent The roads are paved but in below average
condition
The pricing represents a 649 cap rate using lot rent income on
actuals using a 511 expense ratio We are asking investors to
submit offers at or above $1650000 This community should
qualify for conventional recourse bank financing from a local
bank By increasing rent $32 and increasing occupancy by
69 an investors cash on cash return increases to 1919
Our underwriting suggests that once the park is 100 occupied
and at $350 lot rents an investor can exit at a 7 cap rate for
$3281000
Please read special notice about gas rights CLICK HERE
High Meadows MHC is located about 35 min from the heart of Pittsburgh with significant upside in both rent and infill
bull Significant upside in rent and infill
bull Public Water ndash Billed back to tenants
bull First time park has been for sale
bull Legacy family asset
bull Same ownership 50+ years
bull Some older homes
bull Waste Water Treatment Plant (New in 2005)
bull Gas rights purchased by EQT Corporation
bull Roads are in below average condition
Investment Highlights
Known Issues
Property Location
Propery Address4845 Kendor Dr New Kensington PA 15068
County Westmoreland
Metro Area Pittsburgh PA MSA
Parcel Number(s)
42-08-00-0-008 42-08-02-0-007 42-08-00-0-008-99-01 42-08-00-0-008-99-013 42-08-02-0-00942-08-02-0-019
Site Description
Purchase Price $1650000
Total Rental Units 72
Mobile Home Lots 71 MH Lots
Total Other Unit Types 1 Single Family Home
Total Land Area 2657 Acres
Year Built 1969
Roads Paved
Flood Zone No
Opportunity Zone No
Mechanical
Water Public Billed Back
Sewer Private Billed Back
Electrical Public Direct Billed
Gas Public Direct Billed
Trash Dumpster Landlord Pays
Cable Public Direct Billed
Landscape Park Mows Park Pays
Snow Removal Park Plows Park Pays
Property Overview
STEP 3
Highlights amp Known Issues
Make an offer (use our template or use your own)
1 Letter of Intent CLICK HERE
Send offers to
EstersonMHCteamMarcusMillichapcom
1 View brokerrsquos excel sheet CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwestersonmhcteamcom High Meadows MHC
Unit Breakdown
Total Rental Units 72
Total Tenants 53
Total Mobile Home Lots 71
Tenant Owned Homes 36
Abandoned Homes 4
Vacant Lots 13
Rent to Own POHs 3
Rented POHs 14
Vacant POHs 1
Average Lot Rent $288
Average RTO Payment $283
Average POH Rent $286
Total Other Units 1 (SFH)
Rent Comps Lot Rent POH Rent Utility Info
High Meadows MHC $288 $285 Public Water - Billed BacKWWTP - Billed Back
Werner Hancock MHP $446 No POH Public Water (Direct) amp Septic
Cloverleaf Estates East MHP $405 $445-$720 Public WampS ndash Direct Billed
High View Acres MHP No LR $908 Total Public WampS ndash Direct Billed
Dusty Rhodes MHP $302 NA Public WampS ndash Direct Billed
The Pittsburgh PA MSA is home to mobile home
parks ranging in widely in size in quality The nicest
parks in the area are pushing well over $1000 in total
rent per month with lot rents hovering just above
$400 in those parks The smaller and lesser quality
parks often have lot rents in the high $200rsquos to mid
$300rsquos The majority of parks in the MSA appear to be
on public utilities that are paid for by the tenant
Rent Comp Comments
Click on the following links for additional property information
Other MaterialsParcel Map
Capitalized Revenues | Summary PampL 1 PampL 2 PampL 3
Current Rents $325 Lot Rent Market Rents
75 Occupancy 819 Occupancy 100 Occupancy
Current Taxes Future Taxes Future Taxes
Lot Revenue $183300 $226200 $298200
Water amp Sewer Revenue $24353 $26664 $32242
Fee Revenue (RE) $3666 $4524 $5964
Capitalized Income $203987 $265140 $341278
Capitalized Expenses $104139 $109748 $119351
Net Operating Income (excludes POH) $99848 $155392 $221927
Park Owned Home Revenues (Not Capitalized Income) PampL 1 PampL 2 PampL 3
Total Gross Income (includes POH amp all revenue sources) $262256 $340508 $406482
Total POH amp RTO Revenue $58268 $75368 $65204
POH amp RTO Expenses (50 exp ratio) $37874 $48989 $42383
POH RTO Net Income $20394 $26379 $22821
Value of POH $102068
Investment Metric Table PampL 1 PampL 2 PampL 3
Lot Rent Cap Rate 649 1010 1442
Gross Cap Rate (includes POH IampE) 729 1102 1483
Cash On Cash Levered 845 1919 3018
Price Per Lot $22917
Price Per Occupied Lot $31132
With significant upside in both infill and rent an investor can see both a healthy cash on cash return
and a solid equity multiple with incremental improvements to the property By increasing rent $32 and
increasing occupancy by 69 from current actuals an investors cash on cash return increases to 1919
When the property is 100 occupied and achieving $350 lot rents an investors cash on cash is roughly
30 and an exit can be made at roughly $3281000
Upside Comments
Local Market Statistics
15068 Westmoreland Pittsburgh PA
Population 38205 356835 2348143
Growth (since 2010) -15 -25 -04
Medium Home Price $111400 $131500 $136172
Average Apartment Rent $800 $896 $896
Median Income $44279 $51593 $51883
Unemployment Rate 44 44 43
P 05wwwestersonmhcteamcom Blackburn MHC | Athens ALProperty Revenue amp Expense
Revenue | Expense Categories
Current Rents $325 Lot Rent Market Rents
Notes75 Occupancy 819 Occupancy 100 Occupancy
Current Taxes Future Taxes Future Taxes
Lot Rent Revenue $183300 $226200 $298200 PampL 2 at $325 Lot Rent PampL 3 at $350 Lot Rent
Water amp Sewer Revenue $24353 $26664 $32242 Bill Back of Water amp Sewer
Fee Revenue (RE) $3666 $4524 $5964 2 of Total Revenue
Collections LossBad Debt $7332 $9048 $11928 4 of Total Revenue
Total Revenue $203987 $265140 $341278
Property Tax $12085 $13898 $13898 15 increase Per County sale will not affect assessment
Insurance Expense $5400 $5400 $5400 Estimate $75 Per LotMonth
Repairs amp Maintenance Services $11880 $11880 $11880 $165 Per LotYear
Mowing amp Landscaping Services $6048 $6048 $6048 $7LotMonth
Snow amp Ice Services $2520 $2520 $2520 $7LotMonth
Water Services $14628 $16284 $19872 $23 Per TenantMonth - Adjusted for Occupancy
Sewer Services $9700 $9700 $9700 Average of Previous 3 YR PampLs
Trash Services $6250 $6250 $6250 $500Month for 4 Dumpsters Plus Misc Large Item
Electric Services $4560 $4560 $4560 Street Lights Plus Misc Overage
On-Site Management $17280 $17280 $17280 $20 Per LotMonth
Payroll Expense $2074 $2074 $2074 12 of On-Site Management
3rd Party Management $7140 $9280 $11945 35 of Total Revenue
Office Expense $1325 $1325 $1325 $25 Per LotYear
Legal Expense $1500 $1500 $1500
Accounting Expense $1500 $1500 $1500 EOY Tax Prep
Licenses Permits Dues $250 $250 $3600
Total Expenses $104139 $109748 $119351
Expense Ratio 5105 4139 3497
Net Operating Income (NOI) $99848 $155392 $221927
Cap Rate 649 1010 1442
POHRTO Income $58268 $75368 $65204
POHRTO Expenses $37874 $48989 $42383 65 Expense Ratio
Net POHRTO Income $20394 $26379 $22821
Cash Flow Before Debt $120242 $181771 $244749
1st Position - New Loan $71847 $71847 $71847
Net Income $48395 $109924 $172902
Cash on Cash Return 845 1919 3018
Advertised Pricing PampL 1 Per Unit Comments
Real Estate Value $1538808 $21372 649 Cap Rate
POH Value $102068 $6805 15 Park Owned Homes
RTO Value $9124 $3041 3 RTO Contracts
Total Value $1650000
Upside Value PampL 3 Comments
Real Estate Value $3170387 7 Cap Rate
POH Value $102068
RTO Value $9124
Total Value $3281580
Unit Types Count Avg Rent Comments
Tenant Owned Home 36 $288
Rented Park Owned Home (POH) 14 $286 Average POH Rent
Rent to Own Mobile Home (RTO) 3 $283 Average payment only | Buyer verify RTO
Vacant Park Owned Home (POH) 1 $285 Included in PampL 2 amp 3 | Pro Forma Rent
Abandoned Home 4 Included in PampL 2 amp 3 | Pro Forma Rent
Vacant Mobile Home Lot 13 Included in PampL 3 (To Display Infill Upside)
Total Mobile Home Units 71 +1 SFH
Infrastructure Type Comments
Water System Public Tenant Pays
Sewer System Private Tenant Pays
Trash Dumpster Landlord Pays
Electric Services Public Tenant Pays
GasPropane Services Public Tenant Pays
Loans New Loan Loan Info Comments
Loan Amount $1077165 Recourse 70 LTV (30 Down)
Interest Rate 450 Comm Bank
Amortization 25 Fully Amortized
Uses of Capital Amount of Purchase
Total Purchase Price $1650000 10000
1st Position Loan $1077165 6528
Cash to Close $572835 3472
P 05High Meadows MHC
P 06wwwestersonmhcteamcom High Meadows MHC
Park Owned Home amp RTO Info
Schedule of RTOUnit RTO Rent Start Date End Date Balance Value of RTO
Lot 14 32784 3122020 212024 $7373 $4424
Lot 92 30442 412020 312024 $6893 $4136
Lot 80 21642 1302020 1302022 $941 $565
3 $15207 $9124
Schedule of Park Owned HomesUnit POH Year MakeModel Size of Home POH Rent Home Value Notes
Lot 2 14x70 325 $7800
Lot 3 2000 Astro 28x52 395 $14220
Lot 7 1973 Freedom 12x60 186 $3348
Lot 9 1975 Freedom 14x70 263 $4734
Lot 10 2000 Astro 16x76 285 $10260
Lot 11 1975 Freedom 14x70 205 $3690
Lot 21 1984 14x70 325 $7800
Lot 31 1978 Astro 14x70 250 $4500
Lot 32 1994 Fleetwood 14x70 265 $7950
Lot 40 14x70 170 $3060
Lot 38 1983 14x70 345 $8280
Lot 70 14x70 380 $9120
Lot 90 1995 28x52 356 $10680
Lot 73 14x70 257 $4626
Lot 22 0 $2000 Needs work
15 $102068
P 07wwwestersonmhcteamcom High Meadows MHC
Property PhotosClick here for additional property photos
P 08wwwestersonmhcteamcom High Meadows MHC
Property Photos
P 17wwwmarcusmilichapcom Werner Hancock MHP
SPECIAL COVID-19 NOTICE
Brokerage Team
Dylan was hired by Marcus and Millichap Charleston after excelling
in the automotive industry and developing an aptitude for sales in his
early career
Dylan is an integral part of the manufactured housing team put
together by Glenn Esterson Vice President of the national team
Dylan assists clients in selling and buying mobile home communities
providing clients with expertise in asset management portfolio
analysis site selection optimizing and implementing achievable
upside plans traditional brokering and consulting Dylan is focused
on the South Carolina market and surrounding regional markets
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
wwwthemhpexpertcom
Allied Development Corp Glendale CA
Phone (818) 389-1887
tanner_byersoutlookcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
ldquoThe Mobile Home Park Manifestordquo
TEAM AFFILIATE
SENIOR BROKER
Tanner Byers
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
Click on agents profile for more information
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)
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia
P 02wwwestersonmhcteamcom High Meadows MHC
WE COOPERATE WITH BROKERS(restrictions may apply)
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
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 amp Overview
Rental Units and Investment Summary
Income amp Expense (Actual Year 1 amp PF)
POH amp RTO Information
Property Photos amp Parcel Outline
Sales Agent Team Leader and Admin
02
03
04
05
06
07-08
09
WELCOME
P 03wwwestersonmhcteamcom High Meadows MHC
STEP 1
Schedule a callwith your Agent(720) MHP-4YOU
STEP 2
Property Description
High Meadows MHC consists of 71 MH Lots 1 single family
home and a 3 bay garage with 36 tenant owned homes (TOH)
14 rented parked owned homes (POH) 3 rent to own homes
(RTO) 1 vacant POH 4 abandoned homes and 13 vacant lots 1
RTO matures in January 2022 and 2 RTOrsquos mature in early 2024
Average rents are $288 lot rent $286 home rent and $283 RTO
payment The park is NOT in a flood zone or opportunity zone
The property is serviced by public water thatrsquos billed back to
tenants via submeters a waste water treatment plant (WWTP)
that is billed back to tenants at a flat rate and direct billed
electricity Propane is also directly billed to tenants The WWTP
was replaced 15 years ago There is additional income from
separate residential properties using the WWTP and being billed
Trash service is provided by 4 dumpsters paid for by the park
and included in rent The roads are paved but in below average
condition
The pricing represents a 649 cap rate using lot rent income on
actuals using a 511 expense ratio We are asking investors to
submit offers at or above $1650000 This community should
qualify for conventional recourse bank financing from a local
bank By increasing rent $32 and increasing occupancy by
69 an investors cash on cash return increases to 1919
Our underwriting suggests that once the park is 100 occupied
and at $350 lot rents an investor can exit at a 7 cap rate for
$3281000
Please read special notice about gas rights CLICK HERE
High Meadows MHC is located about 35 min from the heart of Pittsburgh with significant upside in both rent and infill
bull Significant upside in rent and infill
bull Public Water ndash Billed back to tenants
bull First time park has been for sale
bull Legacy family asset
bull Same ownership 50+ years
bull Some older homes
bull Waste Water Treatment Plant (New in 2005)
bull Gas rights purchased by EQT Corporation
bull Roads are in below average condition
Investment Highlights
Known Issues
Property Location
Propery Address4845 Kendor Dr New Kensington PA 15068
County Westmoreland
Metro Area Pittsburgh PA MSA
Parcel Number(s)
42-08-00-0-008 42-08-02-0-007 42-08-00-0-008-99-01 42-08-00-0-008-99-013 42-08-02-0-00942-08-02-0-019
Site Description
Purchase Price $1650000
Total Rental Units 72
Mobile Home Lots 71 MH Lots
Total Other Unit Types 1 Single Family Home
Total Land Area 2657 Acres
Year Built 1969
Roads Paved
Flood Zone No
Opportunity Zone No
Mechanical
Water Public Billed Back
Sewer Private Billed Back
Electrical Public Direct Billed
Gas Public Direct Billed
Trash Dumpster Landlord Pays
Cable Public Direct Billed
Landscape Park Mows Park Pays
Snow Removal Park Plows Park Pays
Property Overview
STEP 3
Highlights amp Known Issues
Make an offer (use our template or use your own)
1 Letter of Intent CLICK HERE
Send offers to
EstersonMHCteamMarcusMillichapcom
1 View brokerrsquos excel sheet CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwestersonmhcteamcom High Meadows MHC
Unit Breakdown
Total Rental Units 72
Total Tenants 53
Total Mobile Home Lots 71
Tenant Owned Homes 36
Abandoned Homes 4
Vacant Lots 13
Rent to Own POHs 3
Rented POHs 14
Vacant POHs 1
Average Lot Rent $288
Average RTO Payment $283
Average POH Rent $286
Total Other Units 1 (SFH)
Rent Comps Lot Rent POH Rent Utility Info
High Meadows MHC $288 $285 Public Water - Billed BacKWWTP - Billed Back
Werner Hancock MHP $446 No POH Public Water (Direct) amp Septic
Cloverleaf Estates East MHP $405 $445-$720 Public WampS ndash Direct Billed
High View Acres MHP No LR $908 Total Public WampS ndash Direct Billed
Dusty Rhodes MHP $302 NA Public WampS ndash Direct Billed
The Pittsburgh PA MSA is home to mobile home
parks ranging in widely in size in quality The nicest
parks in the area are pushing well over $1000 in total
rent per month with lot rents hovering just above
$400 in those parks The smaller and lesser quality
parks often have lot rents in the high $200rsquos to mid
$300rsquos The majority of parks in the MSA appear to be
on public utilities that are paid for by the tenant
Rent Comp Comments
Click on the following links for additional property information
Other MaterialsParcel Map
Capitalized Revenues | Summary PampL 1 PampL 2 PampL 3
Current Rents $325 Lot Rent Market Rents
75 Occupancy 819 Occupancy 100 Occupancy
Current Taxes Future Taxes Future Taxes
Lot Revenue $183300 $226200 $298200
Water amp Sewer Revenue $24353 $26664 $32242
Fee Revenue (RE) $3666 $4524 $5964
Capitalized Income $203987 $265140 $341278
Capitalized Expenses $104139 $109748 $119351
Net Operating Income (excludes POH) $99848 $155392 $221927
Park Owned Home Revenues (Not Capitalized Income) PampL 1 PampL 2 PampL 3
Total Gross Income (includes POH amp all revenue sources) $262256 $340508 $406482
Total POH amp RTO Revenue $58268 $75368 $65204
POH amp RTO Expenses (50 exp ratio) $37874 $48989 $42383
POH RTO Net Income $20394 $26379 $22821
Value of POH $102068
Investment Metric Table PampL 1 PampL 2 PampL 3
Lot Rent Cap Rate 649 1010 1442
Gross Cap Rate (includes POH IampE) 729 1102 1483
Cash On Cash Levered 845 1919 3018
Price Per Lot $22917
Price Per Occupied Lot $31132
With significant upside in both infill and rent an investor can see both a healthy cash on cash return
and a solid equity multiple with incremental improvements to the property By increasing rent $32 and
increasing occupancy by 69 from current actuals an investors cash on cash return increases to 1919
When the property is 100 occupied and achieving $350 lot rents an investors cash on cash is roughly
30 and an exit can be made at roughly $3281000
Upside Comments
Local Market Statistics
15068 Westmoreland Pittsburgh PA
Population 38205 356835 2348143
Growth (since 2010) -15 -25 -04
Medium Home Price $111400 $131500 $136172
Average Apartment Rent $800 $896 $896
Median Income $44279 $51593 $51883
Unemployment Rate 44 44 43
P 05wwwestersonmhcteamcom Blackburn MHC | Athens ALProperty Revenue amp Expense
Revenue | Expense Categories
Current Rents $325 Lot Rent Market Rents
Notes75 Occupancy 819 Occupancy 100 Occupancy
Current Taxes Future Taxes Future Taxes
Lot Rent Revenue $183300 $226200 $298200 PampL 2 at $325 Lot Rent PampL 3 at $350 Lot Rent
Water amp Sewer Revenue $24353 $26664 $32242 Bill Back of Water amp Sewer
Fee Revenue (RE) $3666 $4524 $5964 2 of Total Revenue
Collections LossBad Debt $7332 $9048 $11928 4 of Total Revenue
Total Revenue $203987 $265140 $341278
Property Tax $12085 $13898 $13898 15 increase Per County sale will not affect assessment
Insurance Expense $5400 $5400 $5400 Estimate $75 Per LotMonth
Repairs amp Maintenance Services $11880 $11880 $11880 $165 Per LotYear
Mowing amp Landscaping Services $6048 $6048 $6048 $7LotMonth
Snow amp Ice Services $2520 $2520 $2520 $7LotMonth
Water Services $14628 $16284 $19872 $23 Per TenantMonth - Adjusted for Occupancy
Sewer Services $9700 $9700 $9700 Average of Previous 3 YR PampLs
Trash Services $6250 $6250 $6250 $500Month for 4 Dumpsters Plus Misc Large Item
Electric Services $4560 $4560 $4560 Street Lights Plus Misc Overage
On-Site Management $17280 $17280 $17280 $20 Per LotMonth
Payroll Expense $2074 $2074 $2074 12 of On-Site Management
3rd Party Management $7140 $9280 $11945 35 of Total Revenue
Office Expense $1325 $1325 $1325 $25 Per LotYear
Legal Expense $1500 $1500 $1500
Accounting Expense $1500 $1500 $1500 EOY Tax Prep
Licenses Permits Dues $250 $250 $3600
Total Expenses $104139 $109748 $119351
Expense Ratio 5105 4139 3497
Net Operating Income (NOI) $99848 $155392 $221927
Cap Rate 649 1010 1442
POHRTO Income $58268 $75368 $65204
POHRTO Expenses $37874 $48989 $42383 65 Expense Ratio
Net POHRTO Income $20394 $26379 $22821
Cash Flow Before Debt $120242 $181771 $244749
1st Position - New Loan $71847 $71847 $71847
Net Income $48395 $109924 $172902
Cash on Cash Return 845 1919 3018
Advertised Pricing PampL 1 Per Unit Comments
Real Estate Value $1538808 $21372 649 Cap Rate
POH Value $102068 $6805 15 Park Owned Homes
RTO Value $9124 $3041 3 RTO Contracts
Total Value $1650000
Upside Value PampL 3 Comments
Real Estate Value $3170387 7 Cap Rate
POH Value $102068
RTO Value $9124
Total Value $3281580
Unit Types Count Avg Rent Comments
Tenant Owned Home 36 $288
Rented Park Owned Home (POH) 14 $286 Average POH Rent
Rent to Own Mobile Home (RTO) 3 $283 Average payment only | Buyer verify RTO
Vacant Park Owned Home (POH) 1 $285 Included in PampL 2 amp 3 | Pro Forma Rent
Abandoned Home 4 Included in PampL 2 amp 3 | Pro Forma Rent
Vacant Mobile Home Lot 13 Included in PampL 3 (To Display Infill Upside)
Total Mobile Home Units 71 +1 SFH
Infrastructure Type Comments
Water System Public Tenant Pays
Sewer System Private Tenant Pays
Trash Dumpster Landlord Pays
Electric Services Public Tenant Pays
GasPropane Services Public Tenant Pays
Loans New Loan Loan Info Comments
Loan Amount $1077165 Recourse 70 LTV (30 Down)
Interest Rate 450 Comm Bank
Amortization 25 Fully Amortized
Uses of Capital Amount of Purchase
Total Purchase Price $1650000 10000
1st Position Loan $1077165 6528
Cash to Close $572835 3472
P 05High Meadows MHC
P 06wwwestersonmhcteamcom High Meadows MHC
Park Owned Home amp RTO Info
Schedule of RTOUnit RTO Rent Start Date End Date Balance Value of RTO
Lot 14 32784 3122020 212024 $7373 $4424
Lot 92 30442 412020 312024 $6893 $4136
Lot 80 21642 1302020 1302022 $941 $565
3 $15207 $9124
Schedule of Park Owned HomesUnit POH Year MakeModel Size of Home POH Rent Home Value Notes
Lot 2 14x70 325 $7800
Lot 3 2000 Astro 28x52 395 $14220
Lot 7 1973 Freedom 12x60 186 $3348
Lot 9 1975 Freedom 14x70 263 $4734
Lot 10 2000 Astro 16x76 285 $10260
Lot 11 1975 Freedom 14x70 205 $3690
Lot 21 1984 14x70 325 $7800
Lot 31 1978 Astro 14x70 250 $4500
Lot 32 1994 Fleetwood 14x70 265 $7950
Lot 40 14x70 170 $3060
Lot 38 1983 14x70 345 $8280
Lot 70 14x70 380 $9120
Lot 90 1995 28x52 356 $10680
Lot 73 14x70 257 $4626
Lot 22 0 $2000 Needs work
15 $102068
P 07wwwestersonmhcteamcom High Meadows MHC
Property PhotosClick here for additional property photos
P 08wwwestersonmhcteamcom High Meadows MHC
Property Photos
P 17wwwmarcusmilichapcom Werner Hancock MHP
SPECIAL COVID-19 NOTICE
Brokerage Team
Dylan was hired by Marcus and Millichap Charleston after excelling
in the automotive industry and developing an aptitude for sales in his
early career
Dylan is an integral part of the manufactured housing team put
together by Glenn Esterson Vice President of the national team
Dylan assists clients in selling and buying mobile home communities
providing clients with expertise in asset management portfolio
analysis site selection optimizing and implementing achievable
upside plans traditional brokering and consulting Dylan is focused
on the South Carolina market and surrounding regional markets
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
wwwthemhpexpertcom
Allied Development Corp Glendale CA
Phone (818) 389-1887
tanner_byersoutlookcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
ldquoThe Mobile Home Park Manifestordquo
TEAM AFFILIATE
SENIOR BROKER
Tanner Byers
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
Click on agents profile for more information
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)
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia
P 03wwwestersonmhcteamcom High Meadows MHC
STEP 1
Schedule a callwith your Agent(720) MHP-4YOU
STEP 2
Property Description
High Meadows MHC consists of 71 MH Lots 1 single family
home and a 3 bay garage with 36 tenant owned homes (TOH)
14 rented parked owned homes (POH) 3 rent to own homes
(RTO) 1 vacant POH 4 abandoned homes and 13 vacant lots 1
RTO matures in January 2022 and 2 RTOrsquos mature in early 2024
Average rents are $288 lot rent $286 home rent and $283 RTO
payment The park is NOT in a flood zone or opportunity zone
The property is serviced by public water thatrsquos billed back to
tenants via submeters a waste water treatment plant (WWTP)
that is billed back to tenants at a flat rate and direct billed
electricity Propane is also directly billed to tenants The WWTP
was replaced 15 years ago There is additional income from
separate residential properties using the WWTP and being billed
Trash service is provided by 4 dumpsters paid for by the park
and included in rent The roads are paved but in below average
condition
The pricing represents a 649 cap rate using lot rent income on
actuals using a 511 expense ratio We are asking investors to
submit offers at or above $1650000 This community should
qualify for conventional recourse bank financing from a local
bank By increasing rent $32 and increasing occupancy by
69 an investors cash on cash return increases to 1919
Our underwriting suggests that once the park is 100 occupied
and at $350 lot rents an investor can exit at a 7 cap rate for
$3281000
Please read special notice about gas rights CLICK HERE
High Meadows MHC is located about 35 min from the heart of Pittsburgh with significant upside in both rent and infill
bull Significant upside in rent and infill
bull Public Water ndash Billed back to tenants
bull First time park has been for sale
bull Legacy family asset
bull Same ownership 50+ years
bull Some older homes
bull Waste Water Treatment Plant (New in 2005)
bull Gas rights purchased by EQT Corporation
bull Roads are in below average condition
Investment Highlights
Known Issues
Property Location
Propery Address4845 Kendor Dr New Kensington PA 15068
County Westmoreland
Metro Area Pittsburgh PA MSA
Parcel Number(s)
42-08-00-0-008 42-08-02-0-007 42-08-00-0-008-99-01 42-08-00-0-008-99-013 42-08-02-0-00942-08-02-0-019
Site Description
Purchase Price $1650000
Total Rental Units 72
Mobile Home Lots 71 MH Lots
Total Other Unit Types 1 Single Family Home
Total Land Area 2657 Acres
Year Built 1969
Roads Paved
Flood Zone No
Opportunity Zone No
Mechanical
Water Public Billed Back
Sewer Private Billed Back
Electrical Public Direct Billed
Gas Public Direct Billed
Trash Dumpster Landlord Pays
Cable Public Direct Billed
Landscape Park Mows Park Pays
Snow Removal Park Plows Park Pays
Property Overview
STEP 3
Highlights amp Known Issues
Make an offer (use our template or use your own)
1 Letter of Intent CLICK HERE
Send offers to
EstersonMHCteamMarcusMillichapcom
1 View brokerrsquos excel sheet CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwestersonmhcteamcom High Meadows MHC
Unit Breakdown
Total Rental Units 72
Total Tenants 53
Total Mobile Home Lots 71
Tenant Owned Homes 36
Abandoned Homes 4
Vacant Lots 13
Rent to Own POHs 3
Rented POHs 14
Vacant POHs 1
Average Lot Rent $288
Average RTO Payment $283
Average POH Rent $286
Total Other Units 1 (SFH)
Rent Comps Lot Rent POH Rent Utility Info
High Meadows MHC $288 $285 Public Water - Billed BacKWWTP - Billed Back
Werner Hancock MHP $446 No POH Public Water (Direct) amp Septic
Cloverleaf Estates East MHP $405 $445-$720 Public WampS ndash Direct Billed
High View Acres MHP No LR $908 Total Public WampS ndash Direct Billed
Dusty Rhodes MHP $302 NA Public WampS ndash Direct Billed
The Pittsburgh PA MSA is home to mobile home
parks ranging in widely in size in quality The nicest
parks in the area are pushing well over $1000 in total
rent per month with lot rents hovering just above
$400 in those parks The smaller and lesser quality
parks often have lot rents in the high $200rsquos to mid
$300rsquos The majority of parks in the MSA appear to be
on public utilities that are paid for by the tenant
Rent Comp Comments
Click on the following links for additional property information
Other MaterialsParcel Map
Capitalized Revenues | Summary PampL 1 PampL 2 PampL 3
Current Rents $325 Lot Rent Market Rents
75 Occupancy 819 Occupancy 100 Occupancy
Current Taxes Future Taxes Future Taxes
Lot Revenue $183300 $226200 $298200
Water amp Sewer Revenue $24353 $26664 $32242
Fee Revenue (RE) $3666 $4524 $5964
Capitalized Income $203987 $265140 $341278
Capitalized Expenses $104139 $109748 $119351
Net Operating Income (excludes POH) $99848 $155392 $221927
Park Owned Home Revenues (Not Capitalized Income) PampL 1 PampL 2 PampL 3
Total Gross Income (includes POH amp all revenue sources) $262256 $340508 $406482
Total POH amp RTO Revenue $58268 $75368 $65204
POH amp RTO Expenses (50 exp ratio) $37874 $48989 $42383
POH RTO Net Income $20394 $26379 $22821
Value of POH $102068
Investment Metric Table PampL 1 PampL 2 PampL 3
Lot Rent Cap Rate 649 1010 1442
Gross Cap Rate (includes POH IampE) 729 1102 1483
Cash On Cash Levered 845 1919 3018
Price Per Lot $22917
Price Per Occupied Lot $31132
With significant upside in both infill and rent an investor can see both a healthy cash on cash return
and a solid equity multiple with incremental improvements to the property By increasing rent $32 and
increasing occupancy by 69 from current actuals an investors cash on cash return increases to 1919
When the property is 100 occupied and achieving $350 lot rents an investors cash on cash is roughly
30 and an exit can be made at roughly $3281000
Upside Comments
Local Market Statistics
15068 Westmoreland Pittsburgh PA
Population 38205 356835 2348143
Growth (since 2010) -15 -25 -04
Medium Home Price $111400 $131500 $136172
Average Apartment Rent $800 $896 $896
Median Income $44279 $51593 $51883
Unemployment Rate 44 44 43
P 05wwwestersonmhcteamcom Blackburn MHC | Athens ALProperty Revenue amp Expense
Revenue | Expense Categories
Current Rents $325 Lot Rent Market Rents
Notes75 Occupancy 819 Occupancy 100 Occupancy
Current Taxes Future Taxes Future Taxes
Lot Rent Revenue $183300 $226200 $298200 PampL 2 at $325 Lot Rent PampL 3 at $350 Lot Rent
Water amp Sewer Revenue $24353 $26664 $32242 Bill Back of Water amp Sewer
Fee Revenue (RE) $3666 $4524 $5964 2 of Total Revenue
Collections LossBad Debt $7332 $9048 $11928 4 of Total Revenue
Total Revenue $203987 $265140 $341278
Property Tax $12085 $13898 $13898 15 increase Per County sale will not affect assessment
Insurance Expense $5400 $5400 $5400 Estimate $75 Per LotMonth
Repairs amp Maintenance Services $11880 $11880 $11880 $165 Per LotYear
Mowing amp Landscaping Services $6048 $6048 $6048 $7LotMonth
Snow amp Ice Services $2520 $2520 $2520 $7LotMonth
Water Services $14628 $16284 $19872 $23 Per TenantMonth - Adjusted for Occupancy
Sewer Services $9700 $9700 $9700 Average of Previous 3 YR PampLs
Trash Services $6250 $6250 $6250 $500Month for 4 Dumpsters Plus Misc Large Item
Electric Services $4560 $4560 $4560 Street Lights Plus Misc Overage
On-Site Management $17280 $17280 $17280 $20 Per LotMonth
Payroll Expense $2074 $2074 $2074 12 of On-Site Management
3rd Party Management $7140 $9280 $11945 35 of Total Revenue
Office Expense $1325 $1325 $1325 $25 Per LotYear
Legal Expense $1500 $1500 $1500
Accounting Expense $1500 $1500 $1500 EOY Tax Prep
Licenses Permits Dues $250 $250 $3600
Total Expenses $104139 $109748 $119351
Expense Ratio 5105 4139 3497
Net Operating Income (NOI) $99848 $155392 $221927
Cap Rate 649 1010 1442
POHRTO Income $58268 $75368 $65204
POHRTO Expenses $37874 $48989 $42383 65 Expense Ratio
Net POHRTO Income $20394 $26379 $22821
Cash Flow Before Debt $120242 $181771 $244749
1st Position - New Loan $71847 $71847 $71847
Net Income $48395 $109924 $172902
Cash on Cash Return 845 1919 3018
Advertised Pricing PampL 1 Per Unit Comments
Real Estate Value $1538808 $21372 649 Cap Rate
POH Value $102068 $6805 15 Park Owned Homes
RTO Value $9124 $3041 3 RTO Contracts
Total Value $1650000
Upside Value PampL 3 Comments
Real Estate Value $3170387 7 Cap Rate
POH Value $102068
RTO Value $9124
Total Value $3281580
Unit Types Count Avg Rent Comments
Tenant Owned Home 36 $288
Rented Park Owned Home (POH) 14 $286 Average POH Rent
Rent to Own Mobile Home (RTO) 3 $283 Average payment only | Buyer verify RTO
Vacant Park Owned Home (POH) 1 $285 Included in PampL 2 amp 3 | Pro Forma Rent
Abandoned Home 4 Included in PampL 2 amp 3 | Pro Forma Rent
Vacant Mobile Home Lot 13 Included in PampL 3 (To Display Infill Upside)
Total Mobile Home Units 71 +1 SFH
Infrastructure Type Comments
Water System Public Tenant Pays
Sewer System Private Tenant Pays
Trash Dumpster Landlord Pays
Electric Services Public Tenant Pays
GasPropane Services Public Tenant Pays
Loans New Loan Loan Info Comments
Loan Amount $1077165 Recourse 70 LTV (30 Down)
Interest Rate 450 Comm Bank
Amortization 25 Fully Amortized
Uses of Capital Amount of Purchase
Total Purchase Price $1650000 10000
1st Position Loan $1077165 6528
Cash to Close $572835 3472
P 05High Meadows MHC
P 06wwwestersonmhcteamcom High Meadows MHC
Park Owned Home amp RTO Info
Schedule of RTOUnit RTO Rent Start Date End Date Balance Value of RTO
Lot 14 32784 3122020 212024 $7373 $4424
Lot 92 30442 412020 312024 $6893 $4136
Lot 80 21642 1302020 1302022 $941 $565
3 $15207 $9124
Schedule of Park Owned HomesUnit POH Year MakeModel Size of Home POH Rent Home Value Notes
Lot 2 14x70 325 $7800
Lot 3 2000 Astro 28x52 395 $14220
Lot 7 1973 Freedom 12x60 186 $3348
Lot 9 1975 Freedom 14x70 263 $4734
Lot 10 2000 Astro 16x76 285 $10260
Lot 11 1975 Freedom 14x70 205 $3690
Lot 21 1984 14x70 325 $7800
Lot 31 1978 Astro 14x70 250 $4500
Lot 32 1994 Fleetwood 14x70 265 $7950
Lot 40 14x70 170 $3060
Lot 38 1983 14x70 345 $8280
Lot 70 14x70 380 $9120
Lot 90 1995 28x52 356 $10680
Lot 73 14x70 257 $4626
Lot 22 0 $2000 Needs work
15 $102068
P 07wwwestersonmhcteamcom High Meadows MHC
Property PhotosClick here for additional property photos
P 08wwwestersonmhcteamcom High Meadows MHC
Property Photos
P 17wwwmarcusmilichapcom Werner Hancock MHP
SPECIAL COVID-19 NOTICE
Brokerage Team
Dylan was hired by Marcus and Millichap Charleston after excelling
in the automotive industry and developing an aptitude for sales in his
early career
Dylan is an integral part of the manufactured housing team put
together by Glenn Esterson Vice President of the national team
Dylan assists clients in selling and buying mobile home communities
providing clients with expertise in asset management portfolio
analysis site selection optimizing and implementing achievable
upside plans traditional brokering and consulting Dylan is focused
on the South Carolina market and surrounding regional markets
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
wwwthemhpexpertcom
Allied Development Corp Glendale CA
Phone (818) 389-1887
tanner_byersoutlookcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
ldquoThe Mobile Home Park Manifestordquo
TEAM AFFILIATE
SENIOR BROKER
Tanner Byers
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
Click on agents profile for more information
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)
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwestersonmhcteamcom High Meadows MHC
Unit Breakdown
Total Rental Units 72
Total Tenants 53
Total Mobile Home Lots 71
Tenant Owned Homes 36
Abandoned Homes 4
Vacant Lots 13
Rent to Own POHs 3
Rented POHs 14
Vacant POHs 1
Average Lot Rent $288
Average RTO Payment $283
Average POH Rent $286
Total Other Units 1 (SFH)
Rent Comps Lot Rent POH Rent Utility Info
High Meadows MHC $288 $285 Public Water - Billed BacKWWTP - Billed Back
Werner Hancock MHP $446 No POH Public Water (Direct) amp Septic
Cloverleaf Estates East MHP $405 $445-$720 Public WampS ndash Direct Billed
High View Acres MHP No LR $908 Total Public WampS ndash Direct Billed
Dusty Rhodes MHP $302 NA Public WampS ndash Direct Billed
The Pittsburgh PA MSA is home to mobile home
parks ranging in widely in size in quality The nicest
parks in the area are pushing well over $1000 in total
rent per month with lot rents hovering just above
$400 in those parks The smaller and lesser quality
parks often have lot rents in the high $200rsquos to mid
$300rsquos The majority of parks in the MSA appear to be
on public utilities that are paid for by the tenant
Rent Comp Comments
Click on the following links for additional property information
Other MaterialsParcel Map
Capitalized Revenues | Summary PampL 1 PampL 2 PampL 3
Current Rents $325 Lot Rent Market Rents
75 Occupancy 819 Occupancy 100 Occupancy
Current Taxes Future Taxes Future Taxes
Lot Revenue $183300 $226200 $298200
Water amp Sewer Revenue $24353 $26664 $32242
Fee Revenue (RE) $3666 $4524 $5964
Capitalized Income $203987 $265140 $341278
Capitalized Expenses $104139 $109748 $119351
Net Operating Income (excludes POH) $99848 $155392 $221927
Park Owned Home Revenues (Not Capitalized Income) PampL 1 PampL 2 PampL 3
Total Gross Income (includes POH amp all revenue sources) $262256 $340508 $406482
Total POH amp RTO Revenue $58268 $75368 $65204
POH amp RTO Expenses (50 exp ratio) $37874 $48989 $42383
POH RTO Net Income $20394 $26379 $22821
Value of POH $102068
Investment Metric Table PampL 1 PampL 2 PampL 3
Lot Rent Cap Rate 649 1010 1442
Gross Cap Rate (includes POH IampE) 729 1102 1483
Cash On Cash Levered 845 1919 3018
Price Per Lot $22917
Price Per Occupied Lot $31132
With significant upside in both infill and rent an investor can see both a healthy cash on cash return
and a solid equity multiple with incremental improvements to the property By increasing rent $32 and
increasing occupancy by 69 from current actuals an investors cash on cash return increases to 1919
When the property is 100 occupied and achieving $350 lot rents an investors cash on cash is roughly
30 and an exit can be made at roughly $3281000
Upside Comments
Local Market Statistics
15068 Westmoreland Pittsburgh PA
Population 38205 356835 2348143
Growth (since 2010) -15 -25 -04
Medium Home Price $111400 $131500 $136172
Average Apartment Rent $800 $896 $896
Median Income $44279 $51593 $51883
Unemployment Rate 44 44 43
P 05wwwestersonmhcteamcom Blackburn MHC | Athens ALProperty Revenue amp Expense
Revenue | Expense Categories
Current Rents $325 Lot Rent Market Rents
Notes75 Occupancy 819 Occupancy 100 Occupancy
Current Taxes Future Taxes Future Taxes
Lot Rent Revenue $183300 $226200 $298200 PampL 2 at $325 Lot Rent PampL 3 at $350 Lot Rent
Water amp Sewer Revenue $24353 $26664 $32242 Bill Back of Water amp Sewer
Fee Revenue (RE) $3666 $4524 $5964 2 of Total Revenue
Collections LossBad Debt $7332 $9048 $11928 4 of Total Revenue
Total Revenue $203987 $265140 $341278
Property Tax $12085 $13898 $13898 15 increase Per County sale will not affect assessment
Insurance Expense $5400 $5400 $5400 Estimate $75 Per LotMonth
Repairs amp Maintenance Services $11880 $11880 $11880 $165 Per LotYear
Mowing amp Landscaping Services $6048 $6048 $6048 $7LotMonth
Snow amp Ice Services $2520 $2520 $2520 $7LotMonth
Water Services $14628 $16284 $19872 $23 Per TenantMonth - Adjusted for Occupancy
Sewer Services $9700 $9700 $9700 Average of Previous 3 YR PampLs
Trash Services $6250 $6250 $6250 $500Month for 4 Dumpsters Plus Misc Large Item
Electric Services $4560 $4560 $4560 Street Lights Plus Misc Overage
On-Site Management $17280 $17280 $17280 $20 Per LotMonth
Payroll Expense $2074 $2074 $2074 12 of On-Site Management
3rd Party Management $7140 $9280 $11945 35 of Total Revenue
Office Expense $1325 $1325 $1325 $25 Per LotYear
Legal Expense $1500 $1500 $1500
Accounting Expense $1500 $1500 $1500 EOY Tax Prep
Licenses Permits Dues $250 $250 $3600
Total Expenses $104139 $109748 $119351
Expense Ratio 5105 4139 3497
Net Operating Income (NOI) $99848 $155392 $221927
Cap Rate 649 1010 1442
POHRTO Income $58268 $75368 $65204
POHRTO Expenses $37874 $48989 $42383 65 Expense Ratio
Net POHRTO Income $20394 $26379 $22821
Cash Flow Before Debt $120242 $181771 $244749
1st Position - New Loan $71847 $71847 $71847
Net Income $48395 $109924 $172902
Cash on Cash Return 845 1919 3018
Advertised Pricing PampL 1 Per Unit Comments
Real Estate Value $1538808 $21372 649 Cap Rate
POH Value $102068 $6805 15 Park Owned Homes
RTO Value $9124 $3041 3 RTO Contracts
Total Value $1650000
Upside Value PampL 3 Comments
Real Estate Value $3170387 7 Cap Rate
POH Value $102068
RTO Value $9124
Total Value $3281580
Unit Types Count Avg Rent Comments
Tenant Owned Home 36 $288
Rented Park Owned Home (POH) 14 $286 Average POH Rent
Rent to Own Mobile Home (RTO) 3 $283 Average payment only | Buyer verify RTO
Vacant Park Owned Home (POH) 1 $285 Included in PampL 2 amp 3 | Pro Forma Rent
Abandoned Home 4 Included in PampL 2 amp 3 | Pro Forma Rent
Vacant Mobile Home Lot 13 Included in PampL 3 (To Display Infill Upside)
Total Mobile Home Units 71 +1 SFH
Infrastructure Type Comments
Water System Public Tenant Pays
Sewer System Private Tenant Pays
Trash Dumpster Landlord Pays
Electric Services Public Tenant Pays
GasPropane Services Public Tenant Pays
Loans New Loan Loan Info Comments
Loan Amount $1077165 Recourse 70 LTV (30 Down)
Interest Rate 450 Comm Bank
Amortization 25 Fully Amortized
Uses of Capital Amount of Purchase
Total Purchase Price $1650000 10000
1st Position Loan $1077165 6528
Cash to Close $572835 3472
P 05High Meadows MHC
P 06wwwestersonmhcteamcom High Meadows MHC
Park Owned Home amp RTO Info
Schedule of RTOUnit RTO Rent Start Date End Date Balance Value of RTO
Lot 14 32784 3122020 212024 $7373 $4424
Lot 92 30442 412020 312024 $6893 $4136
Lot 80 21642 1302020 1302022 $941 $565
3 $15207 $9124
Schedule of Park Owned HomesUnit POH Year MakeModel Size of Home POH Rent Home Value Notes
Lot 2 14x70 325 $7800
Lot 3 2000 Astro 28x52 395 $14220
Lot 7 1973 Freedom 12x60 186 $3348
Lot 9 1975 Freedom 14x70 263 $4734
Lot 10 2000 Astro 16x76 285 $10260
Lot 11 1975 Freedom 14x70 205 $3690
Lot 21 1984 14x70 325 $7800
Lot 31 1978 Astro 14x70 250 $4500
Lot 32 1994 Fleetwood 14x70 265 $7950
Lot 40 14x70 170 $3060
Lot 38 1983 14x70 345 $8280
Lot 70 14x70 380 $9120
Lot 90 1995 28x52 356 $10680
Lot 73 14x70 257 $4626
Lot 22 0 $2000 Needs work
15 $102068
P 07wwwestersonmhcteamcom High Meadows MHC
Property PhotosClick here for additional property photos
P 08wwwestersonmhcteamcom High Meadows MHC
Property Photos
P 17wwwmarcusmilichapcom Werner Hancock MHP
SPECIAL COVID-19 NOTICE
Brokerage Team
Dylan was hired by Marcus and Millichap Charleston after excelling
in the automotive industry and developing an aptitude for sales in his
early career
Dylan is an integral part of the manufactured housing team put
together by Glenn Esterson Vice President of the national team
Dylan assists clients in selling and buying mobile home communities
providing clients with expertise in asset management portfolio
analysis site selection optimizing and implementing achievable
upside plans traditional brokering and consulting Dylan is focused
on the South Carolina market and surrounding regional markets
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
wwwthemhpexpertcom
Allied Development Corp Glendale CA
Phone (818) 389-1887
tanner_byersoutlookcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
ldquoThe Mobile Home Park Manifestordquo
TEAM AFFILIATE
SENIOR BROKER
Tanner Byers
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
Click on agents profile for more information
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)
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia
P 05wwwestersonmhcteamcom Blackburn MHC | Athens ALProperty Revenue amp Expense
Revenue | Expense Categories
Current Rents $325 Lot Rent Market Rents
Notes75 Occupancy 819 Occupancy 100 Occupancy
Current Taxes Future Taxes Future Taxes
Lot Rent Revenue $183300 $226200 $298200 PampL 2 at $325 Lot Rent PampL 3 at $350 Lot Rent
Water amp Sewer Revenue $24353 $26664 $32242 Bill Back of Water amp Sewer
Fee Revenue (RE) $3666 $4524 $5964 2 of Total Revenue
Collections LossBad Debt $7332 $9048 $11928 4 of Total Revenue
Total Revenue $203987 $265140 $341278
Property Tax $12085 $13898 $13898 15 increase Per County sale will not affect assessment
Insurance Expense $5400 $5400 $5400 Estimate $75 Per LotMonth
Repairs amp Maintenance Services $11880 $11880 $11880 $165 Per LotYear
Mowing amp Landscaping Services $6048 $6048 $6048 $7LotMonth
Snow amp Ice Services $2520 $2520 $2520 $7LotMonth
Water Services $14628 $16284 $19872 $23 Per TenantMonth - Adjusted for Occupancy
Sewer Services $9700 $9700 $9700 Average of Previous 3 YR PampLs
Trash Services $6250 $6250 $6250 $500Month for 4 Dumpsters Plus Misc Large Item
Electric Services $4560 $4560 $4560 Street Lights Plus Misc Overage
On-Site Management $17280 $17280 $17280 $20 Per LotMonth
Payroll Expense $2074 $2074 $2074 12 of On-Site Management
3rd Party Management $7140 $9280 $11945 35 of Total Revenue
Office Expense $1325 $1325 $1325 $25 Per LotYear
Legal Expense $1500 $1500 $1500
Accounting Expense $1500 $1500 $1500 EOY Tax Prep
Licenses Permits Dues $250 $250 $3600
Total Expenses $104139 $109748 $119351
Expense Ratio 5105 4139 3497
Net Operating Income (NOI) $99848 $155392 $221927
Cap Rate 649 1010 1442
POHRTO Income $58268 $75368 $65204
POHRTO Expenses $37874 $48989 $42383 65 Expense Ratio
Net POHRTO Income $20394 $26379 $22821
Cash Flow Before Debt $120242 $181771 $244749
1st Position - New Loan $71847 $71847 $71847
Net Income $48395 $109924 $172902
Cash on Cash Return 845 1919 3018
Advertised Pricing PampL 1 Per Unit Comments
Real Estate Value $1538808 $21372 649 Cap Rate
POH Value $102068 $6805 15 Park Owned Homes
RTO Value $9124 $3041 3 RTO Contracts
Total Value $1650000
Upside Value PampL 3 Comments
Real Estate Value $3170387 7 Cap Rate
POH Value $102068
RTO Value $9124
Total Value $3281580
Unit Types Count Avg Rent Comments
Tenant Owned Home 36 $288
Rented Park Owned Home (POH) 14 $286 Average POH Rent
Rent to Own Mobile Home (RTO) 3 $283 Average payment only | Buyer verify RTO
Vacant Park Owned Home (POH) 1 $285 Included in PampL 2 amp 3 | Pro Forma Rent
Abandoned Home 4 Included in PampL 2 amp 3 | Pro Forma Rent
Vacant Mobile Home Lot 13 Included in PampL 3 (To Display Infill Upside)
Total Mobile Home Units 71 +1 SFH
Infrastructure Type Comments
Water System Public Tenant Pays
Sewer System Private Tenant Pays
Trash Dumpster Landlord Pays
Electric Services Public Tenant Pays
GasPropane Services Public Tenant Pays
Loans New Loan Loan Info Comments
Loan Amount $1077165 Recourse 70 LTV (30 Down)
Interest Rate 450 Comm Bank
Amortization 25 Fully Amortized
Uses of Capital Amount of Purchase
Total Purchase Price $1650000 10000
1st Position Loan $1077165 6528
Cash to Close $572835 3472
P 05High Meadows MHC
P 06wwwestersonmhcteamcom High Meadows MHC
Park Owned Home amp RTO Info
Schedule of RTOUnit RTO Rent Start Date End Date Balance Value of RTO
Lot 14 32784 3122020 212024 $7373 $4424
Lot 92 30442 412020 312024 $6893 $4136
Lot 80 21642 1302020 1302022 $941 $565
3 $15207 $9124
Schedule of Park Owned HomesUnit POH Year MakeModel Size of Home POH Rent Home Value Notes
Lot 2 14x70 325 $7800
Lot 3 2000 Astro 28x52 395 $14220
Lot 7 1973 Freedom 12x60 186 $3348
Lot 9 1975 Freedom 14x70 263 $4734
Lot 10 2000 Astro 16x76 285 $10260
Lot 11 1975 Freedom 14x70 205 $3690
Lot 21 1984 14x70 325 $7800
Lot 31 1978 Astro 14x70 250 $4500
Lot 32 1994 Fleetwood 14x70 265 $7950
Lot 40 14x70 170 $3060
Lot 38 1983 14x70 345 $8280
Lot 70 14x70 380 $9120
Lot 90 1995 28x52 356 $10680
Lot 73 14x70 257 $4626
Lot 22 0 $2000 Needs work
15 $102068
P 07wwwestersonmhcteamcom High Meadows MHC
Property PhotosClick here for additional property photos
P 08wwwestersonmhcteamcom High Meadows MHC
Property Photos
P 17wwwmarcusmilichapcom Werner Hancock MHP
SPECIAL COVID-19 NOTICE
Brokerage Team
Dylan was hired by Marcus and Millichap Charleston after excelling
in the automotive industry and developing an aptitude for sales in his
early career
Dylan is an integral part of the manufactured housing team put
together by Glenn Esterson Vice President of the national team
Dylan assists clients in selling and buying mobile home communities
providing clients with expertise in asset management portfolio
analysis site selection optimizing and implementing achievable
upside plans traditional brokering and consulting Dylan is focused
on the South Carolina market and surrounding regional markets
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
wwwthemhpexpertcom
Allied Development Corp Glendale CA
Phone (818) 389-1887
tanner_byersoutlookcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
ldquoThe Mobile Home Park Manifestordquo
TEAM AFFILIATE
SENIOR BROKER
Tanner Byers
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
Click on agents profile for more information
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)
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia
P 06wwwestersonmhcteamcom High Meadows MHC
Park Owned Home amp RTO Info
Schedule of RTOUnit RTO Rent Start Date End Date Balance Value of RTO
Lot 14 32784 3122020 212024 $7373 $4424
Lot 92 30442 412020 312024 $6893 $4136
Lot 80 21642 1302020 1302022 $941 $565
3 $15207 $9124
Schedule of Park Owned HomesUnit POH Year MakeModel Size of Home POH Rent Home Value Notes
Lot 2 14x70 325 $7800
Lot 3 2000 Astro 28x52 395 $14220
Lot 7 1973 Freedom 12x60 186 $3348
Lot 9 1975 Freedom 14x70 263 $4734
Lot 10 2000 Astro 16x76 285 $10260
Lot 11 1975 Freedom 14x70 205 $3690
Lot 21 1984 14x70 325 $7800
Lot 31 1978 Astro 14x70 250 $4500
Lot 32 1994 Fleetwood 14x70 265 $7950
Lot 40 14x70 170 $3060
Lot 38 1983 14x70 345 $8280
Lot 70 14x70 380 $9120
Lot 90 1995 28x52 356 $10680
Lot 73 14x70 257 $4626
Lot 22 0 $2000 Needs work
15 $102068
P 07wwwestersonmhcteamcom High Meadows MHC
Property PhotosClick here for additional property photos
P 08wwwestersonmhcteamcom High Meadows MHC
Property Photos
P 17wwwmarcusmilichapcom Werner Hancock MHP
SPECIAL COVID-19 NOTICE
Brokerage Team
Dylan was hired by Marcus and Millichap Charleston after excelling
in the automotive industry and developing an aptitude for sales in his
early career
Dylan is an integral part of the manufactured housing team put
together by Glenn Esterson Vice President of the national team
Dylan assists clients in selling and buying mobile home communities
providing clients with expertise in asset management portfolio
analysis site selection optimizing and implementing achievable
upside plans traditional brokering and consulting Dylan is focused
on the South Carolina market and surrounding regional markets
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
wwwthemhpexpertcom
Allied Development Corp Glendale CA
Phone (818) 389-1887
tanner_byersoutlookcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
ldquoThe Mobile Home Park Manifestordquo
TEAM AFFILIATE
SENIOR BROKER
Tanner Byers
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
Click on agents profile for more information
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)
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia
P 07wwwestersonmhcteamcom High Meadows MHC
Property PhotosClick here for additional property photos
P 08wwwestersonmhcteamcom High Meadows MHC
Property Photos
P 17wwwmarcusmilichapcom Werner Hancock MHP
SPECIAL COVID-19 NOTICE
Brokerage Team
Dylan was hired by Marcus and Millichap Charleston after excelling
in the automotive industry and developing an aptitude for sales in his
early career
Dylan is an integral part of the manufactured housing team put
together by Glenn Esterson Vice President of the national team
Dylan assists clients in selling and buying mobile home communities
providing clients with expertise in asset management portfolio
analysis site selection optimizing and implementing achievable
upside plans traditional brokering and consulting Dylan is focused
on the South Carolina market and surrounding regional markets
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
wwwthemhpexpertcom
Allied Development Corp Glendale CA
Phone (818) 389-1887
tanner_byersoutlookcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
ldquoThe Mobile Home Park Manifestordquo
TEAM AFFILIATE
SENIOR BROKER
Tanner Byers
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
Click on agents profile for more information
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)
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia
P 08wwwestersonmhcteamcom High Meadows MHC
Property Photos
P 17wwwmarcusmilichapcom Werner Hancock MHP
SPECIAL COVID-19 NOTICE
Brokerage Team
Dylan was hired by Marcus and Millichap Charleston after excelling
in the automotive industry and developing an aptitude for sales in his
early career
Dylan is an integral part of the manufactured housing team put
together by Glenn Esterson Vice President of the national team
Dylan assists clients in selling and buying mobile home communities
providing clients with expertise in asset management portfolio
analysis site selection optimizing and implementing achievable
upside plans traditional brokering and consulting Dylan is focused
on the South Carolina market and surrounding regional markets
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
wwwthemhpexpertcom
Allied Development Corp Glendale CA
Phone (818) 389-1887
tanner_byersoutlookcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
ldquoThe Mobile Home Park Manifestordquo
TEAM AFFILIATE
SENIOR BROKER
Tanner Byers
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
Click on agents profile for more information
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)
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia
P 17wwwmarcusmilichapcom Werner Hancock MHP
SPECIAL COVID-19 NOTICE
Brokerage Team
Dylan was hired by Marcus and Millichap Charleston after excelling
in the automotive industry and developing an aptitude for sales in his
early career
Dylan is an integral part of the manufactured housing team put
together by Glenn Esterson Vice President of the national team
Dylan assists clients in selling and buying mobile home communities
providing clients with expertise in asset management portfolio
analysis site selection optimizing and implementing achievable
upside plans traditional brokering and consulting Dylan is focused
on the South Carolina market and surrounding regional markets
Marcus amp Millichap Charleston SC
Phone (843) 469-0347
DylanHellbergmarcusmillichapcom
TEAM AGENT
Dylan Hellberg
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
wwwthemhpexpertcom
Allied Development Corp Glendale CA
Phone (818) 389-1887
tanner_byersoutlookcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
ldquoThe Mobile Home Park Manifestordquo
TEAM AFFILIATE
SENIOR BROKER
Tanner Byers
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
Click on agents profile for more information
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)
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia
High Meadows MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
wwwestersonmhcteamcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
(720) MHP - 4YOU
Sean BeucheLic RM424190 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Philidelphia