waverly mhc - Mobile Home Parks for Sale

Sus
sex
WAVERLY MHC
40
A 25-SITE MANUFACTURED HOME COMMUNITY INVESTMENT OPPORTUNITY
WAVERLY MHC
2 9 1 7 7 T r a i l e r L n . , W a v e r l y , V A 2 3 8 9 0 Price: $300,000
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WAVERLY MHC
WAVERLY
MHC
Waverly MHC
Price: $300,000
Terms: All Cash
INVESTMENT HIGHLIGHTS
SITE INFORMATION
Location
29177 Trailer Ln
Waverly, VA 23890
County •
Rare opportunity to purchase a well-maintained,
low-density 25 site community with expansion
possibility
•
Community is serviced by public water and public
sewer
•
There are 22 inventory homes included in the sale,
19 of which are currently occupied and generating
income
•
Entirely single section homes with off street parking
•
Opportunity to grow occupancy by bringing in
new/used homes and to increase rental rates - no
rent control in Virginia
Sussex
Total Sites
25
Tax Parcel ID
000009181-001
Community Type
All Age
Economic Occupancy
80% (as of June 2012)
Avg Land Lease Rents
$250 (Includes Trash)
Inventory Homes
Occupied
Vacant
22 (Included in Sale)
19 (as of June 2012)
3 (as of June 2012)
Inventory Home Rent
$200
Land Size
19.5 acres (1.28 sites per acre)
Roads
AREA HIGHLIGHTS
Gravel
Utility Systems
Water
Sewer
Electricity
Trash
Town of Waverly (Individually metered)
Town of Waverly (Individually metered)
Prince George Electric Co-op
Atlantic Waste Company
•
Conveniently located in Waverly, VA, a town of
roughly 2,400 residents situated between Richmond,
VA, the state capitol 45 miles to the northwest, and
Norfolk, VA, 55 miles to the southeast
•
Close proximity to major thoroughfares, such as
HWY 460 which leads to Petersburg, VA, 25 miles to
the northwest and to Suffolk, VA, only 39 miles to the
southeast
•
Richmond is the third largest metropolitan area in
Virginia, with more than 1,269,000 people in the
MSA. It is also the state capitol and home to the
United States Court of Appeals for the Fourth Circuit,
and the Federal Reserve Bank of Richmond
•
Located at the mouth of the Chesapeake Bay,
Norfolk is part of the Hampton Roads MSA, the
second largest in the state with a population of
over 1,670,000, and is considered to be the historic,
urban, financial, and cultural center for the region.
It is also home to the Norfolk Naval base, the world’s
largest such base
•
Waverly itself is home to one of the state’s principal
forestry offices and the surrounding area has long
been the state’s largest timber producing region
•
The local economy of Sussex County is largely
based on agriculture and agricultural-related
manufacturing. Principal crops include peanuts,
cotton, corn and tobacco
FINANCIAL ANALYSIS
INCOME
GROSS SCHEDULED RENT1
Less: Vacancy
Less: Bad Debt
TOTAL RENTAL INCOME
PER SITE
$75,000
$3,000
15,000
600
18,750
750
$41,250
$1,650
Plus: Home Rental Income2
29,925
1,197
Effective Gross Income
$71,175
$2,847
PROFORMA
PER SITE
23,750
950
2,500
100
OPERATING EXPENSES
Repairs and Maintenance
Administrative
Marketing
Utilities3
TOTAL VARIABLE EXPENSES
Taxes4
Insurance
Management Fees
TOTAL OPERATING EXPENSES
Plus: Capital Reserves5
PROFORMA
625
25
7,575
303
$34,450
$1,378
1,091
44
925
37
4,271
171
$40,736
$1,630
1,000
40
TOTAL EXPENSES
$41,736
$1,669
NET OPERATING INCOME
$29,439
$1,178
NOTE:
1 Proforma GSR grown 0% from the rent roll
2 Home Rental Income based on current rent roll
3 Adjusted Utilities grown 3% from 2011
4 Proforma Taxes = 2011 Tax grown by 3%
5 Numbers do not reflect actual expense
WAVERLY MHC LOCATION MAP
RICHMOND
295
95
76
288
GLOUCESTER
POCAHONTAS STATE
PARK & FOREST
MOBJACK
BAY
64
295
CHESAPEAKE
BAY
COBHAM
BAY
PETERSBURG
COLONIAL NATIONAL
HISTORICAL PARK
SPRING GROVE
460
85
NEWPORT
NEWS
BURWELL
BAY
WAVERLY
HAMPTON
13
664
95
64
WAVERLY MHC
NORFOLK
460
CHESAPEAKE
13
SUFFOLK
58
264
GREAT DISMAL
SWAMP NATIONAL
WILDLIFE REFUGE
168
HOUSING COST COMPARISON
Local Waverly Housing Cost Comparison
We believe that Waverly MHC is well positioned among competing housing options. As illustrated below, the price point to rent or own a manufactured home in Waverly MHC compares
favorably to what it would cost to rent a local apartment of similar size, or to buy a stick built single family home in the area.
Monthly
Monthly
Monthly Site
Price
Int. Rate*
Amort.*
Montly P&I
Taxes
Home Rent
Rent
Monthly Total
Payment
Average SW home in Waverly MHC
$10,000
10.00%
15
$107
$5
-
$220
$332
$500
Average SW rental in Waverly MHC
-
-
-
-
-
$200
$250
$450
$150
2 Bed Apt Rent - Waverly Village Apts
-
-
-
-
-
$609
$0
$609
$609
2012 Median Single Family Home Price
Notes:
$114,814
7.00%
30
$726
$144
-
-
$869
$5,741
Type
1. Down payment assumption is 5%
2. PMI insurance, homeowner’s insurance, closing costs were disregarded for purposes of simplicity
3. Taxes are assumed to be 1.5% of the home value
4. Average home price in subject is estimate based on age and quality of park
5. Avg Apt Rental costs from Waverly Estates Apts in Waverly, VA
6. 2012 Estimated Median All Owner Occupied Housing Value w/ in 5-mile radius
* Estimates based on current market
Down
PRESENTED BY
ARA National Manufactured
Housing Group
FOR MORE INFORMATION
ON THIS PROPERTY
PLEASE CONTACT
NATIONAL MANUFACTURED
HOUSING GROUP:
Brian Vita
512.637.1221
bvita@ARAusa.com
Andrew Shih
512.637.1219
ashih@ARAusa.com
901 S. MoPac Expressway
Barton Oaks Plaza II, Suite 275
Austin, Texas 78746
Tel: 512.637.1237
Fax: 512.637.1740
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.
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