sherwood mhp & bourne end mhp€¦ · sherwood mhp & bourne end mhp | 906 west main street,...

presented by:

Bart Weprin513.936.9110

[email protected]

7358 Liberty One Drive | L iberty Township, OH 45044 | 513-936-9110 | Fax: 513-936-9114 | www.weprinrealty.com

Building Trust.Building Relationships.

Building Value.

SHERWOOD MHP & BOURNE END MHP9 0 6 W E S T M A I N S T R E E T , P E R U , I N 4 6 9 7 0

S H E R W O O D M H P & B O U R N E E N D M H P | 9 0 6 W E S T M A I N S T R E E T , P E R U , I N

Table Of Contents

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31. PROPERTY INFORMATION

Executive Summary 4

Property Description 5

Property Details 7

Additional Photos 8

Additional Photos 9102. LOCATION INFORMATION

Regional Map 11

Location Maps 12

Aerial Map 13143. SALES COMPARABLES

Sale Comps 15

Sale Comps Summary 17

Sale Comps Map 18194. FINANCIAL ANALYSIS

Financial Summary 20

Income & Expenses 21225. DEMOGRAPHICS

Demographics Report 23

Demographics Map 24256. ADVISOR BIOS

Advisor Bio & Contact 1 26

All materials and information received or derived from Weprin Realty, Inc. its directors, officers, agents, advisors, affiliates and/orany third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition ofthe property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financialperformance of the property, projected financial performance of the property for any party’s intended use or any and all othermatters.

Neither Weprin Realty, Inc. its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express orimplied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials andinformation from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s activeconduct of its own due diligence to determine these and other matters of significance to such party. Weprin Realty, Inc. will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct theirown inspections and investigations including through appropriate third party independent professionals selected by such party.All financial data should be verified by the party including by obtaining and reading applicable documents and reports andconsulting appropriate independent professionals. Weprin Realty, Inc. makes no warranties and/or representations regarding theveracity, completeness, or relevance of any financial data or assumptions. Weprin Realty, Inc. does not serve as a financialadvisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, includingthat used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/orprojected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to thatlevel. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factorsand other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with acertified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney.Questions regarding the condition of the property and whether the property complies with applicable governmental requirementsshould be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmentalagencies. All properties and services are marketed by Weprin Realty, Inc. in compliance with all applicable fair housing and equalopportunity laws.



Building Value.

S E C T I O N 1

PROPERTY INFORMATION


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PROPERTY OVERVIEWTwo mobile home parks with a total of 103 pads. All public utilities. Two maintenance personnel for bothparks. Sherwood may offer a real estate play because of it’s strategic location.Sherwood Mobile Home Park consists of 48 pads. All public utilities. No Section 8. No double-wides. 18 totaloccupied units. Two of these tenants rent fixer uppers and pay only the lot rent which is $220 + $45 for waterfor a total of $265. Three tenants own the home via land contract and pay $390 per month for the lot and thehome. 13 Tenants own their own home and only pay the $265 lot and water. The balance of the park isempty. This park may offer a real estate play in that the land is ideally located next to Kroger and across fromMcDonalds.Bourne End Mobile Home Park consists of 66 pads and offers off street parking, all public utilities, oneSection 8 tenant, 2 double-wides. Lot rent is $265 including $45 for water. Tenants pay gas and electric. 5mobile homes need to be torn down. 10 homes are being rented or buying land contract four of which arehave renovated homes and are paying $550 per month, the rest pay an average of $400 per month. 17tenants are only paying the lot rent for a total of 27 paying tenants. 11 Vacant homes.

Government Trailers: Sherwood has 7 government trailers that need to be renovatedBourne End has 8 government trailers of which 7 have already been renovated and 6 are rented.

PROPERTY HIGHLIGHTS

• 103 Pads / $11,650 Per Pad

• Value Add and Real Estate Opportunities / Strategically Located Sherwood MHP

• All Public Utilities

• Tenants Pay Gas, Electric, and Water

PROPERTY SUMMARY

Sale Price: $1,200,000

Number Of Units: 103

Lot Size: 23.5 Acres

Market: Central Indiana

Sub Market: Peru / Wabash

Executive Summary


Property Description



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PROPERTY DESCRIPTION

Two mobile home parks with a total of 103 pads. All public utilities. Two maintenance personnel for bothparks. Sherwood may offer a real estate play because of it’s strategic location.Sherwood Mobile Home Park consists of 48 pads. All public utilities. No Section 8. No double-wides. 18 totaloccupied units. Two of these tenants rent fixer uppers and pay only the lot rent which is $220 + $45 for waterfor a total of $265. Three tenants own the home via land contract and pay $390 per month for the lot and thehome. 13 Tenants own their own home and only pay the $265 lot and water. The balance of the park isempty. This park may offer a real estate play in that the land is ideally located next to Kroger and across fromMcDonalds.Bourne End Mobile Home Park consists of 66 pads and offers off street parking, all public utilities, oneSection 8 tenant, 2 double-wides. Lot rent is $265 including $45 for water. Tenants pay gas and electric. 5mobile homes need to be torn down. 10 homes are being rented or buying land contract four of which arehave renovated homes and are paying $550 per month, the rest pay an average of $400 per month. 17tenants are only paying the lot rent for a total of 27 paying tenants. 11 Vacant homes.

Government Trailers: Sherwood has 7 government trailers that need to be renovatedBourne End has 8 government trailers of which 7 have already been renovated and 6 are rented.

LOCATION DESCRIPTION

Peru is a city in, and the county seat of, Miami County, Indiana, United States. The population was 11,417 atthe 2010 census, making it the most populous city in Miami County. The subject consists of two mobilehome parks with the following addresses: Sherwood MHP: 906 West Main Street and Bourne End MHP: 3Wycombe Drive.

Property Description



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PROPERTY NAME: Sherwood MHP & Bourne End MHP

PROPERTY ADDRESS: 906 West Main Street

Peru, IN 46970

APN: 52-08-33-200-022.000-016 and 52-08-26-200-001.000-016

LOT SIZE: 23.5 Acres

PARKING SPACES: Off Street

YEAR BUILT: 1957/ 1966

NUMBER OF UNITS: 103

Property Details



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Additional Photos



9

Additional Photos




Building Value.

S E C T I O N 2

LOCATION INFORMATION


11

906 West Main Street

Regional Map



12

Location Maps



13

Aerial Map




Building Value.

S E C T I O N 3

SALES COMPARABLES


15

Sale Comps


SUBJECT PROPERTY

906 West Main Street | Peru, IN 46970

$1,200,000Sale Price:

SFBuilding SF:

$1.17Price PSF:

103No. Units:

$11,650Price / Unit:

6.66GRM:

3.64%Cap:

$43,660NOI:

NEW LEBANON MOBILE HOME PARK381 W. Main Street | New Lebanon, OH 45345

$220,000Sale Price:

58No. Units

$3,793Price / Unit

07/15/2016Closed:

1

MASON MHP1010 Reading Road | Mason, OH 45040

$500,000Sale Price:

50No. Units

$10,000Price / Unit

07/09/2014Closed:

2 FLORA MHP/ NEW HORIZONS9975 Flora Road | Harrison, OH 45030

$500,000Sale Price:

1974Year Built:

48No. Units

$10,416Price / Unit

07/01/2014Closed:

3


16

Sale Comps


DEARWESTER'S GEM MHP2705 Dryden Road | Moraine, OH 45439


1959Year Built:

145No. Units

$11,586Price / Unit

12/01/2016Closed:

4 5747 STATE ROUTE 128 MHP5747 State Route 128 | Cleves, OH 45002


1969Year Built:

250No. Units

$6,390Price / Unit

05/14/2014Closed:

5

Distressed Sale

4971 PLEASANT AVE MHP4971 Pleasant Avenue | Fairfield, OH 45014

$750,000Sale Price:

90No. Units

$8,333Price / Unit

09/15/2015Closed:

6


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Sale Comps Summary


SUBJECT PROPERTY PRICE PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

Sherwood MHP & Bourne End MHP906 West Main StreetPeru, IN 46970

$1,200,000 $1.17 $11,650 3.6% 6.66 103 -

SALE COMPS PRICE PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

1New Lebanon Mobile Home Park381 W. Main StreetNew Lebanon, OH 45345

$220,000 - $3,793 - - 58 07/15/2016

2Mason MHP1010 Reading RoadMason, OH 45040

$500,000 - $10,000 - - 50 07/09/2014

3Flora MHP/ New Horizons9975 Flora RoadHarrison, OH 45030

$500,000 - $10,416 - - 48 07/01/2014

4Dearwester's Gem MHP2705 Dryden RoadMoraine, OH 45439

$1,680,000 - $11,586 - - 145 12/01/2016

55747 State Route 128 MHP5747 State Route 128Cleves, OH 45002

$1,597,500 - $6,390 - - 250 05/14/2014

64971 Pleasant Ave MHP4971 Pleasant AvenueFairfield, OH 45014

$750,000 - $8,333 - - 90 09/15/2015

PRICE PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE

TOTALS/AVERAGES $874,583 - $8,186 - - 106.83 -


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Sale Comps Map


906 West Main Street | Peru, IN 46970SUBJECT PROPERTY

1

381 W. Main StreetNew Lebanon, OH 45345

NEW LEBANON MOBILE HOME PARK

2

1010 Reading RoadMason, OH 45040

MASON MHP

3

9975 Flora RoadHarrison, OH 45030

FLORA MHP/ NEW HORIZONS

4

2705 Dryden RoadMoraine, OH 45439

DEARWESTER'S GEM MHP

5

5747 State Route 128Cleves, OH 45002

5747 STATE ROUTE 128 MHP

6

4971 Pleasant AvenueFairfield, OH 45014

4971 PLEASANT AVE MHP



Building Value.

S E C T I O N 4

FINANCIAL ANALYSIS


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INVESTMENT OVERVIEW

Price $1,200,000Price per Unit $11,650GRM 6.7CAP Rate 3.6%Cash-on-Cash Return (yr 1) 3.64 %Total Return (yr 1) $43,660Debt Coverage Ratio -

OPERATING DATA

Gross Scheduled Income $180,144Other Income -Total Scheduled Income $180,144Vacancy Cost $0Gross Income $180,144Operating Expenses $136,484Net Operating Income $43,660Pre-Tax Cash Flow $43,660

FINANCING DATA

Down Payment $1,200,000Loan Amount -Debt Service -Debt Service Monthly -Principal Reduction (yr 1) -

Financial Summary



21

Income & Expenses


INCOME SUMMARY PER SF

Bourne End March 2017 YTD Annualized $98,880 $0.10Sherwood March 2017 YTD Annualized $81,264 $0.08

GROSS INCOME $180,144 $0.18

EXPENSE SUMMARY PER SF

Real Estate Taxes Bourne End $5,218 $0.01Real Estate Taxes Sherwood $7,687 $0.01Insurance Bourne End $3,878 $0.00Insurance Sherwood $1,653 $0.00Management Bourne End $3,920 $0.00Management Sherwood $3,248 $0.00Repairs & Maintenance Bourne End $18,424 $0.02Repairs & Maintenance Sherwood $10,080 $0.01Electric Bourne End $3,880 $0.00Electric Sherwood $604 $0.00Fire Protection Bourne End $908 $0.00Fire Protection Shewood $112 $0.00Sewage Bourne End $23,336 $0.02Sewage Sherwood $25,212 $0.02Trash Bourne End $624 $0.00Stormwater Sherwood $2,700 $0.00Water Bourne End $13,084 $0.01Water Sherwood $11,916 $0.01

GROSS EXPENSES $136,484 $0.13

NET OPERATING INCOME $43,660 $0.04



Building Value.

S E C T I O N 5

DEMOGRAPHICS


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Demographics Report


1 MILE 3 MILES 5 MILES

Total households 1,054 6,067 8,730

Total persons per hh 2.6 2.6 2.7

Average hh income $42,043 $42,449 $44,759

Average house value $127,166 $126,599 $124,826

1 MILE 3 MILES 5 MILES

Total population 2,793 15,731 23,965

Median age 37.8 39.8 39.7

Median age (male) 37.2 38.8 38.7

Median age (female) 41.2 42.2 42.1

* Demographic data derived from 2010 US Census


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* Demographic data derived from 2010 US Census

1 Mile 3 Miles 5 Miles

Total Population 2,793 15,731 23,965

Population Density 889 556 305

Median Age 37.8 39.8 39.7

Median Age (Male) 37.2 38.8 38.7

Median Age (Female) 41.2 42.2 42.1

Total Households 1,054 6,067 8,730

# of Persons Per HH 2.6 2.6 2.7

Average HH Income $42,043 $42,449 $44,759

Average House Value $127,166 $126,599 $124,826

Demographics Map




Building Value.

S E C T I O N 6

ADVISOR BIO


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7358 Liberty One DriveLiberty Township, OH 45044

T 513.936.9110C [email protected]

PresidentBART WEPRIN Professional Background

Bart Weprin serves as President and Managing Broker for Weprin Realty, Inc., specializing in the sale of multifamily,office and net lease properties throughout the United States. He has over 20 years of experience in commercial realestate.

Weprin's success is based on the understanding that each property is more than facts and figures and each sale ismore than a dollar value; it is about client service and building relationships. He knows that any given transaction mustfit into the big picture for his clients and their life goals.

Prior to establishing his own company, Weprin Realty, Inc., Bart spent 12 years as a Managing Director for Sperry VanNess Commercial Real Estate consistently ranking among the top 15 sales advisors out of more than 800 nationwide.He has also served as a Senior Investment Associate with Marcus & Millichap in Cincinnati, Ohio. During his career, hehas secured over 200 transactions valued at over $400 million.

Memberships & AffiliationsA resident of Cincinnati/Dayton, Ohio, Weprin is the past president of the Ohio Commercial Real Estate ExchangesAssociation.He is a CCIM candidate and a licensed real estate broker in Ohio.

EducationBart received his bachelor's degree in business from Ohio State University.

Advisor Bio


sherwood mhp & bourne end mhp€¦ · sherwood mhp & bourne end mhp | 906 west main street,...

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