STEWART SEVEN-PARK MANUFACTURED HOME COMMUNITY PORTFOLIO · 2017. 10. 3. · MHP, respectively). The lot rents range from $100 - $130 - $150, with an average lot rent of $139. Five

STEWART SEVEN-PARKMANUFACTURED HOME COMMUNITY PORTFOLIO

SEPTEMBER 2017

CONFIDENTIAL EXECUTIVE OFFERING MEMORANDUM

ALBANY, GA 31705

MAXWELL BAKER/404-442-2807/[email protected]

MAXWELL BAKER/404-442-2807/[email protected]

TABLE OF CONTENTSOFFERING OVERVIEW• Welcome Letter

STEWART SEVEN-PARK PORTFOLIO • Executive Summary• Key Considerations• Investment Highlights• Financial Overview• Demographics• Location Map• Rent Comps

PINEY WOODS ESTATES• Property Description• Aerial Map• Rent Roll

SUBURBAN MOBILE HOME PARK• Property Description• Aerial Map• Rent Roll

PINEHILL MOBILE HOME PARK• Property Description • Aerial Map• Rent Roll

PINE TRACE MOBILE HOME PARK• Property Description• Aerial Map• Rent Roll

STERLING WAY MOBILE HOME PARK• Property Description• Aerial Map• Rent Roll

MOCK MOBILE HOME PARK• Property Description• Aerial Map• Rent Roll

MERCEDES MOBILE HOME PARK• Property Description• Aerial Map• Rent Roll

ADVISOR BIOS

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WELCOME LETTERINVESTMENT OPPORTUNITYWe welcome the opportunity to provide you with our in depth overview of Stewart Seven-Park Manufactured Home Community Portfolio and its position in this current market. We will give you our honest, no holds barred assessment of this portfolio which consists of 215 units so you have a better understanding of how this investment currently performs, its investment potential, and what it takes to get it there.

As leading specialists in the industry, our primary interest is to give you a clear understanding of the driving forces in the current marketplace. Our evaluation is based on verifiable data, market knowledge and proven experience that we feel will serve your best interest at this time.

We invite you to thoroughly review this offering memorandum, If you have further interest, please contact us to discuss any questions you may have, as well as schedule a tour of the property.

GUIDELINES

Offers must be presented in writing and include:

• Price

• Source of capital and relevant experience

• Proposed schedule of due diligence and closing

• Amount of earnest money

• List of contingencies including committee approvals, possible 1031 exchanges, etc.

OFFERING OVERVIEW | 3MAXWELL BAKER/404-442-2807/[email protected]

PROPERTY LOCATION: Albany, GA 31705

PROPERTY TYPE: Manufactured Home Community

TOTAL LOTS: 215 pads

VACANT PADS: 74

TOTAL POH: 107 POH

LOT RENT: $100 - $130 - $150 per month

AVERAGE POH RENT: $273 per month plus lot rent ($412 total)

ACRES: ± 52.7 acres

PRICE PER PAD: $9,800

TOTAL PRICE: $2,100,000

EXECUTIVE SUMMARY

INVESTMENT OPPORTUNITYLee & Associates and The MHP Broker are pleased to offer the sale of Stewart Seven-Park Manufactured Home Community Portfolio in Albany (Dougherty County), Georgia, ideally located near all amenities close to downtown Albany.

This seven-park portfolio is offered as a value-add with plenty of upside in a strong market in Albany GA MSA. The parks are all within 7 miles of each other, consisting of a total of 215 lots with 34 lot-rent-only tenants. There are 74 vacant lots in total, making the occupancy rate roughly 58%.

Park 1 (Piney Woods Estates) and Park 2 (Suburban MHP) are adjacent to each other; as well as parks 3, 4, and 5 (Pinehill MHP, Pine Trace MHP, and Sterling Way MHP, respectively). The lot rents range from $100 - $130 - $150, with an average lot rent of $139. Five of the parks in this MHC portfolio have city sewer and city water that is sub-metered and direct billed to the tenants. The other parks, Park 6 (Mock MHP) and Park 7 (Mercedes MHP), have direct bill city water and septic systems. Most septics are 2/1, and city sewer is available. At four of the communities, the tenants are directly responsible for the trash expense.

There are 107 park-owned homes that are in good condition of mostly mid-1990s models. For the most part, the tenant-owned units are in fair shape with majority of them being ‘80s and ‘90s models. The privately maintained roads are paved and in average condition and may be in need of some minor repairs, as our offering price suggests. Additionally, the parks are NOT in a flood zone.

This portfolio is being offered as a value-add investment with a 8.00% CAP on current lot rent only using a 40% expense ratio plus consideration for the park-owned homes. There is an additional $294,000 of POH rental income that has not been capitalized and is not included in the CAP rate. We are asking investors for shell value only on the 107 POH of $5,000 each, well below replacement cost. Although we are looking for cash offers, Bridge Financing is available for this deal. At full price, using a Bridge loan (8% interest only, 50% down) the overall Cash On Cash Return for the park is ±27.5%. The price per lot is about $9,800 each and includes full infrastructure for each lot. We are asking our investors to submit offers at or above $2.1M for the entire portfolio including POH. The potential of this portfolio using an 85% occupancy and only calculating the $200 Lot Rent Value and equal consideration for the POH is $3.46M.

STEWART SEVEN-PARK PORTFOLIO | 4MAXWELL BAKER/404-442-2807/[email protected]

KEY INVESTMENT CONSIDERATIONSPROPERTY ADDRESS:

Lots Park Value# Pads: 17 Piney Woods 166,047$215 68 Suburban 664,186$

77 SW, PT, PH 752,093$24 Mock 234,419$29 Mercedes 283,256$ Seller Buyer

Based on Purchase Price of List Price: 2,100,000$ Current YEAR 1 $ 2,100,000 $ 2,100,000

Base RentPad Rents 206,160$ 206,160$Vacant Pads at Market Rents 42.33% 163,800$ 163,800$

Gross Potential Rent Income (GPRI) 369,960$ 369,960$Reimbursements

Water None -$ -$Total Expense Reimbursement -$ -$GROSS POTENTIAL INCOME (GPI) 369,960$ 369,960$

VACANCY 74 Lots + 17 POH Using Current 163,800$ 163,800$

EFFECTIVE GROSS INCOME (EGI) 206,160$ 206,160$EXPENSES:

R/E TAX 10,069$ 12,500$INSURANCE Liability 2,000$FLOOD INS Not in Flood Zone

MANAGEMENT 10% Lot Income 20,616$PAYROLL 30,000$

MAINTENANCE 15,000$WATER Direct BillSEWER 5 Parks Direct Bill

SEPTIC PUMP 2 Parks, 2/1 Avg. 1,200$ 2,050$SEPTIC REPAIRS None

TRASH 4 Parks Direct Bill 12,125$ 12,500$ELECTRICTY General 4,512$ 5,000$LANDSCAPE Maintance Man Mows Lots 9,000$

ADVERTISING 1,000$LEGAL 1,000$

LIC / PERMITS 500$TRAVEL 500$ROADS 1,200$

TOTAL EXPENSES 57,906$ 82,866$

NOI--------------------------------------------------------------------------------- 148,254$ 123,294$

INCOME & EXPENSE REPORT

Stewart Portfolio - Albany GA OTHER INCOME (Not Capitalized Income)

POH Rents 294,336$ 294,336$POH Expense -$ (147,168)$

TOTAL OTHER INCOME 442,590$ 270,462$

OPERATING CASH FLOW BEFORE DEBT 590,844$ 393,756$Interest Rate Amort. Years Down Payment

DEBT SERVICE #1 10.000% 0 50% 105,000$ 105,000$DEBT SERVICE #2 -$TOTAL DEBT SERVICE------------------------------------------------------------ 105,000$ 105,000$

CASH FLOW-------------------------------------------------------------------------- 485,844$ 288,756$PRINCIPAL REDUCTION -$

485,844$ 288,756$

CAP RATE (NOI/PP) 7.06% 5.87%COCR (CF/DP) 46.3% 27.5%EXP RATIO (EXP/EGI) 28.1% 40.2%TOTAL RETURN (CF+PRIN / DP) 46.3% 27.5%PRINCIPAL REDUCTIONDCR (NOI/DS) 1.41 1.17PRICE PER PAD 9,767.44$ 9,767.44$

TOTAL PRE-TAX CASH FLOW

ADVISED PRICING CAP RATE %LOT VALUE 1,541,175$ 8.00% CAPPOH VALUE 535,000$ 1.75 | $5000 GRM / Per RTOTOTAL VALUE $2,076,175 5.94% ALL IN CAP

PRO-FORMA VALUE 85% OccupiedLOT VALUE $2,924,000 9% CAP Lot Rent $200POH VALUE 535,000$ 1.75 | $5000 GRM / Per RTOTOTAL VALUE $3,459,000 40% Exp Ratio


INVESTMENT HIGHLIGHTS

• 215 Lot Value-Add Portfolio with Motivated Seller • 27.50% Cash On Cash Return• Located within the City Limits of Albany, GA• 8.00% CAP on Lot Rent w/ 40% Expense Ratio• Direct Billed City Water and Sewer• Large Lots• 107 POH - $5,000 Shell Value

• Parks could use landscaping improvements• Homes are 1990s models; some may need

renovations• Seller’s bookkeeping records are limited• Piney Woods Estates is vacant• Some roads may need some minor repairs

KNOWN ISSUES


LOT RENT: $100 - $130 - $150 per month

POH (NOT INCLUDING LOT RENT): $273 per month plus lot rent ($411 total)

TOTAL PRICE: $2,100,000

DOWN PAYMENT: 50% / $1,050,000

TOTAL PADS: 215

PRICE PER PAD: $9,800

PARCEL SIZE: ± 52.7 Acres

FINANCIAL OVERVIEW


STEWART 7-PARK PORTFOLIO - DEMOGRAPHICS1 MILE 3 MILES 5 MILES

POPULATION

2022 PROJECTION 2,930 13,860 34,051

2017 ESTIMATE 3,134 14,784 35,855

2010 CENSUS POPULATION 3,246 15,465 37,630

HOUSEHOLDS

2022 HH PROJECTION 1,223 5,752 13,237

2017 HH ESTIMATE 1,196 5,623 12,835

2010 HH CENSUS 1,179 5,608 12,766

2017 ESTIMATED POPULATION BY RACE

WHITE 15.9% 16.0% 16.8%

BLACK OR AFRICAN AMERICAN 77.6% 78.6% 79.3%

OTHER 5.5% 4.6% 2.9%

INCOME

2017 ESTIMATED AVERAGE HH INCOME $45,465 $36,166 $38,209

2017 ESTIMATED MEDIAN HH INCOME $34,439 $27,657 $38,209

2017 ESTIMATED PER CAPITA INCOME $17,365 $14,055 $14,282

AGE

MEDIAN AGE 29.6 30.3 31.6


STEWART 7-PARK PORTFOLIO - LOCATION MAP


COMPETITIVE RENT COMPSPHOTO PARK NAME # OF PADS LOT RENT COMP DATE

STEWART SEVEN-PARK MHCALBANY, GA

215 $139

(average rent)

2017

1OAKGROVE DOUGHERTY MHPALBANY, GA

175 $162 2017

2DUNES MHP ALBANY, GA

75 $185 2017

3LOBLOLLY MHPALBANY, GA

55 $175 2017


COMPETITIVE RENT COMPSPHOTO PARK NAME # OF PADS LOT RENT COMP DATE

4ROWARD MHPALBANY, GA

50 $225 2017

5EALUM ESTATES MHPALBANY, GA

10 $250 2017

6MIMOSA MHPALBANY, GA

104 $250 2017

7SOMER MHP / DEVONCREST RVALBANY, GA

70 $375 2017


PINEY WOODS ESTATES - PROPERTY DESCRIPTIONTHE OFFERING

PROPERTY ADDRESS: 3527 Sylvester Rd.Albany, GA 31705

COUNTY: Dougherty

PARCEL NUMBERS: 00138/00001/02H

SITE DESCRIPTION

# OF PADS: 17

TOTAL LAND AREA: ± 11.6 acres

POH / LEASE OPTION HOMES: 0 POH / 0 LP

ZONING: N/A (commercial)

MECHANICAL

WATER: Direct Bill Water Sewer

ELECTRIC: 100 / 200 AMP

PINEY WOODS ESTATES | 12MAXWELL BAKER/404-442-2807/[email protected]

PINEY WOODS ESTATES - AERIAL MAP


PINEY WOODS ESTATES - RENT ROLLOwners Unit # Park Name Rent Type Unit Type Notes Lot Rent Home Rent Rent Annual Rent

1 Piney Woods Estates Vacant Lot -$ -$ 2 Piney Woods Estates Lot Rent 150$ 150$ 1,800$ 3 Piney Woods Estates Vacant Lot -$ -$ 4 Piney Woods Estates Vacant Lot -$ -$ 5 Piney Woods Estates Lot Rent 150$ 150$ 1,800$ 6 Piney Woods Estates Vacant Lot -$ -$ 7 Piney Woods Estates Vacant Lot -$ -$ 8 Piney Woods Estates Vacant Lot -$ -$ 9 Piney Woods Estates Vacant Lot -$ -$

10 Piney Woods Estates Vacant Lot -$ -$ 11 Piney Woods Estates Vacant Lot -$ -$ 12 Piney Woods Estates Vacant Lot -$ -$ 13 Piney Woods Estates Vacant Lot -$ -$ 14 Piney Woods Estates Vacant Lot -$ -$ 15 Piney Woods Estates Lot Rent 130$ 130$ 1,560$ 16 Piney Woods Estates Vacant Lot -$ -$ 17 Piney Woods Estates Vacant Lot -$ -$


SUBURBAN MHP - PROPERTY DESCRIPTIONTHE OFFERING

PROPERTY ADDRESS: 3205 Sylvester Rd.Albany, GA 31705

COUNTY: Dougherty

PARCEL NUMBERS: 00138/00001/025

SITE DESCRIPTION

# OF PADS: 68


POH / LEASE OPTION HOMES: 34 (30 occupied, 4 vacant)


MECHANICAL

WATER: Direct Bill Water and Sewer


SUBURBAN MOBILE HOME PARK | 15MAXWELL BAKER/404-442-2807/[email protected]

SUBURBAN MHP - AERIAL MAP


SUBURBAN MHP - RENT ROLLOwners Unit # Park Name Rent Type Unit Type Notes Lot Rent Home Rent Rent Annual Rent

1 Suburban MHP Lot Rent 150$ 150$ 1,800$ 2 Suburban MHP POH 150$ 175$ 325$ 3,900$ 3 Suburban MHP Lot Rent 150$ 150$ 1,800$ 4 Suburban MHP POH 150$ 245$ 395$ 4,740$ 5 Suburban MHP POH 150$ 300$ 450$ 5,400$ 6 Suburban MHP Lot Rent 150$ 150$ 1,800$ 7 Suburban MHP Vacant Lot -$ -$ 8 Suburban MHP Vacant Lot -$ -$ 9 Suburban MHP POH 150$ 400$ 550$ 6,600$

10 Suburban MHP POH 150$ 400$ 550$ 6,600$ 11 Suburban MHP POH 150$ 375$ 525$ 6,300$ 12 Suburban MHP Lot Rent 150$ 150$ 1,800$ 13 Suburban MHP Lot Rent 150$ 150$ 1,800$ 14 Suburban MHP Lot Rent 150$ 150$ 1,800$ 15 Suburban MHP Lot Rent 150$ 150$ 1,800$ 16 Suburban MHP POH 150$ 210$ 360$ 4,320$ 17 Suburban MHP POH 150$ 310$ 460$ 5,520$ 18 Suburban MHP Vacant POH -$ -$ 19 Suburban MHP POH 150$ 275$ 425$ 5,100$ 20 Suburban MHP Vacant Lot -$ -$ 21 Suburban MHP Vacant Lot -$ -$ 22 Suburban MHP POH 150$ 250$ 400$ 4,800$ 23 Suburban MHP Lot Rent 150$ 150$ 1,800$ 24 Suburban MHP POH 150$ 375$ 525$ 6,300$ 25 Suburban MHP Vacant POH -$ -$ -$ 26 Suburban MHP Vacant Lot -$ -$ 27 Suburban MHP Vacant Lot -$ -$ 28 Suburban MHP Lot Rent 150$ 150$ 1,800$ 29 Suburban MHP POH 150$ 325$ 475$ 5,700$ 30 Suburban MHP Vacant Lot -$ -$ 31 Suburban MHP Vacant Lot -$ -$ 32 Suburban MHP POH 150$ 310$ 460$ 5,520$ 33 Suburban MHP POH 150$ 310$ 460$ 5,520$ 34 Suburban MHP POH 150$ 310$ 460$ 5,520$ 35 Suburban MHP Vacant Lot -$ -$ 36 Suburban MHP POH Sec8 150$ 315$ 465$ 5,580$ 37 Suburban MHP Vacant Lot -$ -$ 38 Suburban MHP Vacant Lot -$ -$ 39 Suburban MHP Lot Rent 150$ 150$ 1,800$ 40 Suburban MHP POH 150$ 275$ 425$ 5,100$ 41 Suburban MHP POH 150$ 275$ 425$ 5,100$ 42 Suburban MHP POH 150$ 275$ 425$ 5,100$ 43 Suburban MHP Vacant Lot -$ -$ 44 Suburban MHP POH 150$ 300$ 450$ 5,400$ 45 Suburban MHP Lot Rent 150$ 150$ 1,800$ 46 Suburban MHP POH 150$ 325$ 475$ 5,700$ 47 Suburban MHP POH 150$ 400$ 550$ 6,600$ 48 Suburban MHP Vacant POH -$ -$ 49 Suburban MHP POH 150$ 424$ 574$ 6,888$ 50 Suburban MHP POH 150$ 310$ 460$ 5,520$ 51 Suburban MHP POH 150$ 300$ 450$ 5,400$ 52 Suburban MHP Lot Rent 150$ 150$ 1,800$ 53 Suburban MHP Vacant POH -$ -$ 54 Suburban MHP Vacant Lot -$ -$ 55 Suburban MHP POH 150$ 300$ 450$ 5,400$ 56 Suburban MHP Lot Rent 150$ 150$ 1,800$ 57 Suburban MHP POH 150$ 275$ 425$ 5,100$ 58 Suburban MHP POH 150$ 375$ 525$ 6,300$ 59 Suburban MHP Vacant Lot -$ -$ 60 Suburban MHP POH 150$ 425$ 575$ 6,900$ 61 Suburban MHP Lot Rent 150$ 150$ 1,800$ 62 Suburban MHP Vacant Lot -$ -$ 63 Suburban MHP Lot Rent 150$ 150$ 1,800$ 64 Suburban MHP Vacant Lot -$ -$ 65 Suburban MHP Vacant Lot -$ -$ 66 Suburban MHP Vacant Lot -$ -$ 67 Suburban MHP Lot Rent 150$ 150$ 1,800$


SUBURBAN MHP - RENT ROLLOwners Unit # Park Name Rent Type Unit Type Notes Lot Rent Home Rent Rent Annual Rent

37 Suburban MHP Vacant Lot -$ -$ 38 Suburban MHP Vacant Lot -$ -$ 39 Suburban MHP Lot Rent 150$ 150$ 1,800$ 40 Suburban MHP POH 150$ 275$ 425$ 5,100$ 41 Suburban MHP POH 150$ 275$ 425$ 5,100$ 42 Suburban MHP POH 150$ 275$ 425$ 5,100$ 43 Suburban MHP Vacant Lot -$ -$ 44 Suburban MHP POH 150$ 300$ 450$ 5,400$ 45 Suburban MHP Lot Rent 150$ 150$ 1,800$ 46 Suburban MHP POH 150$ 325$ 475$ 5,700$ 47 Suburban MHP POH 150$ 400$ 550$ 6,600$ 48 Suburban MHP Vacant POH -$ -$ 49 Suburban MHP POH 150$ 424$ 574$ 6,888$ 50 Suburban MHP POH 150$ 310$ 460$ 5,520$ 51 Suburban MHP POH 150$ 300$ 450$ 5,400$ 52 Suburban MHP Lot Rent 150$ 150$ 1,800$ 53 Suburban MHP Vacant POH -$ -$ 54 Suburban MHP Vacant Lot -$ -$ 55 Suburban MHP POH 150$ 300$ 450$ 5,400$ 56 Suburban MHP Lot Rent 150$ 150$ 1,800$ 57 Suburban MHP POH 150$ 275$ 425$ 5,100$ 58 Suburban MHP POH 150$ 375$ 525$ 6,300$ 59 Suburban MHP Vacant Lot -$ -$ 60 Suburban MHP POH 150$ 425$ 575$ 6,900$ 61 Suburban MHP Lot Rent 150$ 150$ 1,800$ 62 Suburban MHP Vacant Lot -$ -$ 63 Suburban MHP Lot Rent 150$ 150$ 1,800$ 64 Suburban MHP Vacant Lot -$ -$ 65 Suburban MHP Vacant Lot -$ -$ 66 Suburban MHP Vacant Lot -$ -$ 67 Suburban MHP Lot Rent 150$ 150$ 1,800$ 68 Suburban MHP POH Sec8 150$ 425$ 575$ 6,900$


PINEHILL MHP - PROPERTY DESCRIPTIONTHE OFFERING

PROPERTY ADDRESS: 614 Johnson RdAlbany, GA 31705

COUNTY: Dougherty


SITE DESCRIPTION

# OF PADS: 28


POH / LEASE OPTION HOMES: 20 / None


MECHANICAL

WATER: Direct Bill Water Sewer Trash


PINEHILL MOBILE HOME PARK | 19MAXWELL BAKER/404-442-2807/[email protected]

PINEHILL MHP - AERIAL MAP


PINEHILL MHP - RENT ROLLUnit Owners Unit # Park Name Rent Type Unit Type Notes Lot Rent Home Rent Rent Annual Rent

135 1 Pinehill MHP POH 110$ 235$ 345$ 4,140$ 136 2 Pinehill MHP POH 110$ 240$ 350$ 4,200$ 137 3 Pinehill MHP POH 110$ 265$ 375$ 4,500$ 138 4 Pinehill MHP POH 110$ 285$ 395$ 4,740$ 139 5 Pinehill MHP Vacant Lot -$ -$ 140 6 Pinehill MHP Vacant POH -$ -$ 141 7 Pinehill MHP POH 110$ 215$ 325$ 3,900$ 142 8 Pinehill MHP Lot Rent 110$ 110$ 1,320$ 143 9 Pinehill MHP POH 110$ 340$ 450$ 5,400$ 144 10 Pinehill MHP POH 110$ 165$ 275$ 3,300$ 145 11 Pinehill MHP Vacant Lot -$ -$ 146 12 Pinehill MHP POH 110$ 215$ 325$ 3,900$ 147 13 Pinehill MHP Vacant POH -$ -$ 148 14 Pinehill MHP POH 110$ 215$ 325$ 3,900$ 149 15 Pinehill MHP POH 110$ 265$ 375$ 4,500$ 150 16 Pinehill MHP POH 110$ 250$ 360$ 4,320$ 151 17 Pinehill MHP POH 110$ 315$ 425$ 5,100$ 152 18 Pinehill MHP Vacant Lot -$ -$ 153 19 Pinehill MHP POH 110$ 215$ 325$ 3,900$ 154 20 Pinehill MHP POH 110$ 315$ 425$ 5,100$ 155 21 Pinehill MHP POH 110$ 190$ 300$ 3,600$ 156 22 Pinehill MHP POH Sec8 110$ 269$ 379$ 4,548$ 157 23 Pinehill MHP Vacant Lot -$ -$ 158 24 Pinehill MHP POH 110$ 265$ 375$ 4,500$ 159 25 Pinehill MHP Vacant Lot -$ -$ 160 26 Pinehill MHP Lot Rent 110$ 110$ 1,320$ 161 27 Pinehill MHP POH 110$ 165$ 275$ 3,300$ 162 28 Pinehill MHP Vacant Lot -$ -$


THE OFFERING


COUNTY: Dougherty


SITE DESCRIPTION

# OF PADS: 33




MECHANICAL

WATER: Direct Bill Water Sewer Trash


PINE TRACE MHP - PROPERTY DESCRIPTION

PINE TRACE MOBILE HOME PARK | 22MAXWELL BAKER/404-442-2807/[email protected]

PINE TRACE MHP - AERIAL MAP


PINE TRACE MHP - RENT ROLLUnit Owners Unit # Park Name Rent Type Unit Type Notes Lot Rent Home Rent Rent Annual Rent

102 1 Pine Trace MHP Vacant Lot -$ -$ 103 2 Pine Trace MHP Vacant POH DW -$ -$ 104 3 Pine Trace MHP Vacant Lot -$ -$ 105 4 Pine Trace MHP Vacant Lot -$ -$ 106 5 Pine Trace MHP Lot Rent 150$ 150$ 1,800$ 107 6 Pine Trace MHP POH 150$ 245$ 395$ 4,740$ 108 7 Pine Trace MHP POH DW 150$ 300$ 450$ 5,400$ 109 8 Pine Trace MHP POH 150$ 150$ 300$ 3,600$ 110 9 Pine Trace MHP POH 150$ 175$ 325$ 3,900$ 111 10 Pine Trace MHP POH 150$ 150$ 300$ 3,600$ 112 11 Pine Trace MHP POH 150$ 200$ 350$ 4,200$ 113 12 Pine Trace MHP POH 150$ 300$ 450$ 5,400$ 114 13 Pine Trace MHP POH 150$ 425$ 575$ 6,900$ 115 14 Pine Trace MHP Vacant Lot -$ -$ 116 15 Pine Trace MHP POH 150$ 225$ 375$ 4,500$ 117 16 Pine Trace MHP POH 150$ 245$ 395$ 4,740$ 118 17 Pine Trace MHP POH 150$ 345$ 495$ 5,940$ 119 18 Pine Trace MHP Vacant Lot -$ -$ 120 19 Pine Trace MHP Vacant POH -$ -$ 121 20 Pine Trace MHP POH 150$ 175$ 325$ 3,900$ 122 21 Pine Trace MHP Vacant POH DW -$ -$ 123 22 Pine Trace MHP Lot Rent 110$ 110$ 1,320$ 124 23 Pine Trace MHP POH 150$ 200$ 350$ 4,200$ 125 24 Pine Trace MHP POH 150$ 345$ 495$ 5,940$ 126 25 Pine Trace MHP POH 150$ 300$ 450$ 5,400$ 127 26 Pine Trace MHP Lot Rent 110$ 110$ 1,320$ 128 27 Pine Trace MHP Vacant Lot -$ -$ 129 28 Pine Trace MHP POH 150$ 325$ 475$ 5,700$ 130 29 Pine Trace MHP Vacant POH -$ -$ 131 30 Pine Trace MHP POH 150$ 300$ 450$ 5,400$ 132 31 Pine Trace MHP POH 150$ 200$ 350$ 4,200$ 133 32 Pine Trace MHP POH 150$ 300$ 450$ 5,400$ 134 33 Pine Trace MHP POH 150$ 345$ 495$ 5,940$


THE OFFERING


COUNTY: Dougherty


SITE DESCRIPTION

# OF PADS: 16




MECHANICAL

WATER: Direct Bill Water, Sewer, Trash


STERLING WAY MHP - PROPERTY DESCRIPTION

STERLING MOBILE HOME PARK | 25MAXWELL BAKER/404-442-2807/[email protected]

STERLING WAY MHP - AERIAL MAP


STERLING WAY MHP - RENT ROLLUnit Owners Unit # Park Name Rent Type Unit Type Notes Lot Rent Home Rent Rent Annual Rent

86 1 Sterling Way MHP Lot Rent 150$ 150$ 1,800$ 87 2 Sterling Way MHP Lot Rent 150$ 150$ 1,800$ 88 3 Sterling Way MHP Vacant Lot -$ -$ 89 4 Sterling Way MHP Vacant Lot -$ -$ 90 5 Sterling Way MHP Vacant Lot -$ -$ 91 6 Sterling Way MHP Vacant POH -$ -$ 92 7 Sterling Way MHP POH 150$ 200$ 350$ 4,200$ 93 8 Sterling Way MHP POH 150$ 100$ 250$ 3,000$ 94 9 Sterling Way MHP Vacant Lot -$ -$ 95 10 Sterling Way MHP Vacant POH DW -$ -$ 96 11 Sterling Way MHP Vacant Lot -$ -$ 97 12 Sterling Way MHP POH 150$ 300$ 450$ 5,400$ 98 13 Sterling Way MHP Vacant Lot -$ -$ 99 14 Sterling Way MHP Lot Rent 150$ 150$ 1,800$ 100 15 Sterling Way MHP Lot Rent 150$ 150$ 1,800$ 101 16 Sterling Way MHP Lot Rent 150$ 150$ 1,800$


THE OFFERING

PROPERTY ADDRESS: 1400 South Mock RoadAlbany, GA 31705

COUNTY: Dougherty


SITE DESCRIPTION

# OF PADS: 24


POH / LEASE OPTION HOMES: 15 POH (11 rented POH, 0 RTO, 4 vacant POH)


MECHANICAL

WATER: Direct Bill / Water Septic


MOCK MHP - PROPERTY DESCRIPTION

MOCK MOBILE HOME PARK| 28MAXWELL BAKER/404-442-2807/[email protected]

MOCK MHP - AERIAL MAP


MOCK MHP - RENT ROLLUnit Owners Unit # Park Name Rent Type Unit Type Notes Lot Rent Home Rent Rent Annual Rent

163 1 Mock MHP Vacant Lot -$ -$ 164 2 Mock MHP POH 150$ 345$ 495$ 5,940$ 165 3 Mock MHP Vacant Lot -$ -$ 166 4 Mock MHP Vacant Lot -$ -$ 167 5 Mock MHP Vacant Lot -$ -$ 168 6 Mock MHP Vacant Lot -$ -$ 169 7 Mock MHP POH 150$ 275$ 425$ 5,100$ 170 8 Mock MHP Vacant Lot -$ -$ 171 9 Mock MHP Vacant Lot -$ -$ 172 10 Mock MHP Vacant POH -$ -$ 173 11 Mock MHP POH 150$ 245$ 395$ 4,740$ 174 12 Mock MHP Vacant Lot -$ -$ 175 13 Mock MHP POH 150$ 225$ 375$ 4,500$ 176 14 Mock MHP POH 150$ 175$ 325$ 3,900$ 177 15 Mock MHP POH 150$ 125$ 275$ 3,300$ 178 16 Mock MHP Vacant Lot -$ -$ 179 17 Mock MHP Vacant POH -$ -$ 180 18 Mock MHP POH 150$ 225$ 375$ 4,500$ 181 19 Mock MHP POH 150$ 200$ 350$ 4,200$ 182 20 Mock MHP POH 150$ 175$ 325$ 3,900$ 183 21 Mock MHP POH 150$ 175$ 325$ 3,900$ 184 22 Mock MHP POH 150$ 175$ 325$ 3,900$ 185 23 Mock MHP Vacant POH -$ -$ 186 24 Mock MHP Vacant POH -$ -$


THE OFFERING

PROPERTY ADDRESS: 923 Mercedes StreetAlbany, GA 31705

COUNTY: Dougherty


SITE DESCRIPTION

# OF PADS: 29




MECHANICAL

WATER: Direct Bill Water, Sewer, Trash


MERCEDES MHP - PROPERTY DESCRIPTION

MERCEDES MOBILE HOME PARK | 31MAXWELL BAKER/404-442-2807/[email protected]

MERCEDES MHP - AERIAL MAP


MERCEDES MHP - RENT ROLLOwners Unit # Park Name Rent Type Unit Type Notes Lot Rent Home Rent Rent Annual Rent

1 Mercedes MHP Vacant Lot -$ -$ 2 Mercedes MHP Lot Rent 110$ 110$ 1,320$ 3 Mercedes MHP Lot Rent 110$ 110$ 1,320$ 4 Mercedes MHP POH Sec8 110$ 350$ 460$ 5,520$ 5 Mercedes MHP Vacant Lot -$ -$ 6 Mercedes MHP POH 110$ 350$ 460$ 5,520$ 7 Mercedes MHP POH 110$ 285$ 395$ 4,740$ 8 Mercedes MHP Vacant Lot -$ -$ 9 Mercedes MHP Vacant Lot -$ -$ 10 Mercedes MHP Lot Rent 110$ 110$ 1,320$ 11 Mercedes MHP POH 110$ 350$ 460$ 5,520$ 12 Mercedes MHP Vacant Lot -$ -$ 13 Mercedes MHP Vacant Lot -$ -$ 14 Mercedes MHP Vacant Lot -$ -$ 15 Mercedes MHP POH 110$ 265$ 375$ 4,500$ 16 Mercedes MHP POH Sec8 110$ 315$ 425$ 5,100$ 17 Mercedes MHP Vacant Lot -$ -$ 18 Mercedes MHP Vacant POH -$ -$ 19 Mercedes MHP Vacant Lot -$ -$ 20 Mercedes MHP Vacant Lot -$ -$ 21 Mercedes MHP POH 110$ 215$ 325$ 3,900$ 22 Mercedes MHP Vacant Lot -$ -$ 23 Mercedes MHP Vacant Lot -$ -$ 24 Mercedes MHP Vacant Lot -$ -$ 25 Mercedes MHP Lot Rent 110$ 110$ 1,320$ 26 Mercedes MHP Vacant Lot -$ -$ 27 Mercedes MHP POH 110$ 215$ 325$ 3,900$ 28 Mercedes MHP Lot Rent 110$ 110$ 1,320$ 29 Mercedes MHP Vacant Lot -$ -$


Maxwell R. Baker joined Lee & Associates in 2014 as a commercial real estate broker specializing in purchasing and sellingmobile home communities in the Southeast. His family has been involved with mobile home parks for more than 15 years,and he has been a part of management, rehabilitation, and disposing mobile home parks since his family purchased theirfirst park. Max is also Founder and President of The MHP Broker offering mobile home park owners and investors brokerageservices, free mobile home park analyses, in-depth market research, and mobile home park financing consultation.

In 2014 and 2015, Max completed approximately 80% of all Georgia manufactured home community transactions andhas also closed transactions in other Southeast states including Tennessee, Alabama, North Carolina, South Carolinaand Florida. Max's core competencies include structuring and negotiating complicated transactions, owner financing,research and outsourcing, and his "deal-making" capabilities.

Max, along with his expert team of researchers, compile and maintain the industryÕs most comprehensive database ofmobile home community data in the Southeast. Max and The MHP Broker are recognized as a trusted advisor in this rapidlygrowing multifamily, affordable housing sector.

¥ Georgia State University - B.A. Real Estate¥ United States Marine Corps

¥ Atlanta Commercial Board of Realtors¥ Real Estate Broker - Georgia¥ Georgia Manufactured Housing Association (GMHA) member¥ Southeast Community Owners (SECO) member

Biography

Education

Memberships & Associations

3500 Lenox RoadSuite 200Atlanta, GA 30326

T [email protected]

Partial Client ListBeal BankColony CapitalMarket Street CapitalAffordable Housing Communities Inc. Capital Square Holdings LLCThe Reach GroupMidland Loan ServicesHartman Wright Group, LLC Affordable Communities Group, LLC

PrincipalMAXWELL BAKER

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - MAXWELL BAKER

ADVISOR BIOS| 34MAXWELL BAKER/404-442-2807/[email protected]

Glenn Esterson is a Senior Director with Lee & Associates, specializing in investment grade mobile home communities.During his fifteen years in the commercial real estate business, Mr. Esterson has successfully owned and operated mobilehome parks as well as assisting his clients in the sales, leasing and management of mobile home communities throughoutthe southeastern U.S. markets.

Early in his career, Mr. Esterson was working on apartment sales, condo-conversions and property management. Fromthere, Mr. Esterson transitioned into investment sales of multi-tenanted small business parks throughout the Southeast andmid-Atlantic. He and his team has transacted in nearly every southeastern state and holds multiple real estate licenses.

Mr. Esterson works exclusively with private investors as their primary real estate investment advisor for their acquisition anddisposition needs. Mr. Esterson provides clients with expertise in asset management, portfolio analysis, site selection, leaseadvisory and consulting. Mr. Esterson has executed over 200 sale or lease transactions over his career with a transactionalvolume in excess of $100 million.

¥ 2016-Present Lee & Associates, Atlanta - Senior Director Mobile Home Communities¥ 2013-2016 Marcus & Millichap, National Office & Industrial Properties Group¥ 2003-2013 Esterson Management Solutions, Inc. Ð Founding Member¥ 2001-2005 American Commercial Properties, Director of Multi-Family Investment

¥ Sierra Nevada CollegeBachelor of Arts

Profile

Experience

Education

3500 Lenox RoadSuite 200Atlanta, GA 30326

T 404.442.2825C [email protected]

Senior DirectorGLENN ESTERSON

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - GLENN ESTERSON

ADVISOR BIOS| 35MAXWELL BAKER/404-442-2807/[email protected]

The information contained in this Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Lee & Associates and should not be made available to any other person or entity without the written consent of Lee & Associates. This Marketing Brochure has been prepared to provide summary, 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. Lee & Associates 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, PCB’s 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 tenant’s 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, Lee & Associates has not verified, and will not verify, any of the information contained herein, nor has Lee & Associates conducted any investigation regarding these matters and makes no warranty or representation whatsoever 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.

NON-ENDORSEMENT NOTICELee & Associates is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Lee & Associates, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Lee & Associates, and is solely included for the purpose of providing tenant lessee information.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LEE & ASSOCIATES AGENT FOR MORE DETAILS.

EXCLUSIVELY LISTEDBIRMINAAL

MAXWELL BAKER / PRINCIPALPHONE: 404.442.2807 | [email protected] & ASSOCIATES | ATLANTA 3500 LENOX ROAD, SUITE 200 | ATLANTA, GA 30326

Documents

STEWART SEVEN-PARK MANUFACTURED HOME COMMUNITY PORTFOLIO · 2017. 10. 3. · MHP, respectively). The lot rents range from $100 - $130 - $150, with an average lot rent of $139. Five