36 SITE MH COMMUNITY COMMUNITY PRICE : $1,500,000 … · 2015-12-18 · 900 Hays County Acres Rd....
Transcript of 36 SITE MH COMMUNITY COMMUNITY PRICE : $1,500,000 … · 2015-12-18 · 900 Hays County Acres Rd....
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900 Hays County Acres Rd.Dripping Springs, TX 78620
36 SITE MH COMMUNITYCOMMUNITY PRICE : $1,500,000
TERMS: ALL CASH
SITE INFORMATION
ADDRESS 900 Hays Country Acres Rd. Dripping Springs, TX 78620
COUNTY Hays
TAX PARCEL IDS11-6310-0000-00100-4 / 11-6310-0000-00300-4 / 11-6310-0000-00400-4 / 11-6310-0000-00200-4
YEAR BUILT 1995
SITES 36
COMMUNITY TYPE All Age
COMBINED LAND 21.79 Acres
DENSITY 1.65 sites/acre
INVENTORY HOMES None
AVERAGE LOT RENT $400 (includes trash, water and sewer)
NEXT RENT INCREASE $100 (Dec ‘15)
MH PHYS OCC 100% (36 sites as of Sept ‘15)
MH ECO. OCC 100% (36 sites as of Sept ‘15)
ZONING None (ETJ)
ROADS Asphalt
FLOODPLAIN Zone X
UTILITIES
WATER Private (Well)
SEWER Private (Septic)
ELECTRICITY PEC (direct billed)
GAS None
TRASH Vaquero Waste
PROPERTY DETAILS
INVESTMENT HIGHLIGHTS
• Opportunity to acquire a stable, 36-site community in an attractive market 20 minutes from Austin, TX.
• With a median home value in a one-mile radius of over $450k, Gateway II Estates is strategically positioned to offer families affordable housing in a desirable, otherwise high cost of housing area.
• All homes tenant-owned or financed through a third party.
• Historical occupancy of community nearly 100%.
• Community features spacious half-acre homesites with off-street parking and privacy off the main road.
• The parcels are permitted for conversion to 33 duplexes, and in addition one single family residence for a total of 67 dwelling units with proper upgrades to water and septic systems.
• New construction should be in high demand in this expensive, rapidly growing market.
AREA HIGHLIGHTS
• The scenic “Gateway to the Hill Country,” Dripping Springs attracts visitors with its vineyards, breweries, rolling landscape and crisp rock-bottom creeks.
• A quaint bedroom community for Austin professionals wanting more space and a family-friendly atmosphere outside of the city. Infrastructure improvements are underway at the intersection of Highway 290 and 71, a well-known trouble spot for traffic, improving the commute to Austin.
• Dripping Springs High School, rated as a Recognized High School by the Texas Education Agency, and Walnut Springs Elementary School sit five miles from Gateway Estates.
• True to its small-town feel, Dripping Springs recorded a population of 1,902 in 2013. However, the city’s extraterritorial jurisdiction is home to nearly 30,000 and has seen rapid growth in recent years, spurring the introduction of several national and regional retailers within the city limits such as HEB, Whataburger and Home Depot, located less than four miles down Highway 290 from Gateway Estates.
• Home to several breweries, wineries and distilleries, Dripping Springs is one of the most heavily concentrated centers for alcohol-related businesses in the state.
• An extremely attractive market, the civilian unemployment rate in a 5-mile radius of the community is only 2.2%, with an average household income of $160k and an expected annual population growth rate of 4.37% for 2015-2020.
• The community is a short drive from the heart of Austin, TX, the cultural, economic and transportation hub of central texas with countless festivals, museums, attractions and many prominent employers. Unemployment in Austin MSA is currently 3.2%.
36 SITE MH COMMUNITY
COMMUNITY PRICE : $1,500,000
TERMS: ALL CASH
FINANCIAL ANALYSIS
1
2 Gross Scheduled Rent
Less: Vacancy 1.00%
Less: Bad Debt 1.00%
Total Rental Income 98.00%3 Plus: Other Income 12
Total Other Income 12
Effective Gross Income
EXPENSES per site
Repairs & Maintenance $150
Payroll 300
Administrative 10
Marketing 10
Professional Fees 254 Utilities 178
Water 465
Trash 210
Total Variable Expenses $1,3485 Taxes 400
Insurance 25
Management Fee 5.00%
Total Operating Expenses $2,0686 Plus: Capital Reserves 50
Total Expenses $2,118
NET OPERATING INCOME
Expense Ratio
351
16,2406,420
010378
900
$212,100$172,855
11
7,558
0$48,526
$26,510
$74,44410,605
7,338
8,535
204
0
730173 6,233 202
63 2,251 20
5 0014 503
127
Actual Exp
0
Actual Exp
4,581
$9,440
Actuals
827
6
00
23
0
11 407
360
420208
Proforma
INCOME$216,000
2,160
9,122$63,829$1,773
16,728
0
14,413
1,800
$211,680420
360
$5,40010,800
Proforma Exp
0$76,244$1,773
0
$67,199$1,867
36.93%
$109,026
0
5.28%5.78%
$63,829
451
$442
per site
$170,377
0.00% 0 0.00%
$159,935 $169,970
2014
Financial Analysis
Sept '15 T9 Ann
$172,647
00
407
100.00%
0.00%
$169,970
$736
per site
$15,902
$159,960
per site
$262
25251
11
100.00%
1
$159,935
0.00% 0 0.00% 0
6
100.00%
0 0$172,647
208
7,2709,895
0
$54,7079,475
275
$1,520
0
0
9,847$67,199
14
263
$48,321
495 0
$1,428
8,2095.13%
1,846
203
$983
$51,402
$1,428
48013
51
$35,400
0
$51,402
39.44%
$103,179 $135,855
32.13%
$1,342
$108,558
0
$1,867
237
0
7,313
35.95%
2,160
900
2013 Actuals
0
518 18,653
1. Actual numbers based on financials provided by the client; some expenses have been prorated among two other communities the seller owns
2. Proforma GSR = $500 x 36 sites x 12 months; includes $100 rent increase effective Dec ‘15
3. Utility & Other Income grown 3% from 2014
4. Adjusted Utilities grown 3% from 2014
5. Proforma Taxes = 2015 tax bill grown 10%
6. Numbers do not reflect actual expense
UNDERWRITING ASSUMPTIONS
36 SITE MH COMMUNITY
COMMUNITY PRICE : $1,500,000
TERMS: ALL CASH
PROPERTY location and AERIAL
1 2
Park Meadow DrHays County Acres Rd
3 4
DEMOGRAPHIC INFORMATION 1 mile 5 mile 10 mile2015 Population Estimate 562 6,530 19,795
2020 Population Projection 640 7,605 24,520
Population Growth Estimate 2015 - 2020 2.63% 3.09% 4.37%
Renter Occupied Percentage 11.0% 11.4% 12.8%
Owner Occupied Percentage 82.6% 80.2% 80.0%
2015 Est. Average Family Household Income $123,951 $115,636 $114,275
2015 Est. Median Owner-Occupied Housing Value $451,111 $422,698 $389,647Source: U.S. Census Bureau
DRIPPINGSPRINGS
HWY 290
HAYES COUNTY ACRES RD.
RR 12RR 12
HWY 290
Dripping SpringsMiddle School Dripping Springs
High School
Walnut SpringsElementary School
Solaro EstatesVineyards Winery
Headwaters atBarton Creek
Approved1000 homes
starting at $400kaverage is $600k
AnareneApproved
1600 homesHarrison Hills
Under construction100 homes
starting at $420k
Founders RidgeUnder Construction
200 homes
Legacy TrailsPhase 3
Approved54 homes
Scott TractFuture
Potential
Cannon TractFuture
Potential
Blue Blazes RanchApproved30 homes
Heritage TractIn Design
ArrowheadApproved
375 homes
Carter RanchFuture
Potential
Al-Rashid TractFuture
Potential
CaliterraUnder
Construction450 homes
Counts Ranch100 homes
UnderConstruction
Saratoga HillsUnder construction
156 homesstarting at $500k
BelterraUnder Construction
2000 homesStarting at $280kAverage is $408k
The PreserveExisting
Starting at $475kAverage is $675k
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36 SITE MH COMMUNITY
COMMUNITY PRICE : $1,500,000
TERMS: ALL CASH
Property LOCATION
AUSTINCBD
AUSTINDRIPPINGSPRINGS
Perdernales FallsState Park
Hamilton PoolPreserve
HAMILTON POOL PRESERVE
• A 232-acre park famous for its 50-foot waterfall and jade-green swimming hole.
• The preserve attracts approximately 100,000 visitors per year and visitation has more than doubled since 1992.
LAKE TRAVIS
• A reservoir Northeast of Dripping Springs popular for water activities due to its crystal-clear waters, size and convenient location. It is the largest among a network of lakes known as the Highland Lakes along the Colorado River.
• The lake draws numerous dining, shopping and recreational businesses including the Oasis on Lake Travis, a 30,000 square-foot restaurant that sits on a 450-foot bluff with sweeping views of the lake below.
PEDERNALES FALLS STATE PARK
• A 5,200-acre nature area where visitors can hike, swim, fish and enjoy the cascading falls and picturesque limestone formations. The park offers a ranger program, volunteering opportunities, horse camps and numerous other events throughout the year.
• The park attracts between 100,000 and 200,000 visitors annually.
WIMBERLEY
• The Blue Hole Regional Park, a 126-acre park located 15 miles from Dripping Springs, includes 3.5 miles of trails, an outdoor amphitheater, sport courts and picnic areas, as well as the Blue Hole natural swimming area. Wimberly is also home to Jacob’s Well Natural Area, an artesian spring surrounded by limestone cliffs.
• Home to several horseback riding cottages offering events such as birthday celebrations, family reunions, and weddings.
• The Art Squared arts market is a local, open-air art market that meets on the Hays County Courthouse lawn the second Saturday of the month
N
36 SITE MH COMMUNITY
COMMUNITY PRICE : $1,500,000
TERMS: ALL CASH
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 ARA, A Newmark Company (ARA Newmark) 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 Newmark 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.
www.aranewmark.comManufactured Housing Group: 901 S. MoPac Expressway, Barton Oaks Plaza II, Suite 275, Austin, TX 78746 T 512.342.8100
Additional information for Gateway Estates is available on our website at:http://arausa.listinglab.com/GatewayEstates
Jon [email protected] T 303.260.4486
NATIONAL MANUFACTURED HOUSING GROUP
Andrew [email protected] T 512.637.1219
Todd [email protected] T 303.260.4470
PRIMARY CONTACTS:
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