A 63 Lot Manufactured Home Community Investment Opportunity · A 63 Lot Manufactured Home Community...
Transcript of A 63 Lot Manufactured Home Community Investment Opportunity · A 63 Lot Manufactured Home Community...
A 63 Lot Manufactured Home Community Investment Opportunity11221 E Legion Hut Rd Little Rock AR 72103
Legion Hut MHC
P 02wwwmarcusmilichapcom Legion Hut MHC
WE COOPERATE WITH BROKERS Disclaimer Notice
Non-Endorsement
Marcus 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 2018Marcus 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
IndexOffering Made Easy
Property Description
Rental Units and Investment Summary
Property Expenses
Local Market Information
10 Year Pro-Forma
Property Photos
Sales Agent Team Leader and Admin
03
03
04
05
05
06
06
07
WELCOME
P 03wwwmarcusmilichapcom Legion Hut MHC
STEP 1
Schedule a callwith your Agent(720) MHP-4YOU
STEP 2
Property Description
Legion Hut MHC has a total of 63 MH lots and 1 single family
home including an office for the park There is a total of 45
tenants with 30 lot rent only tenants paying an average of $280
9 rented POHs paying an average of $380 5 rent to own homes
and 1 vacant POH There is also a single-family home that is
rented for $850 per month Current occupancy is at 7031
The POHs are in above average condition and includes four new
2019 homes and an average vintage on the remaining homes
being 1995
The park is connected to public water and sewer and is being
billed back to the tenants Each developed lot has a submeter
The park has gravel roads in average condition and presents and
opportunity to pave the park as the upside is being achieved in
order to later refinance with a non-recourse loan The park is not
in a flood zone
This deal is being offered as a value-add investment opportunity
with a 64 normalized cap rate on current lot rent The gross
revenue is $226083 At full price using the debt we have been
quoted the total return is 95 on normalized numbers We are
asking our investors to submit offers at or above $1640000
Well located well maintained all ages mobile home community 9 miles from downtown Little Rock AR The city has a population of 197780 with 720000 residents in the MSA The MSA has grown +7 since 2010 and the unemployment rate is lower than the national average at 33
bull Strong growing MSA with 200K+ population
bull Located 98 miles from state capital building
bull Public water amp sewer
bull Four 2019 POH recently installed
bull Permitted for 63 spaces
bull 26 miles from Walmart supercenter
bull Value-add in vacant lots 1 vacant POH amp below market rents
bull Not in flood zone
bull Gravel roads
bull Recently purchased (2018) and improved
bull 3 of the POH are older than 1990 but in good shape
Investment Highlights
Known Issues
Property Location
Propery Address11221 E LEGION HUT Rd Little Rock AR 72103
County Pulaski
Metro Area Little Rock AR
Parcel Number(s) 45L0610009000 45L0610009001
Site Description
Purchase Price $1640000
Total Rental Units 64
Mobile Home Lots 63
CommercialRetail 0
Total Land Area 809
Year Built NA
Zoning 0
Flood Zone No
Opportunity Zone No
Mechanical
Water Public-Tenants Pay (Submeters)
Sewer Public-Tenants Pay (Submeters)
Electrical Public - Direct Billed
Gas Public - Direct Billed
Trash Landlord
Cable Public - Direct Billed
Landscape Landlord
Snow Removal Landlord
Property Overview
STEP 3
Highlights amp Known Issues
1 Watch short video from listing broker about this opportunity CLICK HERE
2 Watch extended video from listing broker about this opportunity CLICK HERE
3 View brokerrsquos excel sheet CLICK HERE
Make an offer (use our template or use your own)
1 Letter of Intent CLICK HERE
2 State Required Disclosures CLICK HERE
Send offers toYour Local MampM Agent
P 03wwwmarcusmilichapcom Legion Hut MHC
Project Overview
This deal requires
bull A personal balance sheet capable of being financeable for recourse debt on the purchase loan
bull Ability to qualify for CMBS financing in year 5 (Net Worth ~$1500000 + Personal Capital on Hand after closing of ~$150000+)
bull Ability to execute a successful Home Sales Program within the community in order to fill procure and either arrange financing for prospective homeowner(s) or profitably rent
What it has
bull Rental market is considered cost burdened which points to above average market rent growth over 3 (Our forecasts are based on 3)
bull Using the parkrsquos current rents many potential home buyerrsquos can afford to buy a quality used or new mobile home through an existing consumer financing program
bull Legacy in place now because owner is financed on 4 new 2020 model homes ltassumablegt
bull 21st has provided better terms on that loan and both have a end to consumer sales program that has yet to be set up in this park
bull Modeled Assumption loan currently in place
Expected Returns
bull AvgCash-on-Cash Returns (10 Years) 8388bull Years 1-5 (Pre Refinance) 823bull Years 6-10 (Post Refinance) 15953 Due to basis change on assetrsquos balance sheet due to Year 5 CMBS refinance
Watch an extended in-depth video about the underwritng and pro-forma regarding this opportunity CLICK HERE
Dowload the PDF overview sheet to follow along with the video CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwmarcusmilichapcom Legion Hut MHC
Rent Comps Lot Rent POH Rent Utility Info
Legion Hut MHP $280 $380 Public
Whispering Hills MHE - Mabelvale AR $225 $300 Public
Owen Creek MHP - Alexander AR $360
Knollwood MHP 1 - Little Rock AR $315
Knollwood MHP 2 - Alexander AR $315
WHMHE is adjacent to Legion Hut and is mostly a POH rental community with older homes
CommentsThis market has about 14 parks within the county that are between 50-99 lots The average
lot rents in the area is $305 for similar parks and $350+ for well run professionally managed
parks The population has been growing rapidly and is supported by higher wage jobs and an
unemployment rate that is below the national average We predict that as the MSA grows
affordable housing is going to become more scarce and therefore put upward pressure on lot
rents and park owned rental units Currently the market supports $350 lot rent at well ran and
maintained communities Poorly ran parks are averaging a sub-$250 lot rent
Click on the folloring links for additional property information
Other MaterialsParcel MapList of POH inventory2019 PampLNov-20 Rent Roll
Capitalized Revenues amp Investment Summary
Actuals Normalized Pro Forma
Total Gross Income $198283 $226083 $237337
Lot Revenue $120647 $147840 $159743
RV Revenue $0 $0 $0
Single Family Home amp Apartment Revenue $0 $10200 $12000
CommercialRetail Revenue $0 $0 $0
Self Storage Revenue $0 $0 $0
Other Income $18440 $20204 $23421
Capitalized Income $139086 $172839 $189188
Capitalized Expenses $68367 $83090 $86822
Net Operating Income (excludes POH income) $70720 $89749 $102366
Park Owned Home Revenues - Not Capitalized
Total Gross Income $198283 $226083 $237337
Total POH Revenue $59197 $53244 $48149
POH amp RTO Expenses $20637 $30853 $31444
POH RTO Net Income $38560 $22391 $16705
Per POH Value $23566 $23566 $23566
Total POH Value $235660 $235660 $235660
Investment Metric Table
Lot Rent Cap Rate 645 736
Gross Cap Rate (includes POH IampE) 684 726
Cash On Cash Levered 476 593
Total Return 950 1067
10 Year IRR No infill 1264
Infill amp 5YR Refi 2082
10 Year Equity Multiple No infill 283
Infill amp 5YR Refi 441
Price Per Lot $25625 $25625
Unit Breakdown
Total Rental Units 64 Year-2 Proforma
Total Tenants 45 46
Total Mobile Home Lots 63 63
Total RV Lots 0 0
Tenant Owned Homes 30 30
Abandoned Homes 0 0
Vacant Lots 18 18
Rent to Own POHs 5 5
Rented POHs 9 10
Vacant POHs 1 0
Average Lot Rent $280 $296
Average RTO Payment $399 $399
Average POH Rent $380 $391
P 05wwwmarcusmilichapcom Legion Hut MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $139086 $172839 $189188 Local MarketInformationLittle Rock is the capital of Arkansas Capital-city complex - Center of the state along
the Arkansas River May October and April are the most pleasant months in Little Rock
Typical of mid-America the downtown area is laid out on a rectangular grid with
mostly average modern architecture a sprinkling of older historic structures and a
waterfront park along the Arkansas River North Little Rock is a growing business-
friendly and mainly progressive middle class center across the river
The hub of Little Rock is the bustling River Market District featuring restaurants shops
bars nightlife museums and hotels as well as the arearsquos main library Focal points in
the city include the Clinton Presidential Center amp Park the nearby world headquarters
of Heifer International and the Central Arkansas Nature Center
Little Rock has plenty for outdoor lovers as well with great weather and numerous
city parks offering runningwalking trails bike paths fishing private and public golf
courses sports facilities and picnic areas
Local Market Statistics
Little Rock Pulaski Little Rock MSA
Population 197780 392848 730346
Growth +37 +42 +71
Medium Home Price $143000 $134000 $141220
Average Apartment Rent $881 $831 $832
Family Median Home $46409 $46410 $49179
Unemployment Rate 340 340 330
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 06 of Real Estate Value Allocation $250 $0 $7808 $7808 $8042
Property Insurance Normalized to Industry Averages 3 Pro Forma Increase $2463 $0 $3150 $3201 $3297
Repairs amp Maintenance Normalized to Industry Averages 3 Pro Forma Increase $12498 $0 $7770 $9600 $9888
Mowing amp Landscaping Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $3500 $3500 $3605
Snow Removal Broker Estimate $0 $0 $0 $1000 $1030
Public Water PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Public Sewer PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Trash PF includes +1 tenant amp 3 increase $0 $0 $5064 $5064 $5334
Electricity Normalized Equals Sellers Disclosure 3 Pro Forma Increase $3481 $0 $1800 $1800 $1854
Employee Salaries Normalized to Industry Averages 3 Pro Forma Increase $1730 $0 $11085 $11520 $11866
Payroll Taxes amp Expenses 12 of Total Payroll $0 $0 $0 $1382 $1424
3rd Party Management 5 of Total Revenue $214 $0 $522 $8642 $9460
Office Supplies amp Expenses $15 per lotmonth $0 $0 $245 $1151 $1186
Legal Fees Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1229 $1229 $1266
Accounting Fees $0 $0 $0 $1000 $1030
Licenses Permits Dues Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $511 $511 $526
Other Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1683 $1683 $1733
Capital Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $3077 $0 $0 $0
Total Expense $20637 $3077 $68367 $83090 $86822
Expense Ratio 4915 4807 4589
Net Operating Income (Excluding POH Income) $7071951 $8974889 $10236575
Capitalization Rate (lot rent only) 508 645 736
Net Operating Income (Including POH Income) $109280 $112140 $119071
Capitalization Rate (lot rent amp park owned home income) 666 684 726
RE Debt Service Loan 1 (65 LTV 485 Interest Rate 25 Year Amortization) $62505 $62505 $62505
POH Debt Service Loan 2 (60 LTV 890 Interest Rate 10 Year Amortization) $21295 $21295 $21295
Cash Flow $25479 $28339 $35270
Debt Service Coverage Ratio 130 134 142
Cash-On-Cash Return 428 476 593
Total Return 902 950 1067
Broker Estimate
P 05wwwmarcusmilichapcom Legion Hut MHC
Park Only 10YR Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Market Rent In Period $305 $314 $324 $333 $343 $354 $364 $375 $386 $398
Rent Charged In Period $28000 $29582 $312 $327 $343 $354 $364 $375 $386 $398
Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896
Other Housing Revenue $10200 $12000 $12360 $12731 $13113 $13506 $13911 $14329 $14758 $15201
Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573
Collections LossBad Debt ($5405) ($5977) ($6286) ($6597) ($6907) ($7114) ($7328) ($7548) ($7774) ($8007)
Total Real Estate Revenue $172839 $189188 $198521 $207884 $217278 $223797 $230510 $237426 $244549 $251885
Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)
Insurance Expense ($3200) ($3296) ($3395) ($3497) ($3602) ($3710) ($3821) ($3936) ($4054) ($4175)
Repairs amp Maintenance Services ($9600) ($9888) ($10185) ($10490) ($10805) ($11129) ($11463) ($11807) ($12161) ($12526)
Mowing amp Landscaping Services ($3500) ($3605) ($3713) ($3825) ($3939) ($4057) ($4179) ($4305) ($4434) ($4567)
Snow amp Ice Services ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)
Electric Services ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
On-Site Management ($11520) ($11866) ($12222) ($12588) ($12966) ($13355) ($13755) ($14168) ($14593) ($15031)
Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)
3rd Party Management ($8642) ($9459) ($9926) ($10394) ($10864) ($11190) ($11526) ($11871) ($12227) ($12594)
Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)
Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)
Accounting Expense ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Licenses Permits Dues ($511) ($526) ($542) ($558) ($575) ($592) ($610) ($628) ($647) ($667)
Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)
Total Real Estate Expenses ($83090) ($86821) ($91609) ($94528) ($97521) ($100447) ($103460) ($106564) ($109761) ($113054)
Expense Ratio 481 459 461 455 449 449 449 449 449 449
Net Operating Income $89749 $102366 $106912 $113357 $119757 $123350 $127050 $130862 $134788 $138831
Same Store NOI Growth 141 44 60 56 30 30 30 30 30
Debt Service in Period ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081)
Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750
Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)
Real Estate DSCR 126 156 171 176 181 186 192 198 204 210
Real Estate Debt
Financing Value of RE $1404336
Purchase Loan Amount $912818
LTV 650
Interest Rate 4850
Amortization 25
P 05wwwmarcusmilichapcom Legion Hut MHC
POHRTO 10 Year Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Average Rent (Include Lot Rent) $660 $67980 $700 $721 $743 $765 $788 $812 $836 $861
POH Portion In Period (Less Lot Rent in Period) $380 $38398 $389 $394 $400 $412 $424 $437 $450 $463
POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583
RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0
Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556
Collections LossBad Debt ($3512) ($3176) ($2956) ($2953) ($2997) ($3087) ($3179) ($3275) ($3373) ($3474)
Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665
Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)
Insurance Expense ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Repairs amp Maintenance Services ($15000) ($15450) ($15914) ($16391) ($16883) ($17389) ($17911) ($18448) ($19002) ($19572)
Electric Expense ($1125) ($1159) ($1194) ($1229) ($1266) ($1304) ($1343) ($1384) ($1425) ($1468)
On-Site Management ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)
3rd Party Management ($2662) ($2407) ($2241) ($2238) ($2271) ($2340) ($2410) ($2482) ($2557) ($2633)
Licenses Permits Dues ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)
Total Park Owned Home Expen-ses ($30853) ($31444) ($32149) ($33043) ($34001) ($35021) ($36071) ($37153) ($38268) ($39416)
Expense Ratio 57947 65306 717 738 748 748 748 748 748 748
Net Operating Income $22391 $16705 $12667 $11725 $11429 $11772 $12125 $12489 $12863 $13249
Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)
POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249
Park Owned Home Info amp Debt Assumptions
Park Owned Homes 10
Avg Value per Home $23566
Total POH Value $235664
POH Financing $140692
Interest Rate 8900
Amortization 10 Matures 1152027
Value of POH Equity $94972
P 05wwwmarcusmilichapcom Legion Hut MHC
LP Structure
Uses of Capital
Real Estate Equity ($491518)
POH Equity ($94972)
Allowance for Cap Ex ($32000)
Site Prep ($130000)
Project Capial Needed $748490
Acquisition Fee to GP $32800
Total to Raise $781290
to Investment 9580
to Aquisition Fee 420
Assumptions
Acquisition Fee 20
Capital Mgmt Fee 20
Preferred Return 80
Split to LP 80
Split to GP 20
LP Internal Rate of Return 1604
LP Equity Multiple 325
LP Average Cash-on-Cash 2006
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490
Ending LP Account $748490 $748490 $748490 $898490 $898490
Average LP Account $748490 $748490 $748490 $823490 $898490
Operating Cash Flows $13925 $30138 $30168 $56853 $108126
Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879
Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970
Distributed to LP $13925 $30138 $30168 $56853 $108126
Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185
Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849
LP Cash on Cash 186 403 403 690 1203
New LP Capial Account $205276 $205276 $205276 $205276 $205276
Operating Cash Flows $63762 $69837 $84555 $107922 $114560
Preferred Returns Due to LP $16422 $16422 $16422 $16422 $16422
Capital Mgmt due GP $4106 $4106 $4106 $4106 $4106
Available for Profit Share $43235 $49309 $64027 $87395 $94033
LP Share of Profits $34588 $39447 $51222 $69916 $75226
GP Share of Profits $8647 $9862 $12805 $17479 $18807
LP Cash on Cash 2485 2722 3295 4206 4465
Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788
Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
GP Purchase of LP Shares 22 $2000+ per month starting in Year 5
GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495
GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623
GP Internal Rate of Return 2791
GP Equity Multiple 721
Due From CMBS Refinance $843248
Payment of LP Deferred Returns $72185
Payment of GP Deferred Returns $77849
Used as Return of LP Capital Y6 $693214
$1481356
$205276
$1276080
$1020864
$255216
Due from Year 10 Sale
LP Capital Account brought to $0
Available for Profit Share
Profit Share Due LP
Profit Share Due GP
Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called
unless a Cash Out Refi or Sale is about to occur
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 02wwwmarcusmilichapcom Legion Hut MHC
WE COOPERATE WITH BROKERS Disclaimer Notice
Non-Endorsement
Marcus 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 2018Marcus 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
IndexOffering Made Easy
Property Description
Rental Units and Investment Summary
Property Expenses
Local Market Information
10 Year Pro-Forma
Property Photos
Sales Agent Team Leader and Admin
03
03
04
05
05
06
06
07
WELCOME
P 03wwwmarcusmilichapcom Legion Hut MHC
STEP 1
Schedule a callwith your Agent(720) MHP-4YOU
STEP 2
Property Description
Legion Hut MHC has a total of 63 MH lots and 1 single family
home including an office for the park There is a total of 45
tenants with 30 lot rent only tenants paying an average of $280
9 rented POHs paying an average of $380 5 rent to own homes
and 1 vacant POH There is also a single-family home that is
rented for $850 per month Current occupancy is at 7031
The POHs are in above average condition and includes four new
2019 homes and an average vintage on the remaining homes
being 1995
The park is connected to public water and sewer and is being
billed back to the tenants Each developed lot has a submeter
The park has gravel roads in average condition and presents and
opportunity to pave the park as the upside is being achieved in
order to later refinance with a non-recourse loan The park is not
in a flood zone
This deal is being offered as a value-add investment opportunity
with a 64 normalized cap rate on current lot rent The gross
revenue is $226083 At full price using the debt we have been
quoted the total return is 95 on normalized numbers We are
asking our investors to submit offers at or above $1640000
Well located well maintained all ages mobile home community 9 miles from downtown Little Rock AR The city has a population of 197780 with 720000 residents in the MSA The MSA has grown +7 since 2010 and the unemployment rate is lower than the national average at 33
bull Strong growing MSA with 200K+ population
bull Located 98 miles from state capital building
bull Public water amp sewer
bull Four 2019 POH recently installed
bull Permitted for 63 spaces
bull 26 miles from Walmart supercenter
bull Value-add in vacant lots 1 vacant POH amp below market rents
bull Not in flood zone
bull Gravel roads
bull Recently purchased (2018) and improved
bull 3 of the POH are older than 1990 but in good shape
Investment Highlights
Known Issues
Property Location
Propery Address11221 E LEGION HUT Rd Little Rock AR 72103
County Pulaski
Metro Area Little Rock AR
Parcel Number(s) 45L0610009000 45L0610009001
Site Description
Purchase Price $1640000
Total Rental Units 64
Mobile Home Lots 63
CommercialRetail 0
Total Land Area 809
Year Built NA
Zoning 0
Flood Zone No
Opportunity Zone No
Mechanical
Water Public-Tenants Pay (Submeters)
Sewer Public-Tenants Pay (Submeters)
Electrical Public - Direct Billed
Gas Public - Direct Billed
Trash Landlord
Cable Public - Direct Billed
Landscape Landlord
Snow Removal Landlord
Property Overview
STEP 3
Highlights amp Known Issues
1 Watch short video from listing broker about this opportunity CLICK HERE
2 Watch extended video from listing broker about this opportunity CLICK HERE
3 View brokerrsquos excel sheet CLICK HERE
Make an offer (use our template or use your own)
1 Letter of Intent CLICK HERE
2 State Required Disclosures CLICK HERE
Send offers toYour Local MampM Agent
P 03wwwmarcusmilichapcom Legion Hut MHC
Project Overview
This deal requires
bull A personal balance sheet capable of being financeable for recourse debt on the purchase loan
bull Ability to qualify for CMBS financing in year 5 (Net Worth ~$1500000 + Personal Capital on Hand after closing of ~$150000+)
bull Ability to execute a successful Home Sales Program within the community in order to fill procure and either arrange financing for prospective homeowner(s) or profitably rent
What it has
bull Rental market is considered cost burdened which points to above average market rent growth over 3 (Our forecasts are based on 3)
bull Using the parkrsquos current rents many potential home buyerrsquos can afford to buy a quality used or new mobile home through an existing consumer financing program
bull Legacy in place now because owner is financed on 4 new 2020 model homes ltassumablegt
bull 21st has provided better terms on that loan and both have a end to consumer sales program that has yet to be set up in this park
bull Modeled Assumption loan currently in place
Expected Returns
bull AvgCash-on-Cash Returns (10 Years) 8388bull Years 1-5 (Pre Refinance) 823bull Years 6-10 (Post Refinance) 15953 Due to basis change on assetrsquos balance sheet due to Year 5 CMBS refinance
Watch an extended in-depth video about the underwritng and pro-forma regarding this opportunity CLICK HERE
Dowload the PDF overview sheet to follow along with the video CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwmarcusmilichapcom Legion Hut MHC
Rent Comps Lot Rent POH Rent Utility Info
Legion Hut MHP $280 $380 Public
Whispering Hills MHE - Mabelvale AR $225 $300 Public
Owen Creek MHP - Alexander AR $360
Knollwood MHP 1 - Little Rock AR $315
Knollwood MHP 2 - Alexander AR $315
WHMHE is adjacent to Legion Hut and is mostly a POH rental community with older homes
CommentsThis market has about 14 parks within the county that are between 50-99 lots The average
lot rents in the area is $305 for similar parks and $350+ for well run professionally managed
parks The population has been growing rapidly and is supported by higher wage jobs and an
unemployment rate that is below the national average We predict that as the MSA grows
affordable housing is going to become more scarce and therefore put upward pressure on lot
rents and park owned rental units Currently the market supports $350 lot rent at well ran and
maintained communities Poorly ran parks are averaging a sub-$250 lot rent
Click on the folloring links for additional property information
Other MaterialsParcel MapList of POH inventory2019 PampLNov-20 Rent Roll
Capitalized Revenues amp Investment Summary
Actuals Normalized Pro Forma
Total Gross Income $198283 $226083 $237337
Lot Revenue $120647 $147840 $159743
RV Revenue $0 $0 $0
Single Family Home amp Apartment Revenue $0 $10200 $12000
CommercialRetail Revenue $0 $0 $0
Self Storage Revenue $0 $0 $0
Other Income $18440 $20204 $23421
Capitalized Income $139086 $172839 $189188
Capitalized Expenses $68367 $83090 $86822
Net Operating Income (excludes POH income) $70720 $89749 $102366
Park Owned Home Revenues - Not Capitalized
Total Gross Income $198283 $226083 $237337
Total POH Revenue $59197 $53244 $48149
POH amp RTO Expenses $20637 $30853 $31444
POH RTO Net Income $38560 $22391 $16705
Per POH Value $23566 $23566 $23566
Total POH Value $235660 $235660 $235660
Investment Metric Table
Lot Rent Cap Rate 645 736
Gross Cap Rate (includes POH IampE) 684 726
Cash On Cash Levered 476 593
Total Return 950 1067
10 Year IRR No infill 1264
Infill amp 5YR Refi 2082
10 Year Equity Multiple No infill 283
Infill amp 5YR Refi 441
Price Per Lot $25625 $25625
Unit Breakdown
Total Rental Units 64 Year-2 Proforma
Total Tenants 45 46
Total Mobile Home Lots 63 63
Total RV Lots 0 0
Tenant Owned Homes 30 30
Abandoned Homes 0 0
Vacant Lots 18 18
Rent to Own POHs 5 5
Rented POHs 9 10
Vacant POHs 1 0
Average Lot Rent $280 $296
Average RTO Payment $399 $399
Average POH Rent $380 $391
P 05wwwmarcusmilichapcom Legion Hut MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $139086 $172839 $189188 Local MarketInformationLittle Rock is the capital of Arkansas Capital-city complex - Center of the state along
the Arkansas River May October and April are the most pleasant months in Little Rock
Typical of mid-America the downtown area is laid out on a rectangular grid with
mostly average modern architecture a sprinkling of older historic structures and a
waterfront park along the Arkansas River North Little Rock is a growing business-
friendly and mainly progressive middle class center across the river
The hub of Little Rock is the bustling River Market District featuring restaurants shops
bars nightlife museums and hotels as well as the arearsquos main library Focal points in
the city include the Clinton Presidential Center amp Park the nearby world headquarters
of Heifer International and the Central Arkansas Nature Center
Little Rock has plenty for outdoor lovers as well with great weather and numerous
city parks offering runningwalking trails bike paths fishing private and public golf
courses sports facilities and picnic areas
Local Market Statistics
Little Rock Pulaski Little Rock MSA
Population 197780 392848 730346
Growth +37 +42 +71
Medium Home Price $143000 $134000 $141220
Average Apartment Rent $881 $831 $832
Family Median Home $46409 $46410 $49179
Unemployment Rate 340 340 330
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 06 of Real Estate Value Allocation $250 $0 $7808 $7808 $8042
Property Insurance Normalized to Industry Averages 3 Pro Forma Increase $2463 $0 $3150 $3201 $3297
Repairs amp Maintenance Normalized to Industry Averages 3 Pro Forma Increase $12498 $0 $7770 $9600 $9888
Mowing amp Landscaping Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $3500 $3500 $3605
Snow Removal Broker Estimate $0 $0 $0 $1000 $1030
Public Water PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Public Sewer PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Trash PF includes +1 tenant amp 3 increase $0 $0 $5064 $5064 $5334
Electricity Normalized Equals Sellers Disclosure 3 Pro Forma Increase $3481 $0 $1800 $1800 $1854
Employee Salaries Normalized to Industry Averages 3 Pro Forma Increase $1730 $0 $11085 $11520 $11866
Payroll Taxes amp Expenses 12 of Total Payroll $0 $0 $0 $1382 $1424
3rd Party Management 5 of Total Revenue $214 $0 $522 $8642 $9460
Office Supplies amp Expenses $15 per lotmonth $0 $0 $245 $1151 $1186
Legal Fees Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1229 $1229 $1266
Accounting Fees $0 $0 $0 $1000 $1030
Licenses Permits Dues Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $511 $511 $526
Other Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1683 $1683 $1733
Capital Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $3077 $0 $0 $0
Total Expense $20637 $3077 $68367 $83090 $86822
Expense Ratio 4915 4807 4589
Net Operating Income (Excluding POH Income) $7071951 $8974889 $10236575
Capitalization Rate (lot rent only) 508 645 736
Net Operating Income (Including POH Income) $109280 $112140 $119071
Capitalization Rate (lot rent amp park owned home income) 666 684 726
RE Debt Service Loan 1 (65 LTV 485 Interest Rate 25 Year Amortization) $62505 $62505 $62505
POH Debt Service Loan 2 (60 LTV 890 Interest Rate 10 Year Amortization) $21295 $21295 $21295
Cash Flow $25479 $28339 $35270
Debt Service Coverage Ratio 130 134 142
Cash-On-Cash Return 428 476 593
Total Return 902 950 1067
Broker Estimate
P 05wwwmarcusmilichapcom Legion Hut MHC
Park Only 10YR Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Market Rent In Period $305 $314 $324 $333 $343 $354 $364 $375 $386 $398
Rent Charged In Period $28000 $29582 $312 $327 $343 $354 $364 $375 $386 $398
Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896
Other Housing Revenue $10200 $12000 $12360 $12731 $13113 $13506 $13911 $14329 $14758 $15201
Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573
Collections LossBad Debt ($5405) ($5977) ($6286) ($6597) ($6907) ($7114) ($7328) ($7548) ($7774) ($8007)
Total Real Estate Revenue $172839 $189188 $198521 $207884 $217278 $223797 $230510 $237426 $244549 $251885
Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)
Insurance Expense ($3200) ($3296) ($3395) ($3497) ($3602) ($3710) ($3821) ($3936) ($4054) ($4175)
Repairs amp Maintenance Services ($9600) ($9888) ($10185) ($10490) ($10805) ($11129) ($11463) ($11807) ($12161) ($12526)
Mowing amp Landscaping Services ($3500) ($3605) ($3713) ($3825) ($3939) ($4057) ($4179) ($4305) ($4434) ($4567)
Snow amp Ice Services ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)
Electric Services ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
On-Site Management ($11520) ($11866) ($12222) ($12588) ($12966) ($13355) ($13755) ($14168) ($14593) ($15031)
Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)
3rd Party Management ($8642) ($9459) ($9926) ($10394) ($10864) ($11190) ($11526) ($11871) ($12227) ($12594)
Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)
Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)
Accounting Expense ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Licenses Permits Dues ($511) ($526) ($542) ($558) ($575) ($592) ($610) ($628) ($647) ($667)
Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)
Total Real Estate Expenses ($83090) ($86821) ($91609) ($94528) ($97521) ($100447) ($103460) ($106564) ($109761) ($113054)
Expense Ratio 481 459 461 455 449 449 449 449 449 449
Net Operating Income $89749 $102366 $106912 $113357 $119757 $123350 $127050 $130862 $134788 $138831
Same Store NOI Growth 141 44 60 56 30 30 30 30 30
Debt Service in Period ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081)
Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750
Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)
Real Estate DSCR 126 156 171 176 181 186 192 198 204 210
Real Estate Debt
Financing Value of RE $1404336
Purchase Loan Amount $912818
LTV 650
Interest Rate 4850
Amortization 25
P 05wwwmarcusmilichapcom Legion Hut MHC
POHRTO 10 Year Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Average Rent (Include Lot Rent) $660 $67980 $700 $721 $743 $765 $788 $812 $836 $861
POH Portion In Period (Less Lot Rent in Period) $380 $38398 $389 $394 $400 $412 $424 $437 $450 $463
POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583
RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0
Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556
Collections LossBad Debt ($3512) ($3176) ($2956) ($2953) ($2997) ($3087) ($3179) ($3275) ($3373) ($3474)
Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665
Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)
Insurance Expense ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Repairs amp Maintenance Services ($15000) ($15450) ($15914) ($16391) ($16883) ($17389) ($17911) ($18448) ($19002) ($19572)
Electric Expense ($1125) ($1159) ($1194) ($1229) ($1266) ($1304) ($1343) ($1384) ($1425) ($1468)
On-Site Management ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)
3rd Party Management ($2662) ($2407) ($2241) ($2238) ($2271) ($2340) ($2410) ($2482) ($2557) ($2633)
Licenses Permits Dues ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)
Total Park Owned Home Expen-ses ($30853) ($31444) ($32149) ($33043) ($34001) ($35021) ($36071) ($37153) ($38268) ($39416)
Expense Ratio 57947 65306 717 738 748 748 748 748 748 748
Net Operating Income $22391 $16705 $12667 $11725 $11429 $11772 $12125 $12489 $12863 $13249
Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)
POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249
Park Owned Home Info amp Debt Assumptions
Park Owned Homes 10
Avg Value per Home $23566
Total POH Value $235664
POH Financing $140692
Interest Rate 8900
Amortization 10 Matures 1152027
Value of POH Equity $94972
P 05wwwmarcusmilichapcom Legion Hut MHC
LP Structure
Uses of Capital
Real Estate Equity ($491518)
POH Equity ($94972)
Allowance for Cap Ex ($32000)
Site Prep ($130000)
Project Capial Needed $748490
Acquisition Fee to GP $32800
Total to Raise $781290
to Investment 9580
to Aquisition Fee 420
Assumptions
Acquisition Fee 20
Capital Mgmt Fee 20
Preferred Return 80
Split to LP 80
Split to GP 20
LP Internal Rate of Return 1604
LP Equity Multiple 325
LP Average Cash-on-Cash 2006
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490
Ending LP Account $748490 $748490 $748490 $898490 $898490
Average LP Account $748490 $748490 $748490 $823490 $898490
Operating Cash Flows $13925 $30138 $30168 $56853 $108126
Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879
Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970
Distributed to LP $13925 $30138 $30168 $56853 $108126
Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185
Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849
LP Cash on Cash 186 403 403 690 1203
New LP Capial Account $205276 $205276 $205276 $205276 $205276
Operating Cash Flows $63762 $69837 $84555 $107922 $114560
Preferred Returns Due to LP $16422 $16422 $16422 $16422 $16422
Capital Mgmt due GP $4106 $4106 $4106 $4106 $4106
Available for Profit Share $43235 $49309 $64027 $87395 $94033
LP Share of Profits $34588 $39447 $51222 $69916 $75226
GP Share of Profits $8647 $9862 $12805 $17479 $18807
LP Cash on Cash 2485 2722 3295 4206 4465
Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788
Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
GP Purchase of LP Shares 22 $2000+ per month starting in Year 5
GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495
GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623
GP Internal Rate of Return 2791
GP Equity Multiple 721
Due From CMBS Refinance $843248
Payment of LP Deferred Returns $72185
Payment of GP Deferred Returns $77849
Used as Return of LP Capital Y6 $693214
$1481356
$205276
$1276080
$1020864
$255216
Due from Year 10 Sale
LP Capital Account brought to $0
Available for Profit Share
Profit Share Due LP
Profit Share Due GP
Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called
unless a Cash Out Refi or Sale is about to occur
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 03wwwmarcusmilichapcom Legion Hut MHC
STEP 1
Schedule a callwith your Agent(720) MHP-4YOU
STEP 2
Property Description
Legion Hut MHC has a total of 63 MH lots and 1 single family
home including an office for the park There is a total of 45
tenants with 30 lot rent only tenants paying an average of $280
9 rented POHs paying an average of $380 5 rent to own homes
and 1 vacant POH There is also a single-family home that is
rented for $850 per month Current occupancy is at 7031
The POHs are in above average condition and includes four new
2019 homes and an average vintage on the remaining homes
being 1995
The park is connected to public water and sewer and is being
billed back to the tenants Each developed lot has a submeter
The park has gravel roads in average condition and presents and
opportunity to pave the park as the upside is being achieved in
order to later refinance with a non-recourse loan The park is not
in a flood zone
This deal is being offered as a value-add investment opportunity
with a 64 normalized cap rate on current lot rent The gross
revenue is $226083 At full price using the debt we have been
quoted the total return is 95 on normalized numbers We are
asking our investors to submit offers at or above $1640000
Well located well maintained all ages mobile home community 9 miles from downtown Little Rock AR The city has a population of 197780 with 720000 residents in the MSA The MSA has grown +7 since 2010 and the unemployment rate is lower than the national average at 33
bull Strong growing MSA with 200K+ population
bull Located 98 miles from state capital building
bull Public water amp sewer
bull Four 2019 POH recently installed
bull Permitted for 63 spaces
bull 26 miles from Walmart supercenter
bull Value-add in vacant lots 1 vacant POH amp below market rents
bull Not in flood zone
bull Gravel roads
bull Recently purchased (2018) and improved
bull 3 of the POH are older than 1990 but in good shape
Investment Highlights
Known Issues
Property Location
Propery Address11221 E LEGION HUT Rd Little Rock AR 72103
County Pulaski
Metro Area Little Rock AR
Parcel Number(s) 45L0610009000 45L0610009001
Site Description
Purchase Price $1640000
Total Rental Units 64
Mobile Home Lots 63
CommercialRetail 0
Total Land Area 809
Year Built NA
Zoning 0
Flood Zone No
Opportunity Zone No
Mechanical
Water Public-Tenants Pay (Submeters)
Sewer Public-Tenants Pay (Submeters)
Electrical Public - Direct Billed
Gas Public - Direct Billed
Trash Landlord
Cable Public - Direct Billed
Landscape Landlord
Snow Removal Landlord
Property Overview
STEP 3
Highlights amp Known Issues
1 Watch short video from listing broker about this opportunity CLICK HERE
2 Watch extended video from listing broker about this opportunity CLICK HERE
3 View brokerrsquos excel sheet CLICK HERE
Make an offer (use our template or use your own)
1 Letter of Intent CLICK HERE
2 State Required Disclosures CLICK HERE
Send offers toYour Local MampM Agent
P 03wwwmarcusmilichapcom Legion Hut MHC
Project Overview
This deal requires
bull A personal balance sheet capable of being financeable for recourse debt on the purchase loan
bull Ability to qualify for CMBS financing in year 5 (Net Worth ~$1500000 + Personal Capital on Hand after closing of ~$150000+)
bull Ability to execute a successful Home Sales Program within the community in order to fill procure and either arrange financing for prospective homeowner(s) or profitably rent
What it has
bull Rental market is considered cost burdened which points to above average market rent growth over 3 (Our forecasts are based on 3)
bull Using the parkrsquos current rents many potential home buyerrsquos can afford to buy a quality used or new mobile home through an existing consumer financing program
bull Legacy in place now because owner is financed on 4 new 2020 model homes ltassumablegt
bull 21st has provided better terms on that loan and both have a end to consumer sales program that has yet to be set up in this park
bull Modeled Assumption loan currently in place
Expected Returns
bull AvgCash-on-Cash Returns (10 Years) 8388bull Years 1-5 (Pre Refinance) 823bull Years 6-10 (Post Refinance) 15953 Due to basis change on assetrsquos balance sheet due to Year 5 CMBS refinance
Watch an extended in-depth video about the underwritng and pro-forma regarding this opportunity CLICK HERE
Dowload the PDF overview sheet to follow along with the video CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwmarcusmilichapcom Legion Hut MHC
Rent Comps Lot Rent POH Rent Utility Info
Legion Hut MHP $280 $380 Public
Whispering Hills MHE - Mabelvale AR $225 $300 Public
Owen Creek MHP - Alexander AR $360
Knollwood MHP 1 - Little Rock AR $315
Knollwood MHP 2 - Alexander AR $315
WHMHE is adjacent to Legion Hut and is mostly a POH rental community with older homes
CommentsThis market has about 14 parks within the county that are between 50-99 lots The average
lot rents in the area is $305 for similar parks and $350+ for well run professionally managed
parks The population has been growing rapidly and is supported by higher wage jobs and an
unemployment rate that is below the national average We predict that as the MSA grows
affordable housing is going to become more scarce and therefore put upward pressure on lot
rents and park owned rental units Currently the market supports $350 lot rent at well ran and
maintained communities Poorly ran parks are averaging a sub-$250 lot rent
Click on the folloring links for additional property information
Other MaterialsParcel MapList of POH inventory2019 PampLNov-20 Rent Roll
Capitalized Revenues amp Investment Summary
Actuals Normalized Pro Forma
Total Gross Income $198283 $226083 $237337
Lot Revenue $120647 $147840 $159743
RV Revenue $0 $0 $0
Single Family Home amp Apartment Revenue $0 $10200 $12000
CommercialRetail Revenue $0 $0 $0
Self Storage Revenue $0 $0 $0
Other Income $18440 $20204 $23421
Capitalized Income $139086 $172839 $189188
Capitalized Expenses $68367 $83090 $86822
Net Operating Income (excludes POH income) $70720 $89749 $102366
Park Owned Home Revenues - Not Capitalized
Total Gross Income $198283 $226083 $237337
Total POH Revenue $59197 $53244 $48149
POH amp RTO Expenses $20637 $30853 $31444
POH RTO Net Income $38560 $22391 $16705
Per POH Value $23566 $23566 $23566
Total POH Value $235660 $235660 $235660
Investment Metric Table
Lot Rent Cap Rate 645 736
Gross Cap Rate (includes POH IampE) 684 726
Cash On Cash Levered 476 593
Total Return 950 1067
10 Year IRR No infill 1264
Infill amp 5YR Refi 2082
10 Year Equity Multiple No infill 283
Infill amp 5YR Refi 441
Price Per Lot $25625 $25625
Unit Breakdown
Total Rental Units 64 Year-2 Proforma
Total Tenants 45 46
Total Mobile Home Lots 63 63
Total RV Lots 0 0
Tenant Owned Homes 30 30
Abandoned Homes 0 0
Vacant Lots 18 18
Rent to Own POHs 5 5
Rented POHs 9 10
Vacant POHs 1 0
Average Lot Rent $280 $296
Average RTO Payment $399 $399
Average POH Rent $380 $391
P 05wwwmarcusmilichapcom Legion Hut MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $139086 $172839 $189188 Local MarketInformationLittle Rock is the capital of Arkansas Capital-city complex - Center of the state along
the Arkansas River May October and April are the most pleasant months in Little Rock
Typical of mid-America the downtown area is laid out on a rectangular grid with
mostly average modern architecture a sprinkling of older historic structures and a
waterfront park along the Arkansas River North Little Rock is a growing business-
friendly and mainly progressive middle class center across the river
The hub of Little Rock is the bustling River Market District featuring restaurants shops
bars nightlife museums and hotels as well as the arearsquos main library Focal points in
the city include the Clinton Presidential Center amp Park the nearby world headquarters
of Heifer International and the Central Arkansas Nature Center
Little Rock has plenty for outdoor lovers as well with great weather and numerous
city parks offering runningwalking trails bike paths fishing private and public golf
courses sports facilities and picnic areas
Local Market Statistics
Little Rock Pulaski Little Rock MSA
Population 197780 392848 730346
Growth +37 +42 +71
Medium Home Price $143000 $134000 $141220
Average Apartment Rent $881 $831 $832
Family Median Home $46409 $46410 $49179
Unemployment Rate 340 340 330
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 06 of Real Estate Value Allocation $250 $0 $7808 $7808 $8042
Property Insurance Normalized to Industry Averages 3 Pro Forma Increase $2463 $0 $3150 $3201 $3297
Repairs amp Maintenance Normalized to Industry Averages 3 Pro Forma Increase $12498 $0 $7770 $9600 $9888
Mowing amp Landscaping Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $3500 $3500 $3605
Snow Removal Broker Estimate $0 $0 $0 $1000 $1030
Public Water PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Public Sewer PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Trash PF includes +1 tenant amp 3 increase $0 $0 $5064 $5064 $5334
Electricity Normalized Equals Sellers Disclosure 3 Pro Forma Increase $3481 $0 $1800 $1800 $1854
Employee Salaries Normalized to Industry Averages 3 Pro Forma Increase $1730 $0 $11085 $11520 $11866
Payroll Taxes amp Expenses 12 of Total Payroll $0 $0 $0 $1382 $1424
3rd Party Management 5 of Total Revenue $214 $0 $522 $8642 $9460
Office Supplies amp Expenses $15 per lotmonth $0 $0 $245 $1151 $1186
Legal Fees Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1229 $1229 $1266
Accounting Fees $0 $0 $0 $1000 $1030
Licenses Permits Dues Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $511 $511 $526
Other Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1683 $1683 $1733
Capital Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $3077 $0 $0 $0
Total Expense $20637 $3077 $68367 $83090 $86822
Expense Ratio 4915 4807 4589
Net Operating Income (Excluding POH Income) $7071951 $8974889 $10236575
Capitalization Rate (lot rent only) 508 645 736
Net Operating Income (Including POH Income) $109280 $112140 $119071
Capitalization Rate (lot rent amp park owned home income) 666 684 726
RE Debt Service Loan 1 (65 LTV 485 Interest Rate 25 Year Amortization) $62505 $62505 $62505
POH Debt Service Loan 2 (60 LTV 890 Interest Rate 10 Year Amortization) $21295 $21295 $21295
Cash Flow $25479 $28339 $35270
Debt Service Coverage Ratio 130 134 142
Cash-On-Cash Return 428 476 593
Total Return 902 950 1067
Broker Estimate
P 05wwwmarcusmilichapcom Legion Hut MHC
Park Only 10YR Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Market Rent In Period $305 $314 $324 $333 $343 $354 $364 $375 $386 $398
Rent Charged In Period $28000 $29582 $312 $327 $343 $354 $364 $375 $386 $398
Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896
Other Housing Revenue $10200 $12000 $12360 $12731 $13113 $13506 $13911 $14329 $14758 $15201
Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573
Collections LossBad Debt ($5405) ($5977) ($6286) ($6597) ($6907) ($7114) ($7328) ($7548) ($7774) ($8007)
Total Real Estate Revenue $172839 $189188 $198521 $207884 $217278 $223797 $230510 $237426 $244549 $251885
Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)
Insurance Expense ($3200) ($3296) ($3395) ($3497) ($3602) ($3710) ($3821) ($3936) ($4054) ($4175)
Repairs amp Maintenance Services ($9600) ($9888) ($10185) ($10490) ($10805) ($11129) ($11463) ($11807) ($12161) ($12526)
Mowing amp Landscaping Services ($3500) ($3605) ($3713) ($3825) ($3939) ($4057) ($4179) ($4305) ($4434) ($4567)
Snow amp Ice Services ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)
Electric Services ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
On-Site Management ($11520) ($11866) ($12222) ($12588) ($12966) ($13355) ($13755) ($14168) ($14593) ($15031)
Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)
3rd Party Management ($8642) ($9459) ($9926) ($10394) ($10864) ($11190) ($11526) ($11871) ($12227) ($12594)
Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)
Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)
Accounting Expense ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Licenses Permits Dues ($511) ($526) ($542) ($558) ($575) ($592) ($610) ($628) ($647) ($667)
Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)
Total Real Estate Expenses ($83090) ($86821) ($91609) ($94528) ($97521) ($100447) ($103460) ($106564) ($109761) ($113054)
Expense Ratio 481 459 461 455 449 449 449 449 449 449
Net Operating Income $89749 $102366 $106912 $113357 $119757 $123350 $127050 $130862 $134788 $138831
Same Store NOI Growth 141 44 60 56 30 30 30 30 30
Debt Service in Period ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081)
Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750
Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)
Real Estate DSCR 126 156 171 176 181 186 192 198 204 210
Real Estate Debt
Financing Value of RE $1404336
Purchase Loan Amount $912818
LTV 650
Interest Rate 4850
Amortization 25
P 05wwwmarcusmilichapcom Legion Hut MHC
POHRTO 10 Year Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Average Rent (Include Lot Rent) $660 $67980 $700 $721 $743 $765 $788 $812 $836 $861
POH Portion In Period (Less Lot Rent in Period) $380 $38398 $389 $394 $400 $412 $424 $437 $450 $463
POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583
RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0
Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556
Collections LossBad Debt ($3512) ($3176) ($2956) ($2953) ($2997) ($3087) ($3179) ($3275) ($3373) ($3474)
Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665
Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)
Insurance Expense ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Repairs amp Maintenance Services ($15000) ($15450) ($15914) ($16391) ($16883) ($17389) ($17911) ($18448) ($19002) ($19572)
Electric Expense ($1125) ($1159) ($1194) ($1229) ($1266) ($1304) ($1343) ($1384) ($1425) ($1468)
On-Site Management ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)
3rd Party Management ($2662) ($2407) ($2241) ($2238) ($2271) ($2340) ($2410) ($2482) ($2557) ($2633)
Licenses Permits Dues ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)
Total Park Owned Home Expen-ses ($30853) ($31444) ($32149) ($33043) ($34001) ($35021) ($36071) ($37153) ($38268) ($39416)
Expense Ratio 57947 65306 717 738 748 748 748 748 748 748
Net Operating Income $22391 $16705 $12667 $11725 $11429 $11772 $12125 $12489 $12863 $13249
Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)
POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249
Park Owned Home Info amp Debt Assumptions
Park Owned Homes 10
Avg Value per Home $23566
Total POH Value $235664
POH Financing $140692
Interest Rate 8900
Amortization 10 Matures 1152027
Value of POH Equity $94972
P 05wwwmarcusmilichapcom Legion Hut MHC
LP Structure
Uses of Capital
Real Estate Equity ($491518)
POH Equity ($94972)
Allowance for Cap Ex ($32000)
Site Prep ($130000)
Project Capial Needed $748490
Acquisition Fee to GP $32800
Total to Raise $781290
to Investment 9580
to Aquisition Fee 420
Assumptions
Acquisition Fee 20
Capital Mgmt Fee 20
Preferred Return 80
Split to LP 80
Split to GP 20
LP Internal Rate of Return 1604
LP Equity Multiple 325
LP Average Cash-on-Cash 2006
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490
Ending LP Account $748490 $748490 $748490 $898490 $898490
Average LP Account $748490 $748490 $748490 $823490 $898490
Operating Cash Flows $13925 $30138 $30168 $56853 $108126
Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879
Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970
Distributed to LP $13925 $30138 $30168 $56853 $108126
Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185
Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849
LP Cash on Cash 186 403 403 690 1203
New LP Capial Account $205276 $205276 $205276 $205276 $205276
Operating Cash Flows $63762 $69837 $84555 $107922 $114560
Preferred Returns Due to LP $16422 $16422 $16422 $16422 $16422
Capital Mgmt due GP $4106 $4106 $4106 $4106 $4106
Available for Profit Share $43235 $49309 $64027 $87395 $94033
LP Share of Profits $34588 $39447 $51222 $69916 $75226
GP Share of Profits $8647 $9862 $12805 $17479 $18807
LP Cash on Cash 2485 2722 3295 4206 4465
Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788
Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
GP Purchase of LP Shares 22 $2000+ per month starting in Year 5
GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495
GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623
GP Internal Rate of Return 2791
GP Equity Multiple 721
Due From CMBS Refinance $843248
Payment of LP Deferred Returns $72185
Payment of GP Deferred Returns $77849
Used as Return of LP Capital Y6 $693214
$1481356
$205276
$1276080
$1020864
$255216
Due from Year 10 Sale
LP Capital Account brought to $0
Available for Profit Share
Profit Share Due LP
Profit Share Due GP
Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called
unless a Cash Out Refi or Sale is about to occur
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 03wwwmarcusmilichapcom Legion Hut MHC
Project Overview
This deal requires
bull A personal balance sheet capable of being financeable for recourse debt on the purchase loan
bull Ability to qualify for CMBS financing in year 5 (Net Worth ~$1500000 + Personal Capital on Hand after closing of ~$150000+)
bull Ability to execute a successful Home Sales Program within the community in order to fill procure and either arrange financing for prospective homeowner(s) or profitably rent
What it has
bull Rental market is considered cost burdened which points to above average market rent growth over 3 (Our forecasts are based on 3)
bull Using the parkrsquos current rents many potential home buyerrsquos can afford to buy a quality used or new mobile home through an existing consumer financing program
bull Legacy in place now because owner is financed on 4 new 2020 model homes ltassumablegt
bull 21st has provided better terms on that loan and both have a end to consumer sales program that has yet to be set up in this park
bull Modeled Assumption loan currently in place
Expected Returns
bull AvgCash-on-Cash Returns (10 Years) 8388bull Years 1-5 (Pre Refinance) 823bull Years 6-10 (Post Refinance) 15953 Due to basis change on assetrsquos balance sheet due to Year 5 CMBS refinance
Watch an extended in-depth video about the underwritng and pro-forma regarding this opportunity CLICK HERE
Dowload the PDF overview sheet to follow along with the video CLICK HERE
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwmarcusmilichapcom Legion Hut MHC
Rent Comps Lot Rent POH Rent Utility Info
Legion Hut MHP $280 $380 Public
Whispering Hills MHE - Mabelvale AR $225 $300 Public
Owen Creek MHP - Alexander AR $360
Knollwood MHP 1 - Little Rock AR $315
Knollwood MHP 2 - Alexander AR $315
WHMHE is adjacent to Legion Hut and is mostly a POH rental community with older homes
CommentsThis market has about 14 parks within the county that are between 50-99 lots The average
lot rents in the area is $305 for similar parks and $350+ for well run professionally managed
parks The population has been growing rapidly and is supported by higher wage jobs and an
unemployment rate that is below the national average We predict that as the MSA grows
affordable housing is going to become more scarce and therefore put upward pressure on lot
rents and park owned rental units Currently the market supports $350 lot rent at well ran and
maintained communities Poorly ran parks are averaging a sub-$250 lot rent
Click on the folloring links for additional property information
Other MaterialsParcel MapList of POH inventory2019 PampLNov-20 Rent Roll
Capitalized Revenues amp Investment Summary
Actuals Normalized Pro Forma
Total Gross Income $198283 $226083 $237337
Lot Revenue $120647 $147840 $159743
RV Revenue $0 $0 $0
Single Family Home amp Apartment Revenue $0 $10200 $12000
CommercialRetail Revenue $0 $0 $0
Self Storage Revenue $0 $0 $0
Other Income $18440 $20204 $23421
Capitalized Income $139086 $172839 $189188
Capitalized Expenses $68367 $83090 $86822
Net Operating Income (excludes POH income) $70720 $89749 $102366
Park Owned Home Revenues - Not Capitalized
Total Gross Income $198283 $226083 $237337
Total POH Revenue $59197 $53244 $48149
POH amp RTO Expenses $20637 $30853 $31444
POH RTO Net Income $38560 $22391 $16705
Per POH Value $23566 $23566 $23566
Total POH Value $235660 $235660 $235660
Investment Metric Table
Lot Rent Cap Rate 645 736
Gross Cap Rate (includes POH IampE) 684 726
Cash On Cash Levered 476 593
Total Return 950 1067
10 Year IRR No infill 1264
Infill amp 5YR Refi 2082
10 Year Equity Multiple No infill 283
Infill amp 5YR Refi 441
Price Per Lot $25625 $25625
Unit Breakdown
Total Rental Units 64 Year-2 Proforma
Total Tenants 45 46
Total Mobile Home Lots 63 63
Total RV Lots 0 0
Tenant Owned Homes 30 30
Abandoned Homes 0 0
Vacant Lots 18 18
Rent to Own POHs 5 5
Rented POHs 9 10
Vacant POHs 1 0
Average Lot Rent $280 $296
Average RTO Payment $399 $399
Average POH Rent $380 $391
P 05wwwmarcusmilichapcom Legion Hut MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $139086 $172839 $189188 Local MarketInformationLittle Rock is the capital of Arkansas Capital-city complex - Center of the state along
the Arkansas River May October and April are the most pleasant months in Little Rock
Typical of mid-America the downtown area is laid out on a rectangular grid with
mostly average modern architecture a sprinkling of older historic structures and a
waterfront park along the Arkansas River North Little Rock is a growing business-
friendly and mainly progressive middle class center across the river
The hub of Little Rock is the bustling River Market District featuring restaurants shops
bars nightlife museums and hotels as well as the arearsquos main library Focal points in
the city include the Clinton Presidential Center amp Park the nearby world headquarters
of Heifer International and the Central Arkansas Nature Center
Little Rock has plenty for outdoor lovers as well with great weather and numerous
city parks offering runningwalking trails bike paths fishing private and public golf
courses sports facilities and picnic areas
Local Market Statistics
Little Rock Pulaski Little Rock MSA
Population 197780 392848 730346
Growth +37 +42 +71
Medium Home Price $143000 $134000 $141220
Average Apartment Rent $881 $831 $832
Family Median Home $46409 $46410 $49179
Unemployment Rate 340 340 330
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 06 of Real Estate Value Allocation $250 $0 $7808 $7808 $8042
Property Insurance Normalized to Industry Averages 3 Pro Forma Increase $2463 $0 $3150 $3201 $3297
Repairs amp Maintenance Normalized to Industry Averages 3 Pro Forma Increase $12498 $0 $7770 $9600 $9888
Mowing amp Landscaping Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $3500 $3500 $3605
Snow Removal Broker Estimate $0 $0 $0 $1000 $1030
Public Water PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Public Sewer PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Trash PF includes +1 tenant amp 3 increase $0 $0 $5064 $5064 $5334
Electricity Normalized Equals Sellers Disclosure 3 Pro Forma Increase $3481 $0 $1800 $1800 $1854
Employee Salaries Normalized to Industry Averages 3 Pro Forma Increase $1730 $0 $11085 $11520 $11866
Payroll Taxes amp Expenses 12 of Total Payroll $0 $0 $0 $1382 $1424
3rd Party Management 5 of Total Revenue $214 $0 $522 $8642 $9460
Office Supplies amp Expenses $15 per lotmonth $0 $0 $245 $1151 $1186
Legal Fees Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1229 $1229 $1266
Accounting Fees $0 $0 $0 $1000 $1030
Licenses Permits Dues Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $511 $511 $526
Other Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1683 $1683 $1733
Capital Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $3077 $0 $0 $0
Total Expense $20637 $3077 $68367 $83090 $86822
Expense Ratio 4915 4807 4589
Net Operating Income (Excluding POH Income) $7071951 $8974889 $10236575
Capitalization Rate (lot rent only) 508 645 736
Net Operating Income (Including POH Income) $109280 $112140 $119071
Capitalization Rate (lot rent amp park owned home income) 666 684 726
RE Debt Service Loan 1 (65 LTV 485 Interest Rate 25 Year Amortization) $62505 $62505 $62505
POH Debt Service Loan 2 (60 LTV 890 Interest Rate 10 Year Amortization) $21295 $21295 $21295
Cash Flow $25479 $28339 $35270
Debt Service Coverage Ratio 130 134 142
Cash-On-Cash Return 428 476 593
Total Return 902 950 1067
Broker Estimate
P 05wwwmarcusmilichapcom Legion Hut MHC
Park Only 10YR Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Market Rent In Period $305 $314 $324 $333 $343 $354 $364 $375 $386 $398
Rent Charged In Period $28000 $29582 $312 $327 $343 $354 $364 $375 $386 $398
Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896
Other Housing Revenue $10200 $12000 $12360 $12731 $13113 $13506 $13911 $14329 $14758 $15201
Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573
Collections LossBad Debt ($5405) ($5977) ($6286) ($6597) ($6907) ($7114) ($7328) ($7548) ($7774) ($8007)
Total Real Estate Revenue $172839 $189188 $198521 $207884 $217278 $223797 $230510 $237426 $244549 $251885
Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)
Insurance Expense ($3200) ($3296) ($3395) ($3497) ($3602) ($3710) ($3821) ($3936) ($4054) ($4175)
Repairs amp Maintenance Services ($9600) ($9888) ($10185) ($10490) ($10805) ($11129) ($11463) ($11807) ($12161) ($12526)
Mowing amp Landscaping Services ($3500) ($3605) ($3713) ($3825) ($3939) ($4057) ($4179) ($4305) ($4434) ($4567)
Snow amp Ice Services ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)
Electric Services ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
On-Site Management ($11520) ($11866) ($12222) ($12588) ($12966) ($13355) ($13755) ($14168) ($14593) ($15031)
Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)
3rd Party Management ($8642) ($9459) ($9926) ($10394) ($10864) ($11190) ($11526) ($11871) ($12227) ($12594)
Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)
Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)
Accounting Expense ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Licenses Permits Dues ($511) ($526) ($542) ($558) ($575) ($592) ($610) ($628) ($647) ($667)
Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)
Total Real Estate Expenses ($83090) ($86821) ($91609) ($94528) ($97521) ($100447) ($103460) ($106564) ($109761) ($113054)
Expense Ratio 481 459 461 455 449 449 449 449 449 449
Net Operating Income $89749 $102366 $106912 $113357 $119757 $123350 $127050 $130862 $134788 $138831
Same Store NOI Growth 141 44 60 56 30 30 30 30 30
Debt Service in Period ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081)
Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750
Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)
Real Estate DSCR 126 156 171 176 181 186 192 198 204 210
Real Estate Debt
Financing Value of RE $1404336
Purchase Loan Amount $912818
LTV 650
Interest Rate 4850
Amortization 25
P 05wwwmarcusmilichapcom Legion Hut MHC
POHRTO 10 Year Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Average Rent (Include Lot Rent) $660 $67980 $700 $721 $743 $765 $788 $812 $836 $861
POH Portion In Period (Less Lot Rent in Period) $380 $38398 $389 $394 $400 $412 $424 $437 $450 $463
POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583
RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0
Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556
Collections LossBad Debt ($3512) ($3176) ($2956) ($2953) ($2997) ($3087) ($3179) ($3275) ($3373) ($3474)
Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665
Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)
Insurance Expense ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Repairs amp Maintenance Services ($15000) ($15450) ($15914) ($16391) ($16883) ($17389) ($17911) ($18448) ($19002) ($19572)
Electric Expense ($1125) ($1159) ($1194) ($1229) ($1266) ($1304) ($1343) ($1384) ($1425) ($1468)
On-Site Management ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)
3rd Party Management ($2662) ($2407) ($2241) ($2238) ($2271) ($2340) ($2410) ($2482) ($2557) ($2633)
Licenses Permits Dues ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)
Total Park Owned Home Expen-ses ($30853) ($31444) ($32149) ($33043) ($34001) ($35021) ($36071) ($37153) ($38268) ($39416)
Expense Ratio 57947 65306 717 738 748 748 748 748 748 748
Net Operating Income $22391 $16705 $12667 $11725 $11429 $11772 $12125 $12489 $12863 $13249
Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)
POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249
Park Owned Home Info amp Debt Assumptions
Park Owned Homes 10
Avg Value per Home $23566
Total POH Value $235664
POH Financing $140692
Interest Rate 8900
Amortization 10 Matures 1152027
Value of POH Equity $94972
P 05wwwmarcusmilichapcom Legion Hut MHC
LP Structure
Uses of Capital
Real Estate Equity ($491518)
POH Equity ($94972)
Allowance for Cap Ex ($32000)
Site Prep ($130000)
Project Capial Needed $748490
Acquisition Fee to GP $32800
Total to Raise $781290
to Investment 9580
to Aquisition Fee 420
Assumptions
Acquisition Fee 20
Capital Mgmt Fee 20
Preferred Return 80
Split to LP 80
Split to GP 20
LP Internal Rate of Return 1604
LP Equity Multiple 325
LP Average Cash-on-Cash 2006
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490
Ending LP Account $748490 $748490 $748490 $898490 $898490
Average LP Account $748490 $748490 $748490 $823490 $898490
Operating Cash Flows $13925 $30138 $30168 $56853 $108126
Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879
Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970
Distributed to LP $13925 $30138 $30168 $56853 $108126
Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185
Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849
LP Cash on Cash 186 403 403 690 1203
New LP Capial Account $205276 $205276 $205276 $205276 $205276
Operating Cash Flows $63762 $69837 $84555 $107922 $114560
Preferred Returns Due to LP $16422 $16422 $16422 $16422 $16422
Capital Mgmt due GP $4106 $4106 $4106 $4106 $4106
Available for Profit Share $43235 $49309 $64027 $87395 $94033
LP Share of Profits $34588 $39447 $51222 $69916 $75226
GP Share of Profits $8647 $9862 $12805 $17479 $18807
LP Cash on Cash 2485 2722 3295 4206 4465
Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788
Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
GP Purchase of LP Shares 22 $2000+ per month starting in Year 5
GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495
GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623
GP Internal Rate of Return 2791
GP Equity Multiple 721
Due From CMBS Refinance $843248
Payment of LP Deferred Returns $72185
Payment of GP Deferred Returns $77849
Used as Return of LP Capital Y6 $693214
$1481356
$205276
$1276080
$1020864
$255216
Due from Year 10 Sale
LP Capital Account brought to $0
Available for Profit Share
Profit Share Due LP
Profit Share Due GP
Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called
unless a Cash Out Refi or Sale is about to occur
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
Rental Units amp Investment Summary
Local Mobile Home Park Rents
P 04wwwmarcusmilichapcom Legion Hut MHC
Rent Comps Lot Rent POH Rent Utility Info
Legion Hut MHP $280 $380 Public
Whispering Hills MHE - Mabelvale AR $225 $300 Public
Owen Creek MHP - Alexander AR $360
Knollwood MHP 1 - Little Rock AR $315
Knollwood MHP 2 - Alexander AR $315
WHMHE is adjacent to Legion Hut and is mostly a POH rental community with older homes
CommentsThis market has about 14 parks within the county that are between 50-99 lots The average
lot rents in the area is $305 for similar parks and $350+ for well run professionally managed
parks The population has been growing rapidly and is supported by higher wage jobs and an
unemployment rate that is below the national average We predict that as the MSA grows
affordable housing is going to become more scarce and therefore put upward pressure on lot
rents and park owned rental units Currently the market supports $350 lot rent at well ran and
maintained communities Poorly ran parks are averaging a sub-$250 lot rent
Click on the folloring links for additional property information
Other MaterialsParcel MapList of POH inventory2019 PampLNov-20 Rent Roll
Capitalized Revenues amp Investment Summary
Actuals Normalized Pro Forma
Total Gross Income $198283 $226083 $237337
Lot Revenue $120647 $147840 $159743
RV Revenue $0 $0 $0
Single Family Home amp Apartment Revenue $0 $10200 $12000
CommercialRetail Revenue $0 $0 $0
Self Storage Revenue $0 $0 $0
Other Income $18440 $20204 $23421
Capitalized Income $139086 $172839 $189188
Capitalized Expenses $68367 $83090 $86822
Net Operating Income (excludes POH income) $70720 $89749 $102366
Park Owned Home Revenues - Not Capitalized
Total Gross Income $198283 $226083 $237337
Total POH Revenue $59197 $53244 $48149
POH amp RTO Expenses $20637 $30853 $31444
POH RTO Net Income $38560 $22391 $16705
Per POH Value $23566 $23566 $23566
Total POH Value $235660 $235660 $235660
Investment Metric Table
Lot Rent Cap Rate 645 736
Gross Cap Rate (includes POH IampE) 684 726
Cash On Cash Levered 476 593
Total Return 950 1067
10 Year IRR No infill 1264
Infill amp 5YR Refi 2082
10 Year Equity Multiple No infill 283
Infill amp 5YR Refi 441
Price Per Lot $25625 $25625
Unit Breakdown
Total Rental Units 64 Year-2 Proforma
Total Tenants 45 46
Total Mobile Home Lots 63 63
Total RV Lots 0 0
Tenant Owned Homes 30 30
Abandoned Homes 0 0
Vacant Lots 18 18
Rent to Own POHs 5 5
Rented POHs 9 10
Vacant POHs 1 0
Average Lot Rent $280 $296
Average RTO Payment $399 $399
Average POH Rent $380 $391
P 05wwwmarcusmilichapcom Legion Hut MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $139086 $172839 $189188 Local MarketInformationLittle Rock is the capital of Arkansas Capital-city complex - Center of the state along
the Arkansas River May October and April are the most pleasant months in Little Rock
Typical of mid-America the downtown area is laid out on a rectangular grid with
mostly average modern architecture a sprinkling of older historic structures and a
waterfront park along the Arkansas River North Little Rock is a growing business-
friendly and mainly progressive middle class center across the river
The hub of Little Rock is the bustling River Market District featuring restaurants shops
bars nightlife museums and hotels as well as the arearsquos main library Focal points in
the city include the Clinton Presidential Center amp Park the nearby world headquarters
of Heifer International and the Central Arkansas Nature Center
Little Rock has plenty for outdoor lovers as well with great weather and numerous
city parks offering runningwalking trails bike paths fishing private and public golf
courses sports facilities and picnic areas
Local Market Statistics
Little Rock Pulaski Little Rock MSA
Population 197780 392848 730346
Growth +37 +42 +71
Medium Home Price $143000 $134000 $141220
Average Apartment Rent $881 $831 $832
Family Median Home $46409 $46410 $49179
Unemployment Rate 340 340 330
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 06 of Real Estate Value Allocation $250 $0 $7808 $7808 $8042
Property Insurance Normalized to Industry Averages 3 Pro Forma Increase $2463 $0 $3150 $3201 $3297
Repairs amp Maintenance Normalized to Industry Averages 3 Pro Forma Increase $12498 $0 $7770 $9600 $9888
Mowing amp Landscaping Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $3500 $3500 $3605
Snow Removal Broker Estimate $0 $0 $0 $1000 $1030
Public Water PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Public Sewer PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Trash PF includes +1 tenant amp 3 increase $0 $0 $5064 $5064 $5334
Electricity Normalized Equals Sellers Disclosure 3 Pro Forma Increase $3481 $0 $1800 $1800 $1854
Employee Salaries Normalized to Industry Averages 3 Pro Forma Increase $1730 $0 $11085 $11520 $11866
Payroll Taxes amp Expenses 12 of Total Payroll $0 $0 $0 $1382 $1424
3rd Party Management 5 of Total Revenue $214 $0 $522 $8642 $9460
Office Supplies amp Expenses $15 per lotmonth $0 $0 $245 $1151 $1186
Legal Fees Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1229 $1229 $1266
Accounting Fees $0 $0 $0 $1000 $1030
Licenses Permits Dues Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $511 $511 $526
Other Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1683 $1683 $1733
Capital Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $3077 $0 $0 $0
Total Expense $20637 $3077 $68367 $83090 $86822
Expense Ratio 4915 4807 4589
Net Operating Income (Excluding POH Income) $7071951 $8974889 $10236575
Capitalization Rate (lot rent only) 508 645 736
Net Operating Income (Including POH Income) $109280 $112140 $119071
Capitalization Rate (lot rent amp park owned home income) 666 684 726
RE Debt Service Loan 1 (65 LTV 485 Interest Rate 25 Year Amortization) $62505 $62505 $62505
POH Debt Service Loan 2 (60 LTV 890 Interest Rate 10 Year Amortization) $21295 $21295 $21295
Cash Flow $25479 $28339 $35270
Debt Service Coverage Ratio 130 134 142
Cash-On-Cash Return 428 476 593
Total Return 902 950 1067
Broker Estimate
P 05wwwmarcusmilichapcom Legion Hut MHC
Park Only 10YR Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Market Rent In Period $305 $314 $324 $333 $343 $354 $364 $375 $386 $398
Rent Charged In Period $28000 $29582 $312 $327 $343 $354 $364 $375 $386 $398
Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896
Other Housing Revenue $10200 $12000 $12360 $12731 $13113 $13506 $13911 $14329 $14758 $15201
Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573
Collections LossBad Debt ($5405) ($5977) ($6286) ($6597) ($6907) ($7114) ($7328) ($7548) ($7774) ($8007)
Total Real Estate Revenue $172839 $189188 $198521 $207884 $217278 $223797 $230510 $237426 $244549 $251885
Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)
Insurance Expense ($3200) ($3296) ($3395) ($3497) ($3602) ($3710) ($3821) ($3936) ($4054) ($4175)
Repairs amp Maintenance Services ($9600) ($9888) ($10185) ($10490) ($10805) ($11129) ($11463) ($11807) ($12161) ($12526)
Mowing amp Landscaping Services ($3500) ($3605) ($3713) ($3825) ($3939) ($4057) ($4179) ($4305) ($4434) ($4567)
Snow amp Ice Services ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)
Electric Services ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
On-Site Management ($11520) ($11866) ($12222) ($12588) ($12966) ($13355) ($13755) ($14168) ($14593) ($15031)
Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)
3rd Party Management ($8642) ($9459) ($9926) ($10394) ($10864) ($11190) ($11526) ($11871) ($12227) ($12594)
Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)
Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)
Accounting Expense ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Licenses Permits Dues ($511) ($526) ($542) ($558) ($575) ($592) ($610) ($628) ($647) ($667)
Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)
Total Real Estate Expenses ($83090) ($86821) ($91609) ($94528) ($97521) ($100447) ($103460) ($106564) ($109761) ($113054)
Expense Ratio 481 459 461 455 449 449 449 449 449 449
Net Operating Income $89749 $102366 $106912 $113357 $119757 $123350 $127050 $130862 $134788 $138831
Same Store NOI Growth 141 44 60 56 30 30 30 30 30
Debt Service in Period ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081)
Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750
Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)
Real Estate DSCR 126 156 171 176 181 186 192 198 204 210
Real Estate Debt
Financing Value of RE $1404336
Purchase Loan Amount $912818
LTV 650
Interest Rate 4850
Amortization 25
P 05wwwmarcusmilichapcom Legion Hut MHC
POHRTO 10 Year Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Average Rent (Include Lot Rent) $660 $67980 $700 $721 $743 $765 $788 $812 $836 $861
POH Portion In Period (Less Lot Rent in Period) $380 $38398 $389 $394 $400 $412 $424 $437 $450 $463
POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583
RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0
Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556
Collections LossBad Debt ($3512) ($3176) ($2956) ($2953) ($2997) ($3087) ($3179) ($3275) ($3373) ($3474)
Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665
Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)
Insurance Expense ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Repairs amp Maintenance Services ($15000) ($15450) ($15914) ($16391) ($16883) ($17389) ($17911) ($18448) ($19002) ($19572)
Electric Expense ($1125) ($1159) ($1194) ($1229) ($1266) ($1304) ($1343) ($1384) ($1425) ($1468)
On-Site Management ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)
3rd Party Management ($2662) ($2407) ($2241) ($2238) ($2271) ($2340) ($2410) ($2482) ($2557) ($2633)
Licenses Permits Dues ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)
Total Park Owned Home Expen-ses ($30853) ($31444) ($32149) ($33043) ($34001) ($35021) ($36071) ($37153) ($38268) ($39416)
Expense Ratio 57947 65306 717 738 748 748 748 748 748 748
Net Operating Income $22391 $16705 $12667 $11725 $11429 $11772 $12125 $12489 $12863 $13249
Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)
POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249
Park Owned Home Info amp Debt Assumptions
Park Owned Homes 10
Avg Value per Home $23566
Total POH Value $235664
POH Financing $140692
Interest Rate 8900
Amortization 10 Matures 1152027
Value of POH Equity $94972
P 05wwwmarcusmilichapcom Legion Hut MHC
LP Structure
Uses of Capital
Real Estate Equity ($491518)
POH Equity ($94972)
Allowance for Cap Ex ($32000)
Site Prep ($130000)
Project Capial Needed $748490
Acquisition Fee to GP $32800
Total to Raise $781290
to Investment 9580
to Aquisition Fee 420
Assumptions
Acquisition Fee 20
Capital Mgmt Fee 20
Preferred Return 80
Split to LP 80
Split to GP 20
LP Internal Rate of Return 1604
LP Equity Multiple 325
LP Average Cash-on-Cash 2006
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490
Ending LP Account $748490 $748490 $748490 $898490 $898490
Average LP Account $748490 $748490 $748490 $823490 $898490
Operating Cash Flows $13925 $30138 $30168 $56853 $108126
Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879
Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970
Distributed to LP $13925 $30138 $30168 $56853 $108126
Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185
Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849
LP Cash on Cash 186 403 403 690 1203
New LP Capial Account $205276 $205276 $205276 $205276 $205276
Operating Cash Flows $63762 $69837 $84555 $107922 $114560
Preferred Returns Due to LP $16422 $16422 $16422 $16422 $16422
Capital Mgmt due GP $4106 $4106 $4106 $4106 $4106
Available for Profit Share $43235 $49309 $64027 $87395 $94033
LP Share of Profits $34588 $39447 $51222 $69916 $75226
GP Share of Profits $8647 $9862 $12805 $17479 $18807
LP Cash on Cash 2485 2722 3295 4206 4465
Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788
Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
GP Purchase of LP Shares 22 $2000+ per month starting in Year 5
GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495
GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623
GP Internal Rate of Return 2791
GP Equity Multiple 721
Due From CMBS Refinance $843248
Payment of LP Deferred Returns $72185
Payment of GP Deferred Returns $77849
Used as Return of LP Capital Y6 $693214
$1481356
$205276
$1276080
$1020864
$255216
Due from Year 10 Sale
LP Capital Account brought to $0
Available for Profit Share
Profit Share Due LP
Profit Share Due GP
Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called
unless a Cash Out Refi or Sale is about to occur
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 05wwwmarcusmilichapcom Legion Hut MHC
Property ExpensesActuals Normalized Actuals Pro Forma
Total Revenue $139086 $172839 $189188 Local MarketInformationLittle Rock is the capital of Arkansas Capital-city complex - Center of the state along
the Arkansas River May October and April are the most pleasant months in Little Rock
Typical of mid-America the downtown area is laid out on a rectangular grid with
mostly average modern architecture a sprinkling of older historic structures and a
waterfront park along the Arkansas River North Little Rock is a growing business-
friendly and mainly progressive middle class center across the river
The hub of Little Rock is the bustling River Market District featuring restaurants shops
bars nightlife museums and hotels as well as the arearsquos main library Focal points in
the city include the Clinton Presidential Center amp Park the nearby world headquarters
of Heifer International and the Central Arkansas Nature Center
Little Rock has plenty for outdoor lovers as well with great weather and numerous
city parks offering runningwalking trails bike paths fishing private and public golf
courses sports facilities and picnic areas
Local Market Statistics
Little Rock Pulaski Little Rock MSA
Population 197780 392848 730346
Growth +37 +42 +71
Medium Home Price $143000 $134000 $141220
Average Apartment Rent $881 $831 $832
Family Median Home $46409 $46410 $49179
Unemployment Rate 340 340 330
Expense Category Note On Expense Item
POH Expenses CAPEX Actuals Normalized Actuals Pro Forma
Property Taxes Estimated at 06 of Real Estate Value Allocation $250 $0 $7808 $7808 $8042
Property Insurance Normalized to Industry Averages 3 Pro Forma Increase $2463 $0 $3150 $3201 $3297
Repairs amp Maintenance Normalized to Industry Averages 3 Pro Forma Increase $12498 $0 $7770 $9600 $9888
Mowing amp Landscaping Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $3500 $3500 $3605
Snow Removal Broker Estimate $0 $0 $0 $1000 $1030
Public Water PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Public Sewer PF includes +1 tenant amp 55 increase $0 $0 $12000 $12000 $12641
Trash PF includes +1 tenant amp 3 increase $0 $0 $5064 $5064 $5334
Electricity Normalized Equals Sellers Disclosure 3 Pro Forma Increase $3481 $0 $1800 $1800 $1854
Employee Salaries Normalized to Industry Averages 3 Pro Forma Increase $1730 $0 $11085 $11520 $11866
Payroll Taxes amp Expenses 12 of Total Payroll $0 $0 $0 $1382 $1424
3rd Party Management 5 of Total Revenue $214 $0 $522 $8642 $9460
Office Supplies amp Expenses $15 per lotmonth $0 $0 $245 $1151 $1186
Legal Fees Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1229 $1229 $1266
Accounting Fees $0 $0 $0 $1000 $1030
Licenses Permits Dues Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $511 $511 $526
Other Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $0 $1683 $1683 $1733
Capital Expenses Normalized Equals Sellers Disclosure 3 Pro Forma Increase $0 $3077 $0 $0 $0
Total Expense $20637 $3077 $68367 $83090 $86822
Expense Ratio 4915 4807 4589
Net Operating Income (Excluding POH Income) $7071951 $8974889 $10236575
Capitalization Rate (lot rent only) 508 645 736
Net Operating Income (Including POH Income) $109280 $112140 $119071
Capitalization Rate (lot rent amp park owned home income) 666 684 726
RE Debt Service Loan 1 (65 LTV 485 Interest Rate 25 Year Amortization) $62505 $62505 $62505
POH Debt Service Loan 2 (60 LTV 890 Interest Rate 10 Year Amortization) $21295 $21295 $21295
Cash Flow $25479 $28339 $35270
Debt Service Coverage Ratio 130 134 142
Cash-On-Cash Return 428 476 593
Total Return 902 950 1067
Broker Estimate
P 05wwwmarcusmilichapcom Legion Hut MHC
Park Only 10YR Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Market Rent In Period $305 $314 $324 $333 $343 $354 $364 $375 $386 $398
Rent Charged In Period $28000 $29582 $312 $327 $343 $354 $364 $375 $386 $398
Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896
Other Housing Revenue $10200 $12000 $12360 $12731 $13113 $13506 $13911 $14329 $14758 $15201
Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573
Collections LossBad Debt ($5405) ($5977) ($6286) ($6597) ($6907) ($7114) ($7328) ($7548) ($7774) ($8007)
Total Real Estate Revenue $172839 $189188 $198521 $207884 $217278 $223797 $230510 $237426 $244549 $251885
Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)
Insurance Expense ($3200) ($3296) ($3395) ($3497) ($3602) ($3710) ($3821) ($3936) ($4054) ($4175)
Repairs amp Maintenance Services ($9600) ($9888) ($10185) ($10490) ($10805) ($11129) ($11463) ($11807) ($12161) ($12526)
Mowing amp Landscaping Services ($3500) ($3605) ($3713) ($3825) ($3939) ($4057) ($4179) ($4305) ($4434) ($4567)
Snow amp Ice Services ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)
Electric Services ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
On-Site Management ($11520) ($11866) ($12222) ($12588) ($12966) ($13355) ($13755) ($14168) ($14593) ($15031)
Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)
3rd Party Management ($8642) ($9459) ($9926) ($10394) ($10864) ($11190) ($11526) ($11871) ($12227) ($12594)
Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)
Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)
Accounting Expense ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Licenses Permits Dues ($511) ($526) ($542) ($558) ($575) ($592) ($610) ($628) ($647) ($667)
Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)
Total Real Estate Expenses ($83090) ($86821) ($91609) ($94528) ($97521) ($100447) ($103460) ($106564) ($109761) ($113054)
Expense Ratio 481 459 461 455 449 449 449 449 449 449
Net Operating Income $89749 $102366 $106912 $113357 $119757 $123350 $127050 $130862 $134788 $138831
Same Store NOI Growth 141 44 60 56 30 30 30 30 30
Debt Service in Period ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081)
Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750
Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)
Real Estate DSCR 126 156 171 176 181 186 192 198 204 210
Real Estate Debt
Financing Value of RE $1404336
Purchase Loan Amount $912818
LTV 650
Interest Rate 4850
Amortization 25
P 05wwwmarcusmilichapcom Legion Hut MHC
POHRTO 10 Year Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Average Rent (Include Lot Rent) $660 $67980 $700 $721 $743 $765 $788 $812 $836 $861
POH Portion In Period (Less Lot Rent in Period) $380 $38398 $389 $394 $400 $412 $424 $437 $450 $463
POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583
RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0
Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556
Collections LossBad Debt ($3512) ($3176) ($2956) ($2953) ($2997) ($3087) ($3179) ($3275) ($3373) ($3474)
Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665
Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)
Insurance Expense ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Repairs amp Maintenance Services ($15000) ($15450) ($15914) ($16391) ($16883) ($17389) ($17911) ($18448) ($19002) ($19572)
Electric Expense ($1125) ($1159) ($1194) ($1229) ($1266) ($1304) ($1343) ($1384) ($1425) ($1468)
On-Site Management ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)
3rd Party Management ($2662) ($2407) ($2241) ($2238) ($2271) ($2340) ($2410) ($2482) ($2557) ($2633)
Licenses Permits Dues ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)
Total Park Owned Home Expen-ses ($30853) ($31444) ($32149) ($33043) ($34001) ($35021) ($36071) ($37153) ($38268) ($39416)
Expense Ratio 57947 65306 717 738 748 748 748 748 748 748
Net Operating Income $22391 $16705 $12667 $11725 $11429 $11772 $12125 $12489 $12863 $13249
Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)
POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249
Park Owned Home Info amp Debt Assumptions
Park Owned Homes 10
Avg Value per Home $23566
Total POH Value $235664
POH Financing $140692
Interest Rate 8900
Amortization 10 Matures 1152027
Value of POH Equity $94972
P 05wwwmarcusmilichapcom Legion Hut MHC
LP Structure
Uses of Capital
Real Estate Equity ($491518)
POH Equity ($94972)
Allowance for Cap Ex ($32000)
Site Prep ($130000)
Project Capial Needed $748490
Acquisition Fee to GP $32800
Total to Raise $781290
to Investment 9580
to Aquisition Fee 420
Assumptions
Acquisition Fee 20
Capital Mgmt Fee 20
Preferred Return 80
Split to LP 80
Split to GP 20
LP Internal Rate of Return 1604
LP Equity Multiple 325
LP Average Cash-on-Cash 2006
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490
Ending LP Account $748490 $748490 $748490 $898490 $898490
Average LP Account $748490 $748490 $748490 $823490 $898490
Operating Cash Flows $13925 $30138 $30168 $56853 $108126
Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879
Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970
Distributed to LP $13925 $30138 $30168 $56853 $108126
Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185
Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849
LP Cash on Cash 186 403 403 690 1203
New LP Capial Account $205276 $205276 $205276 $205276 $205276
Operating Cash Flows $63762 $69837 $84555 $107922 $114560
Preferred Returns Due to LP $16422 $16422 $16422 $16422 $16422
Capital Mgmt due GP $4106 $4106 $4106 $4106 $4106
Available for Profit Share $43235 $49309 $64027 $87395 $94033
LP Share of Profits $34588 $39447 $51222 $69916 $75226
GP Share of Profits $8647 $9862 $12805 $17479 $18807
LP Cash on Cash 2485 2722 3295 4206 4465
Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788
Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
GP Purchase of LP Shares 22 $2000+ per month starting in Year 5
GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495
GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623
GP Internal Rate of Return 2791
GP Equity Multiple 721
Due From CMBS Refinance $843248
Payment of LP Deferred Returns $72185
Payment of GP Deferred Returns $77849
Used as Return of LP Capital Y6 $693214
$1481356
$205276
$1276080
$1020864
$255216
Due from Year 10 Sale
LP Capital Account brought to $0
Available for Profit Share
Profit Share Due LP
Profit Share Due GP
Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called
unless a Cash Out Refi or Sale is about to occur
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 05wwwmarcusmilichapcom Legion Hut MHC
Park Only 10YR Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Market Rent In Period $305 $314 $324 $333 $343 $354 $364 $375 $386 $398
Rent Charged In Period $28000 $29582 $312 $327 $343 $354 $364 $375 $386 $398
Lot Rent Revenue $147840 $159743 $168286 $176828 $185371 $190932 $196660 $202560 $208637 $214896
Other Housing Revenue $10200 $12000 $12360 $12731 $13113 $13506 $13911 $14329 $14758 $15201
Water Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Sewer Revenue $9220 $10745 $11067 $11399 $11741 $12093 $12456 $12830 $13214 $13611
Fee Revenue $1765 $1932 $2028 $2124 $2220 $2286 $2355 $2425 $2498 $2573
Collections LossBad Debt ($5405) ($5977) ($6286) ($6597) ($6907) ($7114) ($7328) ($7548) ($7774) ($8007)
Total Real Estate Revenue $172839 $189188 $198521 $207884 $217278 $223797 $230510 $237426 $244549 $251885
Property Tax ($7808) ($8042) ($10283) ($10592) ($10909) ($11237) ($11574) ($11921) ($12279) ($12647)
Insurance Expense ($3200) ($3296) ($3395) ($3497) ($3602) ($3710) ($3821) ($3936) ($4054) ($4175)
Repairs amp Maintenance Services ($9600) ($9888) ($10185) ($10490) ($10805) ($11129) ($11463) ($11807) ($12161) ($12526)
Mowing amp Landscaping Services ($3500) ($3605) ($3713) ($3825) ($3939) ($4057) ($4179) ($4305) ($4434) ($4567)
Snow amp Ice Services ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Water Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Sewer Services ($12000) ($12641) ($13020) ($13411) ($13813) ($14227) ($14654) ($15094) ($15546) ($16013)
Trash Services ($5064) ($5334) ($5494) ($5659) ($5829) ($6004) ($6184) ($6369) ($6560) ($6757)
Electric Services ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
On-Site Management ($11520) ($11866) ($12222) ($12588) ($12966) ($13355) ($13755) ($14168) ($14593) ($15031)
Payroll Expense ($1382) ($1424) ($1467) ($1511) ($1556) ($1603) ($1651) ($1700) ($1751) ($1804)
3rd Party Management ($8642) ($9459) ($9926) ($10394) ($10864) ($11190) ($11526) ($11871) ($12227) ($12594)
Office Expense ($1152) ($1187) ($1222) ($1259) ($1297) ($1335) ($1376) ($1417) ($1459) ($1503)
Legal Expense ($1229) ($1266) ($1304) ($1343) ($1383) ($1425) ($1467) ($1512) ($1557) ($1604)
Accounting Expense ($1000) ($1030) ($1061) ($1093) ($1126) ($1159) ($1194) ($1230) ($1267) ($1305)
Licenses Permits Dues ($511) ($526) ($542) ($558) ($575) ($592) ($610) ($628) ($647) ($667)
Other Expenses ($1683) ($1733) ($1785) ($1839) ($1894) ($1951) ($2009) ($2070) ($2132) ($2196)
Total Real Estate Expenses ($83090) ($86821) ($91609) ($94528) ($97521) ($100447) ($103460) ($106564) ($109761) ($113054)
Expense Ratio 481 459 461 455 449 449 449 449 449 449
Net Operating Income $89749 $102366 $106912 $113357 $119757 $123350 $127050 $130862 $134788 $138831
Same Store NOI Growth 141 44 60 56 30 30 30 30 30
Debt Service in Period ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081) ($63081)
Net Income $26668 $39285 $43831 $50275 $56676 $60268 $63969 $67780 $71706 $75750
Reserves ($4150) ($4275) ($4403) ($4535) ($4671) ($4811) ($4955) ($5104) ($5257) ($5415)
Real Estate DSCR 126 156 171 176 181 186 192 198 204 210
Real Estate Debt
Financing Value of RE $1404336
Purchase Loan Amount $912818
LTV 650
Interest Rate 4850
Amortization 25
P 05wwwmarcusmilichapcom Legion Hut MHC
POHRTO 10 Year Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Average Rent (Include Lot Rent) $660 $67980 $700 $721 $743 $765 $788 $812 $836 $861
POH Portion In Period (Less Lot Rent in Period) $380 $38398 $389 $394 $400 $412 $424 $437 $450 $463
POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583
RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0
Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556
Collections LossBad Debt ($3512) ($3176) ($2956) ($2953) ($2997) ($3087) ($3179) ($3275) ($3373) ($3474)
Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665
Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)
Insurance Expense ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Repairs amp Maintenance Services ($15000) ($15450) ($15914) ($16391) ($16883) ($17389) ($17911) ($18448) ($19002) ($19572)
Electric Expense ($1125) ($1159) ($1194) ($1229) ($1266) ($1304) ($1343) ($1384) ($1425) ($1468)
On-Site Management ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)
3rd Party Management ($2662) ($2407) ($2241) ($2238) ($2271) ($2340) ($2410) ($2482) ($2557) ($2633)
Licenses Permits Dues ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)
Total Park Owned Home Expen-ses ($30853) ($31444) ($32149) ($33043) ($34001) ($35021) ($36071) ($37153) ($38268) ($39416)
Expense Ratio 57947 65306 717 738 748 748 748 748 748 748
Net Operating Income $22391 $16705 $12667 $11725 $11429 $11772 $12125 $12489 $12863 $13249
Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)
POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249
Park Owned Home Info amp Debt Assumptions
Park Owned Homes 10
Avg Value per Home $23566
Total POH Value $235664
POH Financing $140692
Interest Rate 8900
Amortization 10 Matures 1152027
Value of POH Equity $94972
P 05wwwmarcusmilichapcom Legion Hut MHC
LP Structure
Uses of Capital
Real Estate Equity ($491518)
POH Equity ($94972)
Allowance for Cap Ex ($32000)
Site Prep ($130000)
Project Capial Needed $748490
Acquisition Fee to GP $32800
Total to Raise $781290
to Investment 9580
to Aquisition Fee 420
Assumptions
Acquisition Fee 20
Capital Mgmt Fee 20
Preferred Return 80
Split to LP 80
Split to GP 20
LP Internal Rate of Return 1604
LP Equity Multiple 325
LP Average Cash-on-Cash 2006
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490
Ending LP Account $748490 $748490 $748490 $898490 $898490
Average LP Account $748490 $748490 $748490 $823490 $898490
Operating Cash Flows $13925 $30138 $30168 $56853 $108126
Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879
Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970
Distributed to LP $13925 $30138 $30168 $56853 $108126
Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185
Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849
LP Cash on Cash 186 403 403 690 1203
New LP Capial Account $205276 $205276 $205276 $205276 $205276
Operating Cash Flows $63762 $69837 $84555 $107922 $114560
Preferred Returns Due to LP $16422 $16422 $16422 $16422 $16422
Capital Mgmt due GP $4106 $4106 $4106 $4106 $4106
Available for Profit Share $43235 $49309 $64027 $87395 $94033
LP Share of Profits $34588 $39447 $51222 $69916 $75226
GP Share of Profits $8647 $9862 $12805 $17479 $18807
LP Cash on Cash 2485 2722 3295 4206 4465
Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788
Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
GP Purchase of LP Shares 22 $2000+ per month starting in Year 5
GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495
GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623
GP Internal Rate of Return 2791
GP Equity Multiple 721
Due From CMBS Refinance $843248
Payment of LP Deferred Returns $72185
Payment of GP Deferred Returns $77849
Used as Return of LP Capital Y6 $693214
$1481356
$205276
$1276080
$1020864
$255216
Due from Year 10 Sale
LP Capital Account brought to $0
Available for Profit Share
Profit Share Due LP
Profit Share Due GP
Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called
unless a Cash Out Refi or Sale is about to occur
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 05wwwmarcusmilichapcom Legion Hut MHC
POHRTO 10 Year Pro-Forma
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Average Rent (Include Lot Rent) $660 $67980 $700 $721 $743 $765 $788 $812 $836 $861
POH Portion In Period (Less Lot Rent in Period) $380 $38398 $389 $394 $400 $412 $424 $437 $450 $463
POH Revenue $41040 $46078 $46626 $47249 $47947 $49385 $50867 $52393 $53964 $55583
RTO Revenue $15154 $4739 $672 $0 $0 $0 $0 $0 $0 $0
Fee Revenue $562 $508 $473 $472 $479 $494 $509 $524 $540 $556
Collections LossBad Debt ($3512) ($3176) ($2956) ($2953) ($2997) ($3087) ($3179) ($3275) ($3373) ($3474)
Total POH Income $53244 $48149 $44815 $44768 $45429 $46792 $48196 $49642 $51131 $52665
Property Tax ($250) ($258) ($265) ($273) ($281) ($290) ($299) ($307) ($317) ($326)
Insurance Expense ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Repairs amp Maintenance Services ($15000) ($15450) ($15914) ($16391) ($16883) ($17389) ($17911) ($18448) ($19002) ($19572)
Electric Expense ($1125) ($1159) ($1194) ($1229) ($1266) ($1304) ($1343) ($1384) ($1425) ($1468)
On-Site Management ($1800) ($1854) ($1910) ($1967) ($2026) ($2087) ($2149) ($2214) ($2280) ($2349)
Payroll Expense ($216) ($222) ($229) ($236) ($243) ($250) ($258) ($266) ($274) ($282)
3rd Party Management ($2662) ($2407) ($2241) ($2238) ($2271) ($2340) ($2410) ($2482) ($2557) ($2633)
Licenses Permits Dues ($2500) ($2575) ($2652) ($2732) ($2814) ($2898) ($2985) ($3075) ($3167) ($3262)
Advertising ($4800) ($4944) ($5092) ($5245) ($5402) ($5565) ($5731) ($5903) ($6080) ($6263)
Total Park Owned Home Expen-ses ($30853) ($31444) ($32149) ($33043) ($34001) ($35021) ($36071) ($37153) ($38268) ($39416)
Expense Ratio 57947 65306 717 738 748 748 748 748 748 748
Net Operating Income $22391 $16705 $12667 $11725 $11429 $11772 $12125 $12489 $12863 $13249
Debt Service ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($25384) ($16923)
POH Net Income ($2993) ($8679) ($12717) ($13659) ($13955) ($13612) ($13259) ($4434) $12863 $13249
Park Owned Home Info amp Debt Assumptions
Park Owned Homes 10
Avg Value per Home $23566
Total POH Value $235664
POH Financing $140692
Interest Rate 8900
Amortization 10 Matures 1152027
Value of POH Equity $94972
P 05wwwmarcusmilichapcom Legion Hut MHC
LP Structure
Uses of Capital
Real Estate Equity ($491518)
POH Equity ($94972)
Allowance for Cap Ex ($32000)
Site Prep ($130000)
Project Capial Needed $748490
Acquisition Fee to GP $32800
Total to Raise $781290
to Investment 9580
to Aquisition Fee 420
Assumptions
Acquisition Fee 20
Capital Mgmt Fee 20
Preferred Return 80
Split to LP 80
Split to GP 20
LP Internal Rate of Return 1604
LP Equity Multiple 325
LP Average Cash-on-Cash 2006
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490
Ending LP Account $748490 $748490 $748490 $898490 $898490
Average LP Account $748490 $748490 $748490 $823490 $898490
Operating Cash Flows $13925 $30138 $30168 $56853 $108126
Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879
Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970
Distributed to LP $13925 $30138 $30168 $56853 $108126
Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185
Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849
LP Cash on Cash 186 403 403 690 1203
New LP Capial Account $205276 $205276 $205276 $205276 $205276
Operating Cash Flows $63762 $69837 $84555 $107922 $114560
Preferred Returns Due to LP $16422 $16422 $16422 $16422 $16422
Capital Mgmt due GP $4106 $4106 $4106 $4106 $4106
Available for Profit Share $43235 $49309 $64027 $87395 $94033
LP Share of Profits $34588 $39447 $51222 $69916 $75226
GP Share of Profits $8647 $9862 $12805 $17479 $18807
LP Cash on Cash 2485 2722 3295 4206 4465
Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788
Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
GP Purchase of LP Shares 22 $2000+ per month starting in Year 5
GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495
GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623
GP Internal Rate of Return 2791
GP Equity Multiple 721
Due From CMBS Refinance $843248
Payment of LP Deferred Returns $72185
Payment of GP Deferred Returns $77849
Used as Return of LP Capital Y6 $693214
$1481356
$205276
$1276080
$1020864
$255216
Due from Year 10 Sale
LP Capital Account brought to $0
Available for Profit Share
Profit Share Due LP
Profit Share Due GP
Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called
unless a Cash Out Refi or Sale is about to occur
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 05wwwmarcusmilichapcom Legion Hut MHC
LP Structure
Uses of Capital
Real Estate Equity ($491518)
POH Equity ($94972)
Allowance for Cap Ex ($32000)
Site Prep ($130000)
Project Capial Needed $748490
Acquisition Fee to GP $32800
Total to Raise $781290
to Investment 9580
to Aquisition Fee 420
Assumptions
Acquisition Fee 20
Capital Mgmt Fee 20
Preferred Return 80
Split to LP 80
Split to GP 20
LP Internal Rate of Return 1604
LP Equity Multiple 325
LP Average Cash-on-Cash 2006
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Beginning LP Capital Account $748490 $748490 $748490 $748490 $898490
Ending LP Account $748490 $748490 $748490 $898490 $898490
Average LP Account $748490 $748490 $748490 $823490 $898490
Operating Cash Flows $13925 $30138 $30168 $56853 $108126
Preferred Returns Due to LP $59879 $59879 $59879 $59879 $71879
Capital Mgmt due GP $14970 $14970 $14970 $14970 $17970
Distributed to LP $13925 $30138 $30168 $56853 $108126
Running Total of LP Returns Due $45954 $75695 $105406 $108432 $72185
Running Total of GP Returns Due $14970 $29940 $44909 $59879 $77849
LP Cash on Cash 186 403 403 690 1203
New LP Capial Account $205276 $205276 $205276 $205276 $205276
Operating Cash Flows $63762 $69837 $84555 $107922 $114560
Preferred Returns Due to LP $16422 $16422 $16422 $16422 $16422
Capital Mgmt due GP $4106 $4106 $4106 $4106 $4106
Available for Profit Share $43235 $49309 $64027 $87395 $94033
LP Share of Profits $34588 $39447 $51222 $69916 $75226
GP Share of Profits $8647 $9862 $12805 $17479 $18807
LP Cash on Cash 2485 2722 3295 4206 4465
Sum of LP Cash Flows ($748490) $13925 $30138 $30168 ($93147) $108126 $816409 $55869 $67644 $86338 $1317788
Sum of GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
GP Purchase of LP Shares 22 $2000+ per month starting in Year 5
GPs LP Cash Flows ($166134) $3091 $6689 $6696 ($20675) $24000 $181209 $12401 $15014 $19163 $292495
GPs GP Cash Flows $32800 $0 $0 $0 $0 $0 $90601 $13967 $16911 $21584 $278128
SUM of GPs Cash Flows ($133334) $3091 $6689 $6696 ($20675) $24000 $271811 $26368 $31925 $40748 $570623
GP Internal Rate of Return 2791
GP Equity Multiple 721
Due From CMBS Refinance $843248
Payment of LP Deferred Returns $72185
Payment of GP Deferred Returns $77849
Used as Return of LP Capital Y6 $693214
$1481356
$205276
$1276080
$1020864
$255216
Due from Year 10 Sale
LP Capital Account brought to $0
Available for Profit Share
Profit Share Due LP
Profit Share Due GP
Pre-Arranged Capital Call $150000 1 Year Prior to Year 5 Refinance - Not Called
unless a Cash Out Refi or Sale is about to occur
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 06wwwmarcusmilichapcom Legion Hut MHC
Property PhotosClick here for additional property photos
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 06wwwmarcusmilichapcom Legion Hut MHC
Property Photos
Click here for additional property photos
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
P 23wwwmarcusmilichapcom Werner Hancock MHP
Brokerage Team
Marcus amp Millichap Atlanta GA
Phone (678) 677-9515
ParkerKellymarcusmillichapcom
Parker Kelly started his career in real estate just as he returned home
to Atlanta from finishing school at East Carolina University He has
worked as a land acquisitions broker a new construction home sales
agent and has now joined Marcus amp Millichap as an investment
sales agent specializing in manufactured housing amp RV parks
TEAM AGENT
Parker Kelly
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING TEAM
GlennEstersonmarcusmillichapcom
wwwestersonmhcteamcom
Marcus amp Millichap Denver CO
Phone (720) 419-4319
BrandonPearsonmarcusmillichapcom
Marcus amp Millichap Charlotte NC
Phone (423) 483-0492
GlennEstersonmarcusmillichapcom
TEAM AGENT SENIOR BROKER
Brandon Pearson 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
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc
Legion Hut MHC
Offices throughout the US and Canadawwwmarcusmillichapcom
ALL PROPERTY SHOWINGS AREBY APPOINTMENT ONLY Pleaseconsult your Marcus amp Milichap
agent for more details
(720) MHP - 4YOU
Anne WilliamsLic PB00066390 - Broker of Record
Marcus amp Millichap Real EstateInvestment Services of Nashville Inc