BEAVER LAKE MOBILE HOME COMMUNITY L… · Recreational Vehicle (RV) Park-Owned Home (POH) Travel...

ROGERS, AR

OFFERING MEMORANDUM

BEAVER LAKE MOBILE HOMECOMMUNITY

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended

to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other

person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to

provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of

interest in the subject property. The information contained herein is not a substitute for a thorough due diligence

investigation. Marcus & 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,

PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements

thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue

its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from

sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the

information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and

makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.

All potential buyers must take appropriate measures to verify all of the information set forth herein.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP

AGENT FOR MORE DETAILS.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services, Inc. © 2012 Marcus & Millichap T0200013

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Offering Process & Terms

Offering Process & Terms

1. The Owner of Beaver Lake MHC is offering the property on a fee simple basis. The Property will be sold free of any debt and in its “as-is” condition, with no post closing liabilities to the Seller. Terms shall be either Cash to Seller through Escrow at Closing; or, Seller carryback financing is offered at the seller's sole discretion, subject to seller's review and approval of buyer's financial condition and management plan..

2. By accepting this Offering Memorandum, Prospective Buyers agree not to contact the Owner of the Property, nor to circumvent Marcus & Millichap in any way. The Information in this Offering Memorandum shall be used for the sole purpose of evaluating the potential purchase of the Property and for no other purpose. Prospective Buyer shall not tour the property without permission, contact directly any persons concerning the Property, including, without limitation, Owner’s employees,management company, residents, or lenders.

3. Any transaction shall be negotiated and closed through Marcus & Millichap. All communications regarding a possible transaction, request for additional information, requests for tours of the property, and discussion or questions regarding the Property shall be submitted or directed to your Marcus & Millichap representative.

4. The Seller specifically reserves the right to accept, to reject, or not to respond to any offer in its sole discretion for any reason or no reason, regardless of the offered price or terms. The Seller may respond to offers as they are received and/or notify interested parties of the Final Call Date for offers. All offers will be evaluated by the Seller and the Seller requests a minimum of 7 days to respond to written offers, although efforts to respond more quickly will be made.

5. The Seller shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase of the Property has been fully executed, delivered and approved by the Seller, and Seller’s legal council, and any conditions to the Seller’s obligations therein have been satisfied or waived.

SECTION ONE

...............................................PRICING & FINANCIAL ANALYSIS

SECTION TWO

..................................................PROPERTY DESCRIPTION

SECTION THREE...................................................RECENT SALES

SECTION FOUR

....................................RENT COMPARABLES

SECTION FIVE

.........................DEMOGRAPHIC ANALYSIS


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BEAVER LAKE MOBILEHOME COMMUNITYROGERS, AR

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COMMENTSThe park has 75 rent producing sites. The park has four park owned homes.One has been sold on a lease-to-own contract. The manager owns her ownhome and receive free rent and free sewer. There are three vacant spaces,including one abandoned home that requires environmental (meth)remediation.

Offering SummaryPrice $2,116,000

Down Payment 30% $634,800

Total Spaces 82

Price per Space $25,805

Spaces per Acre 4.38

Vacant Spaces 3

Vacant Park Owned Homes 3

Number of Rentals 4

Year Built/Renovated 1970 / 1985

Lot Size 31.38

Type of Ownership Fee Simple

VITAL DATA

CAP Rate - Current 9.38%

GRM - Current 8.21

Net Operating Income - Current $198,550

Net Cash Flow After Debt Service - Current 10.0% $63,400

Total Return - Current 15.7% $99,678

CAP Rate - Pro Forma 9.06%

GRM - Pro Forma 8.21

Net Operating Income - Pro Forma $191,713

Net Cash Flow After Debt Service - Pro Forma 8.9% $56,563

Total Return - Pro Forma 14.6% $92,840


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EXISTING FINANCINGLoan Type Free and Clear

Financing

PROPOSED FINANCING

FIRST TRUST DEED

Loan Amount $1,481,200Loan Type Proposed NewInterest Rate 6.75%

Amortization 20 Years

Loan to Value 70%

Debt Coverage Ratio 1.47

COMMENTSEffective 2/1/12 lot rent increased $19 to $262The Community Center is located on a spacethat is not included in the space count.

SPACE MIX SPACE RENT


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Single-Wide (SW) Double-Wide (DW) Triple-Wide (TW)

Recreational Vehicle (RV) Park-Owned Home (POH) Travel Trailer (TT)

Other (O)

Space MixNo. ofSpaces

SpaceType

CurrentRents

MonthlyIncome

Pro FormaRents

MonthlyIncome

82 Single-Wide $262 $21,484 $262 $21,484

82 TOTAL $21,484 $21,484


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COMMENTS

(1) Current Off-site Management is actual less net resident utility reimbursements of $4819.The park's actual P & L shows Utility Expense at -$4819.Contact your Marcus & Millichap representative for actual financial statements.

Expenses

CURRENT PERSPACE

PRO FORMA PERSPACE

Real Estate Taxes $8,227 $100 $20,345 $248

Insurance 2,785 34 2,785 34

On-Site Management 7,927 97 7,927 97

(1) Off-Site Management 4,990 61 5,000 61

Repairs & Maintenance 9,816 120 9,816 120

Marketing & Promotion 10 0 10 0

General & Administrative 5,392 66 5,392 66

Reserves & Replacements 5,700 70

Computer 2,032 25 2,032 25

Bank Service Charges 539 7 539 7

TOTAL EXPENSES $41,718 $509 $59,546 $726

% of EGI 17.4% 23.7%


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INCOME CURRENT PERSPACE

PRO FORMA PERSPACE

GROSS POTENTIAL RENT $257,808 $3,144 $257,808 $3,144

Other Income

Security Deposit Forfeits 143 2 143 2

Security Deposit Refunds 1,042 13 1,042 13

Total Other Income $1,185 $14 $1,185 $14

GROSS POTENTIAL INCOME $258,993 $3,158 $258,993 $3,158

Vacancy/Collection Allowance (% of GPR) (7.3%) 18,725 228 (3.0%) 7,734 94

EFFECTIVE GROSS INCOME $240,268 $2,930 $251,259 $3,064

Total Expenses $41,718 $509 $59,546 $726

% of EGI 17.4% 23.7%

NET OPERATING INCOME $198,550 $2,421 $191,713 $2,338

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COMMENTS

(1) Please see note concerning Utility Income on expense page.

Income & Expenses

Total Number of Spaces: 82

No. ofSpaces

SpaceType

CurrentRents

MonthlyIncome

Pro FormaRents

MonthlyIncome

82 Single-Wide $262 $21,484 $262 $21,484

82 Total $21,484 $21,484

FIRST TRUST DEEDLoan Amount $1,481,200Loan Type Proposed NewInterest Rate 6.75%Amortization 20 YearsLoan to Value 70%

ANNUALIZED OPERATING DATAINCOME CURRENT PRO FORMA

Gross Potential Rent $257,808 $257,808Other Income 1,185 1,185Gross Potential Income $258,993 $258,993Less: Vacancy/Deductions 7.3% 18,725 3.0% 7,734Effective Gross Income $240,268 $251,259Less: Expenses 41,718 59,546

Net Operating Income $198,550 $191,713Debt Service 135,150 135,150

Debt Coverage Ratio 1.47 1.42

Net Cash Flow After Debt Service 10.0% $63,400 8.9% $56,563

Principal Reduction 36,278 36,278

Total Return 15.7% $99,678 14.6% $92,840

14449 East Highway 12

Rogers, AR 72756

Price $2,116,000

Down Payment 30% $634,800

Number of Spaces 82

Price/Space $25,805

CAP Rate - Current 9.38%

CAP Rate- Pro Forma 9.06%

GRM - Current 8.21

GRM- Pro Forma 8.21

Year Built/Renovated 1970 / 1985

Lot Size 31.38

Spaces/Acre 4.38

Type of Ownership Fee Simple

LOCATION

FINANCING


EXPENSESReal Estate Taxes $8,227 $20,345Insurance 2,785 2,785On-Site Management 7,927 7,927(1) Off-Site Management 4,990 5,000Repairs & Maintenance 9,816 9,816Marketing & Promotion 10 10General & Administrative 5,392 5,392Reserves & Replacements 5,700Computer 2,032 2,032Bank Service Charges 539 539TOTAL EXPENSES $41,718 $59,546EXPENSES/SPACE $509 $726% of EGI 17.4% 23.7%

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SCHEDULED INCOME

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Financial Overview

Loan information is time sensitive and subject tochange. Contact your local Marcus & MillichapCapital Corporation representative.


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Beaver Lake Mobile Home Community is an 82-space, two-star, all-ages

park in the Rogers-Lowell area of Benton County near Beaver Lake.

Because of the park's location to this scenic recreational area, many of

the residents are retired, however, the park is only a 20 to 30 minute

drive to employment centers.

Benton is the international headquarters of Walmart. The park is

wooded and is accessed from state Highway 12. The park is on city

water and septic. Residents are submetered by the park for water, and

are billed directly for sewer. Trash collection (three dumpsters) is

included in the space rent. The park has a community center. The

streets are in good condition and are asphalt paved with cement curbs.

The average space size is 3,200 square feet. Rents were increased

February 1, 2012 by $19 from $243 to $262, which should further

increase the return to the future investor.

The current management has established value by filling the park

nearly to capacity. The income from the rental homes, but not the note,

were included in the calculation of the park's net operating income.

This offering is ideal for buyers looking for a well-managed asset that

does not require expensive upgrades and headaches to achieve value.


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INVESTMENT HIGHLIGHTS

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Located Near Employment Centersand Next to Scenic Beaver Lake

Manager Owns Her Home thatServes as the Office

Blank Year Construction

74 Rent Producing Sites (as ofJanuary 1, 2012)

$19 Rent Increase February 1,2012 to $262

Submetered City Water andPrivate Septic System

Price Includes Inventory of Park-owned Homes and One Note

Value Already Established byCurrent Management

Investment Overview

The park enjoyed steady lease-up of vacant spaces during the past four years, in spite of the recession. The

park has 74 rent producing sites. The park has five park-owned homes, of which four have been sold on

lease-to-own agreements, and one sold on conventional-contract terms. The park-owned homes and one

note are included in the asking price. There are no vacant park-owned homes. The manager, and one other

employee, own their own home and receive free rent. The employees do not receive free utilities. There are

six vacant spaces, including one abandoned home that requires environmental (meth) remediation. A total

of three of the vacant spaces are rent-ready. The park is operated by an on-site manager who reports to an

in-state institutional owner. There is stable demand for attainable housing in this growing community.


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Investment Overview


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Q & A

Questions and Answers Concerning Beaver Lake & Rentals

1) What’s included in the rent and when was the last rent increase?: Rents were increased by $19 on February 1, 2012, when it was increased from $243 to $262. The increased rent of $262 was used to prepare the pro forma financial analysis. The park has one occupied rental home and three vacant rental homes. One of the rental homes is a meth home that need to be removed or remediated . The park is an all-ages park. Trash is included in the space rent or lease-to-own rates. The park is master metered; and, each space is submetered by the park for water. The manager reads the meters monthly. Residents are billed $8 per month for private-septic system service. Residents are billed directly by the utility companies for gas, electric and cable television.

2) How is the park managed? The park has been run by a manager who reports to an out-of-state owner for the past four years. The manager owns her homes and receives free rent and free sewer as part of her compensation package. The manager pays all-other utilities. Residents mow their own lawns.

3) Do RVs occupy any of the spaces and are there any rental homes, repossessed homes, contract homes or evictions?: There are no RV's. The spaces will accommodate full-size manufactured homes. There are three vacant spaces. There are no third-party rentals allowed. The Seller is including the inventory of park-owned homes, and one note, in the asking price.

4) How are the utilities delivered?: The town of Rogers provides water. The park is billed for the entire amount, and the park submeters and bills back the residents for water/water sewer costs, at a recovery rate of above 100%. Currently, no problems are reported from the water and sewer system. The park is served by natural gas and electric delivered by above-ground lines. Residents place garbage in one of three dumpsters. Residents receive mail at a central mail box.

5) Any Insurance Claims?: There have not been any insurance claims in the past three years.

6) Does the park have park rules and does it allow pets?: The park has park rules. Residents are allowed to have small pets -- no vicious breeds.

7) Does the park uses leases?: Yes. The park has a 6- month rental agreements.

8) Is there room to expand the park?: No.


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Q & A

9) What is the condition of the streets?: The roads are asphalt and they are in good condition. The roads are curbed, and there a drainage system.

10) How many parking spaces per space?: Vehicles are parked on the spaces. There is typically room for two vehicles per dwelling.

11) Upside?: There is upside in implementing consistent annual rent increases.


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Rogers-Lowell Area

Rogers-Lowell Area

Rogers (pop. 54,967) and Lowell (pop. 7,046) are part of the dynamic northwest Arkansas Region consistently ranked one of the fastest-growing metro areas in the nation and it’s the only Midwestern area to demonstrate such growth. Overall, the region has grown more than 25 percent since 2000 and is ranked the 17th fastest-growing and 110th largest metro area in the nation. Since 1990, the region has doubled in population, with more than 2.4 million people currently living within a 100-mile radius (NWA Regional Planning Commission).The community’s growth has been predominantly driven by several major and secondary economic engines. This area is the world headquarters of three Fortune 1,000 companies: Wal-Mart Stores, Inc., Tyson Foods Inc. and J.B. Hunt Transport Inc. Additionally, hundreds of consumer product companies as well as thousands of third-party suppliers, professional services and small businesses propel the local economy. A strong and continually expanding retail, dining, hospitality and amenity base has become a significant driver of the economy, bringing a caliber of establishments to the community typically found in larger urban areas. The Arkansas World Trade Center opened in Rogers in 2007 to promote import and export trade opportunities. Industrial and manufacturing operations have not been left by the wayside in northwest Arkansas: the region, as well as Rogers and Lowell specifically, are home to dozens of major employers who have experienced success and expansion despite tough economic times and a national downturn in most manufacturing. In 2007 and 2008, Rogers and Lowell have even welcomed a handful of new industries as well as announcements of expansions with unique and cutting-edge green technology and sustainable manufacturing processes and products.

Tourism continues to be a strong foundation of the economy, although the community’s focus has transformed in recent years as the region has emerged as a convention and meeting destination. Corporate travel remains a major component of the tourism market and leisure travel generated by regional events. Events such as world-renowned craft fairs and sporting events complement the community’s long-standing reputation first established by Beaver Lake as a vacation destination.

Northwest Arkansas has enjoyed national acclaim thanks to repeated top 20 accolades from the Milken Institute as well as Forbes Magazine, Kiplinger’s, Inc. Magazine and Money Magazine.Quality of life is consistently ranked high for our communities, with the area named one of the least stressful and most secure places in the nation, as well as one of the best places to relocate a family.

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THE OFFERINGProperty Beaver Lake Mobile Home CommunityProperty Address 14449 East Highway 12

Rogers, AR 72756Type of Park All-Age

Rental Agreement 6-month lease

Space Size Breakdown 82 Single Wide

Current Home Size Breakdown 76 Single Wide

Rent Raise History Annual / $19 - 2/1/12

Rent Control NO

Assessor's Parcel Number 18-03135-000Zoning None in County

SITE DESCRIPTIONNumber of Spaces 82Vacant Spaces 3

Number of Rentals Park-OwnedYear Built/Renovated 1970 / 1985

Lot Size 31.38

Type of Ownership Fee SimpleSpaces/Acre 4.38

Parking On-SpaceParking Ratio 2:1Resident Off Street Parking Yes

Guest Parking NoneRV Storage NoneCapital Improvements Water Line/Garage Roof/Tree Removal

Flood Plain No

Landscaping WoodedTopography Gently RollingStreets/Drainage Curbed Streets


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UTILITIES

PAID BY METER OTHER

Water Tenant SubmeteredElectric Tenant DirectGas Tenant Direct

Sewer Tenant Direct $8 Septic Fee

Trash Landlord 3 Dumpsters

Cable TV Tenant Direct

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Positive Coliform Reading Past Three Years No

Cathodic Protection No

Property Summary


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Property Photos

LOCAL MAP

REGIONAL MAP


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Area Maps


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Aerial Photo


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1)2)3)

4)5)6)

Beaver Lake Mobile HomeCommunityOklahoma City PortfolioTown & Country Mobile EstatesBrookshire Village and Bush Ranch inMHCArnold Missouri PortfolioCountry Club Manor


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Recent Sales Map

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Subject BrookshireVillage

andBush

Ranchin

MHC

ArnoldMissouriPortfolio

CountryClub

Manor

SiestaManor

TheGroveMobileHome

Community

Avg 7.65%

AVERAGE GRM

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Subject BrookshireVillage

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CountryClub

Manor

SiestaManor

TheGroveMobileHome

Community

Avg 4.58


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AVERAGE CAP RATE

CAP Rate & GRM

AVERAGE PRICE/SPACE

$0

$3,000

$6,000

$9,000

$12,000

$15,000

$18,000

$21,000

$24,000

Subject OklahomaCity

Portfolio

Town&

CountryMobileEstates

BrookshireVillage

andBush

Ranchin

MHC


CountryClub

Manor

SiestaManor

TheGroveMobileHome

Community

Avg $16,698


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Price/Space

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OKLAHOMA CITY PORTFOLIO

1617 Southeast 44th Street

Oklahoma City, OK 73111

TOWN & COUNTRY MOBILE ESTATES

7331 4th Street

Lubbock, TX 79416

COMMENTS

Three parks built in 1983, 1964 and 1969. Cap rate not available. Total land area 54.1 acres.

COMMENTS

Zoned R1.

BEAVER LAKE MOBILE HOME COMMUNITY

14449 East Highway 12

Rogers, AR 72756

SUBJECT PROPERTY

Close of Escrow: 8/12/2011 Price/Space: $10,035

No. of Spaces: 284 CAP Rate: N/A

Year Built/: N/A

Sales Price: $2,850,000


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No. of Spaces: 130 N/A

Year Built: 1965 N/A


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No. of Spaces: 82 Price/Space: $25,805

Year Built/Renovated: 1970 / 1985 CAP Rate: 9.38%

Offering Price: $2,116,000 GRM: 8.21

Recent Sales

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ARNOLD MISSOURI PORTFOLIO

201 Rockview Lane

Arnold, MO 63010

COUNTRY CLUB MANOR

4003 Birch Drive

Imperial, MO 63052

COMMENTS

Eighty-five percent occupied at time of sale. On city water and city sewer that is sub-metered back to the residents. Amenitiesinclude swimming pool, playground and clubhouse.

COMMENTS

Eighty percent occupied at the time of sale. On city water and city sewer that is sub-metered back to the residents. Amenitiesinclude swimming pool, playground and clubhouse.

BROOKSHIRE VILLAGE AND BUSH RANCH IN MHC

4800 West Four Ridge RoadHouse Springs, MO 63051

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COMMENTS

On city water and city sewer that is sub-metered back to the residents. Amenities include swimming pool, playground andclubhouse.


No. of Spaces: 200 CAP Rate: 8.35%

Year Built: 1970 GRM: 4.83



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Recent Sales

7 THE GROVE MOBILE HOME COMMUNITY

8647 Arlington Drive

Foley, AL 36535

COMMENTS

A premier gated senior community.

SIESTA MANOR

35 San Aymores CourtFenton, MO 63026

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COMMENTS

Seventy-eight percent occupied at the time of sale. On city water and city sewer that is sub-metered back to the residents.Amenities include swimming pool, playground and clubhouse.










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Recent Sales


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1)2)3)4)5)6)

Beaver Lake Mobile HomeCommunityBlue Hill Mobile Home ParkNew Hope Mobile Home ParkSouthgate Mobile Home ParkNorthern Hills (ARC)Oak Glen (ARC)

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Rent Comparables Map

AVERAGE OCCUPANCY

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60

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Subject BlueHill

MobileHomePark

NewHopeMobileHomePark

SouthgateMobileHomePark

NorthernHills

(ARC)

OakGlen

(ARC)

WesternPark

(ARC)

Avg 80%

Single-Wide Double-Wide

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120

160

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240

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Subject BlueHill

MobileHomePark

NewHopeMobileHomePark

SouthgateMobileHomePark

NorthernHills

(ARC)

WesternPark

(ARC)

Avg $269

Avg $235


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AVERAGE RENTS - SINGLE & DOUBLE-WIDE

Occupancy & Average Rents

COMMENTSAll properties are owner occupied.

Space Type No. of Spaces Rent Monthly Income

Single-Wide 82 $262 $21,484

Total/Wtd. Avg. 82 $262 $21,484

SUBJECT PROPERTY

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COMMENTSSpace set up for RV is never used; current homeowners pay $245, new homes coming in $265. All rents will go up to $265 in January.Water, sewer and trash included

2

Total Spaces: 82Vacant Spaces: 3Year Built/Renovated: 1970/1985

BEAVER LAKE MOBILE HOME COMMUNITY

14449 East Highway 12Rogers, AR 72756

Total Spaces: 13Vacant Spaces: 2


BLUE HILL MOBILE HOME PARK3300 Blue Hill RoadRogers, AR 72758

NEW HOPE MOBILE HOME PARK1905 South 17th PlaceSpringdale, AR 72764


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Space Type No. of Spaces Rent

Single-Wide Unknown $245 - $265

Total/Wtd. Avg. $255

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Double-Wide Unknown $235

Single-Wide Unknown $220


Rent Comparables

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SOUTHGATE MOBILE HOME PARK910 West OlrichFayetteville, AR 72704

NORTHERN HILLS (ARC)1901 West Shady Grove H35Springdale, AR 72764

OAK GLEN (ARC)5909 Wilkerson RoadFayetteville, AR 72704

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4

COMMENTSWater, sewer and trash included.








Unknown Unknown $290




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Rent Comparables

Total Spaces: 65

Vacant Spaces: 15

WESTERN PARK (ARC)2575 West Martin Luther King BoulevardFayetteville, AR 72704

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Total Spaces: 114

Vacant Spaces: 40

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Rent Comparables


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LYSIS

1 Mile 3 Miles 5 Miles

1990 Population 0 0 1,5202000 Population 0 0 1,6662010 Population 702 5,779 20,4892011 Population 714 5,826 22,7882016 Population 756 6,127 24,447

1990 Households 0 0 5672000 Households 0 0 6202010 Households 316 2,400 7,1752011 Households 326 2,455 8,0072016 Households 373 2,790 9,269

2011 Average Household Size 2.19 2.37 2.85

2011 Daytime Population 231 803 7,543

1990 Median Housing Value $41,6932000 Median Housing Value $71,343

2000 Owner Occupied Housing Units 58.38%2000 Renter Occupied Housing Units 32.39%2000 Vacant 9.23%

2011 Owner Occupied Housing Units 77.98% 74.99% 65.22%2011 Renter Occupied Housing Units 7.74% 8.48% 19.73%2011 Vacant 14.28% 16.52% 15.04%

2016 Owner Occupied Housing Units 77.92% 74.94% 65.13%2016 Renter Occupied Housing Units 7.72% 8.45% 19.78%2016 Vacant 14.36% 16.61% 15.09%

$ 0 - $14,999 5.3% 7.0% 10.2%$ 15,000 - $24,999 4.0% 7.0% 10.6%$ 25,000 - $34,999 9.5% 8.7% 15.2%$ 35,000 - $49,999 23.2% 17.2% 16.5%$ 50,000 - $74,999 19.1% 19.6% 22.0%$ 75,000 - $99,999 12.8% 14.6% 10.3%$100,000 - $124,999 8.1% 8.6% 5.9%$125,000 - $149,999 7.8% 6.5% 3.2%$150,000 - $199,999 6.4% 5.2% 3.4%$200,000 - $249,999 1.8% 2.0% 1.0%$250,000 + 2.2% 3.6% 1.9%

2011 Median Household Income $62,230 $63,756 $47,8692011 Per Capita Income $34,114 $35,571 $22,897

2011 Average Household Income $80,706 $84,671 $64,436

Demographic data © 2010 by Experian/Applied Geographic Solutions.This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed orimplied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify theinformation and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus& Millichap Real Estate Investment Services, Inc. © 2012 Marcus & Millichap T0200013

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Demographic Report

Geography: 5 Miles

PopulationIn 2011, the population in your selected geography was 22,788. The population has changed by 1,268.26% since 2000. Itis estimated that the population in your area will be 24,447 five years from now, which represents a change of 7.28%from the current year. The current population is 50.1% male and 49.9% female. The median age of the population inyour area is 34.3, compare this to the U.S. average which is 36.9. The population density in your area is 289.96 peopleper square mile.

HouseholdsThere are currently 8,007 households in your selected geography. The number of households has changed by 1,190.69%since 2000. It is estimated that the number of households in your area will be 9,269 five years from now, whichrepresents a change of 15.77% from the current year. The average household size in your area is 2.85 persons.

Income

In 2011, the median household income for your selected geography is $47,869, compare this to the U.S. average whichis currently $53,620. The median household income for your area has changed by 49.44% since 2000. It is estimated thatthe median household income in your area will be $53,744 five years from now, which represents a change of 12.27%from the current year.

The current year per capita income in your area is $22,897, compare this to the U.S. average, which is $28,713. Thecurrent year average household income in your area is $64,436, compare this to the U.S. average which is $73,458.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 77.27% White, 0.75% African American, 1.29%Native American and 0.40% Asian/Pacific Islander. Compare these to U.S. averages which are: 72.40% White, 12.60%African American, 0.95% Native American and 4.93% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 33.08% of the currentyear population in your selected area. Compare this to the U.S. average of 16.90%.

Housing

The median housing value in your area was $71,343 in 2000, compare this to the U.S. average of $110,796 for the sameyear. In 2000, there were 399 owner occupied housing units in your area and there were 221 renter occupied housingunits in your area. The median rent at the time was $430.

EmploymentIn 2011, there are 7,543 employees in your selected area, this is also known as the daytime population. The 2000 Censusrevealed that 41.8% of employees are employed in white-collar occupations in this geography, and 58.2% are employedin blue-collar occupations. In 2011, unemployment in this area is 8.42%. In 2000, the median time traveled to work was15.8 minutes.

Demographic data © 2010 by Experian/Applied Geographic Solutions.


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Summary Report

Number of people living in a given area per square mile.



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Theme Low High

Low less than 55

Below Average 55 475

Average 475 4100

Above Average 4100 35000

High 35000 or more

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Population Density

Population Density

The number of people employed in a given area per square mile.



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Theme Low High

Low less than 9

Below Average 9 96

Average 96 1025

Above Average 1025 10875

High 10875 or more

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Employment Density

Employment Density

Average income of all the people 15 years and older occupying a single housing unit.



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Theme Low High

Low less than $29,500

Below Average $29,500 $48,500

Average $48,500 $80,000

Above Average $80,000 $132,500

High $132,500 or more

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Average Household Income

Average Household Income

OFFERING MEMORANDUM

ROGERS, AR

Offices Nationwidewww.MarcusMillichap.com

BEAVER LAKE MOBILE HOMECOMMUNITY

Exclusively Listed By:Exclusively Listed By:Exclusively Listed By:Exclusively Listed By:

Chris ChildChris ChildChris ChildChris ChildAssociate Vice President InvestmentsAssociate Vice President InvestmentsAssociate Vice President InvestmentsAssociate Vice President Investments

National Manufactured Home Communities GroupNational Manufactured Home Communities GroupNational Manufactured Home Communities GroupNational Manufactured Home Communities GroupSalt Lake City OfficeSalt Lake City OfficeSalt Lake City OfficeSalt Lake City OfficeTel: (801) 736-2622Tel: (801) 736-2622Tel: (801) 736-2622Tel: (801) 736-2622Fax: (801) 736-2610Fax: (801) 736-2610Fax: (801) 736-2610Fax: (801) 736-2610

[email protected]@marcusmillichap.comChristian.Child@marcusmillichap.comChristian.Child@marcusmillichap.comwww.marcusmillichap.com/ChrisChildwww.marcusmillichap.com/ChrisChildwww.marcusmillichap.com/ChrisChildwww.marcusmillichap.com/ChrisChild

License: UT: 5466127-AB00, ID: AB34806, CO: EA40044605License: UT: 5466127-AB00, ID: AB34806, CO: EA40044605License: UT: 5466127-AB00, ID: AB34806, CO: EA40044605License: UT: 5466127-AB00, ID: AB34806, CO: EA40044605

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