CARRIZO HILLMANUFACTURED HOME COMMUNITY

309 CARRIZO HILL | 400 CENIZO DRIVE | 75 PILCONCILLO LANE (LAND) CARRIZO SPRINGS, TX 78834

12 SITE MANUFACTURED HOME COMMUNITY + 7.88 ACRES OF EXPANSION LAND

PRICE: $550,000TERMS: ALL CASH

carrizo hill

carrizo hill

12 SITE MANUFACTURED HOME COMMUNITY + 7.88 ACRES OF EXPANSION LAND

PRICE: $550,000TERMS: ALL CASH

CARRIZO HILL INFORMATION Price: $550,000 Terms: All Cash

SITE INFORMATION

ADDRESSES309 Carrizo Hill & 400 Cenizo Drive & 75 Pilconcillo Lane (land) Carrizo Springs, TX 78834

COUNTY Dimmit

TAX MAP PARCEL 67522/15496/15433/67521

ZONING MH, Mobile Home Park District

SITES 12

COMMUNITY TYPE All Age

TOTAL LAND SIZE 9.86 acres (6 sites/acre)

MH PHYSICAL OCC. 75% (9 sites as of Dec 2014)

MH ECONOMIC OCC. 58% (7 sites as of Dec 2014)

AVERAGE IN PLACE RENTS $898 (owner pays all utilities)

INVENTORY HOMES 9 occupied as of Sept ‘14 (all rental)

ROADS Dirt and Gravel

FLOODPLAIN No

SCHOOL DISTRICT Carrizo Springs CISD

UTILITIES

WATER Carrizo Hill Municipal

SEWER Carrizo Hill Municipal

ELECTRICITY Direct Energy

TRASH City of Carrizo Springs

• Dimmit County, TX and the Eagle Ford Shale Play: Dimmit County (1,334 sq miles) is situated in South Texas above the Eagle Ford Shale Play where companies are targeting both oil, condensate, and gas. Dimmit County produces from both the condensate rich and oil prone areas of the Eagle Ford.

• Dimmit County – Eagle Ford Shale Statistics: - Quarterly Taxable Spending: $47,804,737 (2nd quarter 2012, an increase of 273% since 2009) - Oil & Gas Employment: 4,309 jobs (2011) - 10-Year Oil & Gas Employment Outlook: 10,127 jobs (2021)

• Dimmit County – Eagle Ford Shale Upcoming Projects: - Enterprise Production Partners – Gas Pipeline (from White Kitchen) - Plains All American Pipeline – Crude Pipeline (to the Gardendale Terminal) - Plains All American Pipeline – Catarina Storage and Terminal

• Chaparral Wildlife Management Area: This area, encompassing 15,200 acres of quality South Texas brush country (Tamaulipan scrub), is managed primarily for wildlife research and management; it is enclosed by a deer-proof fence. Principal game species under study include white-tailed deer, javelina, feral hogs, Northern Bobwhite, and Scaled Quail.

INVESTMENT HIGHLIGHTS

AREA HIGHLIGHTS

• Recently developed mobile home park located in the booming Eagle Ford Shale area, the largest oil and gas development in the world.

• The property sits on the western edge of the Eagle Ford Shale, which has the lowest cost production and breakeven points.

• Home inventory includes high quality singlewide units built in 2010-2011 from Clayton and Palm Harbor.

• Tremendous cash cow opportunity with upside to fill the remaining sites and fill the vacant homes with tenants.

• Additional 7.88 acres for expansion is included, which adds another 45+ spaces. This land is included in the current asking price.

• Property operates with municipal water and sewer from Carrizo Hill, a subdivision of Carrizo Springs. It is expected that Carrizo Springs will annex Carrizo Hill, at which point the utilities will be Carrizo Springs water and sewer.

• The property resides 110 miles south west of downtown San Antonio.

carrizo hill

12 SITE MANUFACTURED HOME COMMUNITY + 7.88 ACRES OF EXPANSION LAND

PRICE: $550,000TERMS: ALL CASH

Assumptions1 Gross Scheduled Rent

Gross Potential Income

Less: Vacancy 8.30%

Less: Vacant Inventory 8.30%

Less: Bad Debt 0.50%

Total Rental Income 82.90%UW vs Actuals & Proforma

Effective Gross Income

EXPENSES per siteRepairs & Maintenance $600

Administrative 200

Marketing 50

Professional Fees 300

Utilities 3,250

Total Variable Expenses $4,4002 Taxes 567

Insurance 50

Management Fee 6.00%

Total Operating Expenses $5,553Plus: Capital Reserves 50

Total Expenses $5,603

NET OPERATING INCOME

UW vs Actuals & Proforma

$129,291

10,731

600

$39,944

Financial Analysis

$67,239

$107,183

600

$7,200

Buyers Exp

6,808

$129,291

64610,731

INCOME

Proforma

2,400

600$66,639

6,431

$52,800

$107,183

3,60039,000

1 Proforma GSR grown 0%2 Buyers UW Taxes = 2014 Assessed Value x 2014 Tax Rate

UNDERWRITING ASSUMPTIONS

CARRIZO HILL FINANCIAL ANALYSIS

Carrizo Springs

309 Carrizo Hill

400 Cenizo Drive

83

83

83

85

85

1556

7.88 AcresExpansion Land

This information has been derived from sources deemed reliable. However, it is subject to errors, omissions, price change and/or withdrawal, and no warranty is made as to the accuracy. Further, no warranties or representation shall be made by Apartment Realty Advisors (ARA) and/or its agents, representatives or affiliates regarding oral statements which have been made in the discussion of the above property. This presentation, prepared by ARA, was sent to the recipient under the assumption that s/ he is a buying principal. Any potential purchaser is advised that s/ he should either have the abstract covering the real estate which is the subject of the contract examined by an attorney of his/her selection, or be furnished a policy of title insurance. Do not contact the Property.

Information for Carrizo Hills is available on our website at: www.arausa.com/listinglab/CarrizoHills

Jon Shayjshay@arausa.com T 303-260-4486

901 S MoPac ExpresswayBarton Oaks Plaza IISuite 275Austin, TX 78746

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Carrizo Hill