PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES 1131-1221 E. 55th St Wichita, KS 67216

meadowbrookmanufactured home community PRICE: $900,000 (includes homes)

A 31-SITE COMMUNITY | WICHITA, KS

For a video tour, please visit: https://vimeo.com/393944097

SITE INFORMATION

ADDRESS 1131-1221 E 55th St S, Wichita, KS 67216

COUNTY Sedgewick

YEAR BUILT 1947

TAX PARCEL IDS 0872182801200004 / 0872182801200003.00A / 0872182801200003.00B / 0872182801200005

SITES 31

COMMUNITY TYPE All Ages

LAND SIZE 6.52 acres

DENSITY 4.75 sites per acre

MH PHYSICAL OCCUPANCY 90.32% (28 sites as of Feb ‘20)

MH ECONOMIC OCCUPANCY 51.61% (16 sites as of Feb ‘20)

INVENTORY HOMES 22 (10 occupied as of Feb ‘20)

AVERAGE LOT RENT $331 (includes trash)

RENT INCREASE $50 (May ‘17)

ROADS Gravel

FLOODPLAIN Zone X

ZONING SF-5 (Single Family)

UTILITIES

WATER Wichita Public Works (sub metered and billed to tenant)

SEWER Wichita Public Utilities (sub metered and billed to tenant)

ELECTRICITY Westar (direct billed to tenants)

GAS Kansas Gas (direct billed to tenants)

TRASH Waste Management (park pays)

• Meadowbrook MHC is a 31-site, all-age 2-star community positioned on approximately 6.5 acres of land serviced by public utilities. The community offers a spacious layout with off-street parking and shaded trees covering most of the property. There is also storm shelter and basketball court on site.

• There is potential to add $7,300 in total income through lot rent increases and improved water/sewer recapture. Specifically, there is the ability to add $3,600 in lot rental income by raising all tenants to the $350 per month market rent (6 tenants currently at $300) and $3,700 by increasing the water/sewer recapture rate from the current 45% to 95%.

• Offering includes 22 park-owned homes, of which 10 are occupied averaging $236 for the home rent portion. There is also one single family home on the property.

• The community sits in a prime location next to major thoroughfares I-135, Highway 400, and the Kansas Turnpike, providing easy access to the Central Business District and wider MSA. The community is less than a ten-minute drive to Spirit Aerosystems Holdings, the largest employer in Wichita. There is also a Walmart Supercenter, Dillard’s, JCPenney and Target within a short drive from the community.

• Within a ten-mile radius the total population is a strong 407,285 and expected to rise to 415,326 by 2024. Average household income is $65,217 within the same radius.

• The community sits within the Wichita Public School district, which is Kansas’ largest, featuring 90 learning centers and 24 magnet programs.

INVESTMENT HIGHLIGHTS

SITE PLAN

A B C D E F G H I

15

14

1312 PLAYGROUND1110987654321

321

SFH

E. 5

5TH

ST

SITE PLAN

A 31-SITE COMMUNITY PRICE: $900,000 (includes homes)

meadowbrookmanufactured home community

PROPERTY DETAILS

INCOME2 Gross Scheduled Rent3 Less: Vacancy4 Less: Employee/Model

Less: Bad DebtTotal Rental Income

5 Plus: Water & Sewer Income6 Plus: Other Income7 Plus: Home Rent

Plus: Unallocated PrepaysTotal Other IncomeEffective Gross Income

EXPENSESRepairs and Maintenance

8 Payroll AdministrativeMarketingProfessional Fees

9 UtilitiesElectricityWater/SewerGasTrash

Total Variable Expenses10 Taxes

Other Tax11 POH Expenses

Building InsuranceInsuranceManagement FeeTotal Operating Expenses

12 Plus: Capital ReservesTotal ExpensesNet Operating Income

Expense Ratio

10

$1,101

$2,275

0

1,446 47

2,509 81

775 25

$73,605 $2,374$70,530

$82,243 66.74%

7,164 231

2,968 96

28,260 912

38.99%

11,940 385

$759

1,238

2,325

0

32.26%

0 0.00%

1,232 1.00%

0 0

$23,516

Proforma

0

99.02%

32.61%

3,583 116

93

30,483 983

Totals % GSR

$67,488

0 0.00%

650 0.96%

12 0.02%

$66,826

41

1,074

$3,040Per Site

$48

0

$1,095

$1,945

0

101

0 0.00%

$34,1260 0

75

0.00%

$1,0950

10,6710

88237,830

$104,656Actuals

$4,6120

183000

1,404

10660

2,882

Totals % GSR

0.00%

6.54%

0.00%

93.46%41

59

$65,239

04,269

0$60,970

1,2691,837

28,909 933

75

7,238 6.00%

$45,479 $1,467

1,550 50

$47,029 $1,517

9,891 319

$120,634 $3,891Proforma Per Site

$3,100 $100

3,565 115

465 15

310

325 10

1,590 51

1,265

0 0

28

49

236

43

21

0

344

1,220

$3,376Per Site

$149

0

6

0

$634

28

2018 Actuals

1,3312,315

0

$664

Actuals

2,151

20

14

60

0

69

Jan '20 T12 Actuals

$33,9590

$33,959$60,291

10,81851

3,182$20,599

8821,5117,321

3,135

349

$19,650

$34,126

11,592

36.03%

2

103

$1,101

33,280$94,250

$1,4800

608436

1,8730

0

374

315

0

45

10

1,544 50

Financial Analysis1

0

Totals % GSR

$123,225

39,750

38,392

Todd Fletcher303‐260‐4470Todd.Fletcher@ngkf.com

Andrew Shih512‐637‐1219

Andrew.Shih@ngkf.com

1. Actual numbers based on financials provided by the client.

2. Proforma GSR = 31 sites x $331.25 avg lot rent x 12 months. The market rent is currently at $350. However, there are 6 tenants paying $300, providing upside for a new owner to raise these grandfathered in tenants to the current market rent of $350 (potential to add approximately $3,600 in annual rental income).

3. Proforma assumes 5 vacant homes get filled.

4. Manager receives rent credit for work performed at the park. Proforma includes this in the payroll line item.

5. Water/Sewer Income estimated based on a 60% recovery from the proforma expense. In Jan ’20, water/sewer income was $282 with a $625 expense (45%). Potential to add around $3,700 in income by increasing the water/sewer recapture rate from the current 45% to 95%.

6. Other Income grown 3% from Jan ’20 T12 Actuals. Other Income includes application fees, late fees, maintenance income, and small amounts of electricity income.

7. Proforma home rent annualized from the most recent rent roll ($2,335 total x 12 months).

8. No historical payroll expenses. Manager receives free lot rent plus bonuses for work performed at the park.

9. Adjusted Utilities grown 3% from Jan ’20 T12 Actuals.

10. Proforma Taxes = 2019 tax bill ($2,182) grown 15%.

11. Proforma POH Expense assumes a 35% expense ratio from the home rent income ($28,260).

12. Numbers do not reflect actual expense.

UNDERWRITING ASSUMPTIONS

A 31-SITE COMMUNITY PRICE: $900,000 (includes homes)

meadowbrookmanufactured home community

FINANCIAL ANALYSIS

A 31-SITE COMMUNITY PRICE: $900,000 (includes homes)

meadowbrookmanufactured home community

AREA EMPLOYMENT & DEMOGRAPHICS

GREATER WICHITA AREA TOP EMPLOYERS INDUSTRY EMPLOYEES

Spirit AeroSystems Aircraft Mfg 12,500

Textron Aviation Aircraft Mfg 9,000

Unified School District 259 - Wichita Education 7,326

McConnell Air Force Base Defense 6,867

Ascension Via Christi Healthcare 5,156

State of Kansas Government 4,494

Koch Industries Diversified 3,263

City of Wichita Government 3,250

U.S. Government Government 2,793

Dillons Food Stores Grocery 2,701 Source: Greater Wichita Partnership

DEMOGRAPHIC INFORMATION 1 MILE 5 MILES 10 MILES

2019 Population Estimate 1,064 178,234 407,285

Population Growth 2010 - 2018 1.33% 3.13% 4.16%

2019 Renter Occupied Housing Percentage 35.0% 37.4% 36.7%

2019 Owner Occupied Housing Percentage 53.9% 52.8% 53.1%

2019 Estimated Average Family Household Income $53,220 $62,788 $65,217

2019 Estimated Average Owner-Occupied Housing Value $106,226 $156,406 $170,077

Source: U.S. Census Bureau

GREENSBURG, IN

135

35

35

235400

400

77

81

42

15

96

254

96

WICHITA

McConnell AFB

Wichita Dwight D Eisenhower National Airport

Via Christi Health

Wesley Medical CenterAuburn Hills Golf Course

Arthur B. Sim Golf Course

MEADOWBROOK MHC

Wichita State University

• Public research university with a 2018 student enrollment of 15,081 students (largest university in Kansas) and employs over 500 employees.

• WSU is continuing work on its Innovation Campus, a $32.7 million, 150-acre expansion project. The new buildings are for experimental engineering, as well as the North American headquarters of commercial aircraft manufacturer Airbus, which now houses 400 employees and opened in January of 2017.

Spirit AeroSystems

• Subcontractor to Boeing and other aircraft manufacturers.

• Largest employer in Wichita with over 12,500 employees.

• Located less than a ten-minute drive from Meadowbrook MHC.

McConnell Air Force Base

• One of the largest employers in the area with over 6,800 employees.

• Estimated economic impact of $617 million and supports around 2,500 additional indirect jobs.

• The base sits just 15 minutes from Meadowbrook MHC.

A 31-SITE COMMUNITY PRICE: $900,000 (includes homes)

meadowbrookmanufactured home community

LOCATION MAP & AREA ATTRACTIONS

AREA HIGHLIGHTS

A 31-SITE COMMUNITY PRICE: $900,000 (includes homes)

meadowbrookmanufactured home community

MARKET OVERVIEW

• Wichita, KS is the largest city in the state with an estimated 2018 population of 389,255. The greater metro area is home to approximately 644,888 residents.• The city is an aircraft production hub and is known as “The Air Capital of the World.” Textron Aviation, Learjet, Airbus, and Spirit AeroSystems operate design

and manufacturing facilities here. Wichita companies delivered 35% of all general aviation airplanes built in the Unites States in 2018 and accounted for 25% of global general aviation airplane deliveries.

• Koch Industries and Cargill, the two largest privately held companies in the United States, both operate headquarters in the city. Other firms with headquarters in the city include Chance Morgan, Dean & Deluca, Coleman Company, and Alternative Energy Solutions.

• Wichita State University had 15,784 students enrolled as of Fall 2018 and is the third largest university in the state. Friends University and Newman University also have their main campuses located in the city and several colleges operate satellite locations including but not limited to the University of Kansas School of Medicine, Baker University, Embry-Riddle Aeronautical University, and Southwestern College.

• The city was ranked one of the “Coolest Cities in America in 2018” by Thrillist.• Wichita sits in a prime location near several large cities, including Kansas City (180 miles), Omaha (250 miles), Denver (430 miles), and Oklahoma City (150 miles).• Wichita is served by several small to medium-sized airports, the largest being Dwight D. Eisenhower National Airport (ICT). In 2018, a total of 1,665,116 passengers

flew in and out of the ICT airport, an increase of 2.77% from 2017. This marks the sixth consecutive year of growth. The airport offers direct flights to Dallas, Houston, Atlanta, St. Louis, Detroit, Denver, Phoenix, Los Angeles, Seattle, and many more.

• Greater Wichita is home to 17 acute care and specialty hospitals, as well as over 50 nursing and assisted living facilities, employing over 39,000. Ascension Via Christi recently completed a $50 million renovation converting its medical units to all private rooms and allowing Wichita Behavioral Health services to be consolidated and expanded on a single campus. Wesley Medical projects include a new $36 million Women’s Medical Center and $28 million Children’s Hospital.

• McConnell Air Force Base calls Wichita home and is one of the largest employers in the area with over 6,800 employees. The base has an estimated economic impact of $617 million and supports around 2,500 additional indirect jobs. In 2017, the base completed a $267 million expansion to accommodate six new hangers and the new active-duty KC-46 tanker fleet.

PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES

Additional information is available on our website at: http://arausa.listinglab.com/MeadowbrookMHC

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MEADOWBROOK MHC

E. 55TH ST S

S. P

ATTI

E ST

35

PRIMARY CONTACTS

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 Newmark Knight Frank (NKF) 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 NKF 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 Do not contact the Property.not contact the Property.

www.ngkf.comManufactured Housing 2530 Walsh Tarlton Ln, Suite 200, Austin, TX 78746 | T 512.342.8100

Joe Gossjoe.goss@ngkf.com 512.637.1228

Andrew Shihandrew.shih@ngkf.com512.637.1219

Todd Fletchertodd.fletcher@ngkf.com 303.260.4470

For a video tour, please visit: https://vimeo.com/393944097