Russ Williamson Associate+1 614 329 1922russ.williamson@colliers.com

Mike Nissley Executive Vice President+1 561 479 1588mike.nissley@colliers.com

Colliers International

$2,300,000119 Sites

PLAZA MHC2145 N Dixie Highway | Lima, OH 45801

PAGE 2COLLIERS MANUFACTURED HOUSING GROUP

EXECUTIVE SUMMARYThe Colliers Manufactured Housing Group is pleased to offer the opportunity to acquire Plaza MHC, a 119 site manufactured home community in Lima, Ohio. Plaza MHC is situated on 13.64 acres and is offered with an additional 13.72 acres directly to the south. The community is serviced by public water and sewer and the owner just installed sub meters in August 2018, billing back for water usage. Many years ago the sewer was serviced by a private WWTP; however the owners converted to public sewer and have been paying a sewer assessment that will be fulfilled in January 2020.

INVESTMENT HIGHLIGHTS • 61% Economic Occupancy | 86% Physical Occupancy

• City Water (sub metered and billed back) and City Sewer

• Tax liability will be reduced by almost $20,000 in 2020 as the Sewer Assessment will be paid off

• Offer price includes 29 vacant homes

• Seller financing available for experienced operators

• New Sewer Lines 2017 | New Gas Lines 2015

PAGE 2COLLIERS MANUFACTURED HOUSING GROUP

RENT ROLL SUMMARY Unit Type Count Average Rent

Resident Owned Homes 25 $304

Community-Owned Homes: Rentals 48 $240Community-Owned Homes: Vacant 29 -Empty Sites 17 -Total 119

Last Rent Increase 3+ Years Ago

Increase Amount $20

COLLIERS MANUFACTURED HOUSING GROUP

COMMUNITY DESCRIPTION

PAGE 3

COMMUNITY NAME Plaza MHCADDRESS 2145 N Dixie Hwy

Lima, OH 45801COUNTY AllenTAX PARCEL IDS 37-2100-04-001.000 | 13.64 Acres | MHC

37-2100-04-002.003 | 13.72 Acres | Unplatted Residential

TOTAL ACREAGE 27.36FLOOD ZONE Zone X, not in a flood zoneZONING 415 Trailer or Mobile Home Park & Unplatted

ResidentialBUILD YEAR 1960COMMUNITY TYPE All Age/Family CommunityON-SITE MANAGER Yes and 2 On-Site Maintenance PersonnelROAD TYPE Asphalt/PavedSTREET PARKING On-StreetUTILITIES WATER City, Sub Metered, Billed Back to Resident

SEWER City, Paid by Community Owner

ELECTRIC AEP, Direct Billed, Paid by Resident

GAS Natural, Dominion, Direct Billed, Paid by Resident

TRASH REMOVAL Dumpsters, Rumpke, Paid by Community Owner

PAGE 3COLLIERS MANUFACTURED HOUSING GROUP

INCOME & EXPENSE ANALYSIS

COLLIERS MANUFACTURED HOUSING GROUP PAGE 4

INCOME 2016 2017 2018

GROSS POTENTIAL SITE RENT

Vacancy Loss

Home RentCollection Loss

NET RENTAL INCOME $311,708 $308,216 $330,419

OTHER INCOME

Water Income $0 $0 $0

Early Payment Reimbursement $0 $0 $0

Other Income $1,432 $670 $670

TOTAL OTHER INCOME $1,432 $670 $670

EFFECTIVE GROSS INCOME $313,140 $308,885 $331,088

EXPENSES 2016 2017 2018 $ PER SITE % OF EGI

Payroll & Related $23,313 $2,286 $5,601 $47 1.7%

General & Administrative $17,729 $10,762 $4,348 $37 1.3%

Utilities $74,456 $78,389 $81,741 $687 24.7%

Trash Removal $14,546 $21,360 $16,590 $139 5.0%

Maintenance & Grounds $4,101 $16,662 $63,147 $531 19.1%

Management Fees $0 $0 $0 $0 0.0%

Taxes $36,809 $35,399 $34,989 $294 10.6%

Property Insurance $1,032 $3,096 $0 $0 0.0%

Total Operating Expenses $171,986 $167,955 $206,415 $1,735 62.3%

Expense Ratio (% of EGI) 54.9% 54.4%

NET OPERATING INCOME $141,154 $140,930 $124,673 $1,048 37.7%

IN-PLACE HISTORICAL DATA

$ PER SITE

$0

$2,777

$0

$6

62.3%

$6

$2,782

Click Here to Access Due Diligence

PROFORMA ASSUMPTIONS

INCOME-

Gross Potential Site Rent: $304 site rent X 119 sites, annualized

Vacancy Loss: $304 site rent X 46 non-paying sites, annualized

Home Rent: $240 average home rent X 48 rentals, annualized

Collection Loss: 3% of Effective Gross Income

Early Payment Reimbursement: Owner provides a $50 credit to any-

one that pays before the 3rd. Twenty six residents paid early in May.

Other Income: Owner historical data

EXPENSES-

Payroll & Related: Free site rent for property manager ($550) and

two maintenance personnel ($304 & $550) annualized, plus $2,500

payroll tax

General & Administrative: Industry standard of 2% of Effective Gross

Income

Utilities: Owner historical data

Trash Removal: Two 8 yard dumpsters at $138.56 per week and one

6 yard dumpster for $146.46 per month, annualized

Maintenance & Grounds: $850 X 48 rentals and $150 per site X 119

sites

Management Fees: 3% of Effective Gross Income

Taxes: Allen counties 2018 taxes less $19,664.44 sewer assessment

Property Insurance: Owner historical data for liability plus $100 per

occupied community owned home (48)

YEAR 1 PROJECTED: ASSUMES ANNUALIZING MAY 2019 RENT ROLL AND NORMALIZING EXPENSES

PAGE 5COLLIERS MANUFACTURED HOUSING GROUP

INCOMEYR-1

PROJECTEDGROSS POTENTIAL SITE RENT $434,112

Vacancy Loss ($167,808)

Home Rent $138,240

Collection Loss ($12,652)

NET RENTAL INCOME $391,892

OTHER INCOME

Water Income $32,149

Early Payment Reimbursement ($15,600)

Other Income $650

TOTAL OTHER INCOME $17,199

EFFECTIVE GROSS INCOME $409,091

EXPENSESYR-1

PROJECTED$ PER SITE % OF EGI

Payroll & Related $19,324 $162 4.7%

General & Administrative $8,100 $68 2.0%

Utilities $82,439 $693 20.2%

Trash Removal $9,109 $77 2.2%

Maintenance & Grounds $58,650 $493 14.3%

Management Fees $12,273 $103 3.0%

Taxes $13,812 $116 3.4%

Property Insurance $5,832 $49 1.4%

Total Operating Expenses $209,539 $1,761 51.2%

Expense Ratio (% of EGI)

NET OPERATING INCOME $199,552 $1,677 48.8%

51.2%

$145

$3,438

($131)

$5

$270

$3,648

($1,410)

$1,162

($106)

$3,293

IN-PLACE HISTORICAL DATA COLLIERS UNDERWRITING

$ PER SITE

PROFORMA ASSUMPTIONS

INCOME-

Gross Potential Site Rent: $304 site rent X 119 sites, annualized

Vacancy Loss: $304 site rent X 31 non-paying sites, annualized

Home Rent: $240 average home rent X 63 rentals, annualized

Collection Loss: 3% of Effective Gross Income

Early Payment Reimbursement: Owner provides a $50 credit to any-

one that pays before the 3rd. $50 X 31 estimated early payers

Other Income: Owner historical data

EXPENSES-

Payroll & Related: Free site rent for property manager ($550) and

two maintenance personnel ($304 & $550) annualized, plus $2,500

payroll tax

General & Administrative: Industry standard of 2% of Effective Gross

Income

Utilities: Owner historical data, increased for 15 additional rentals

Trash Removal: Two 8 yard dumpsters at $138.56 per week and one

6 yard dumpster for $146.46 per month, annualized

Maintenance & Grounds: $850 X 63 rentals and $150 per site X 119

sites

Management Fees: 3% of Effective Gross Income

Taxes: Allen counties 2018 taxes less $19,664.44 sewer assessment

Property Insurance: Owner historical data for liability plus $100 per

occupied community owned home (63)

RENOVATING AND RENTING 15 VACANT HOMES AND NORMALIZING EXPENSES

PAGE 6COLLIERS MANUFACTURED HOUSING GROUP

INCOMERENTING 15

HOMESGROSS POTENTIAL SITE RENT $434,112

Vacancy Loss ($113,088)

Home Rent $181,440

Collection Loss ($15,694)

NET RENTAL INCOME $486,770

OTHER INCOME

Water Income $38,579

Early Payment Reimbursement ($18,600)

Other Income $700

TOTAL OTHER INCOME $20,679

EFFECTIVE GROSS INCOME $507,449

EXPENSESRENTING 15

HOMES$ PER SITE % OF EGI

Payroll & Related $19,829 $167 3.9%

General & Administrative $10,150 $85 2.0%

Utilities $92,819 $780 18.3%

Trash Removal $9,246 $78 1.8%

Maintenance & Grounds $71,400 $600 14.1%

Management Fees $15,223 $128 3.0%

Taxes $13,275 $112 2.6%

Property Insurance $7,332 $62 1.4%

Total Operating Expenses $239,274 $2,011 47.2%

Expense Ratio (% of EGI)

NET OPERATING INCOME $268,175 $2,254 52.8%

IN-PLACE HISTORICAL DATA COLLIERS UNDERWRITING

$ PER SITE

$324

$3,648

($950)

$1,525

($132)

$4,091

($156)

$6

47.2%

$174

$4,264

LOCATION MAP

COLLIERS MANUFACTURED HOUSING GROUP PAGE 7

Located on Interstate 75, Allen County offers rural living within an easy drive of major urban centers. Just 90 minutes north of Columbus, OH., 120 minutes south of Detriot, and only 7 minutes from the Super Walmart. More than 40,000 residents enjoy affordable housing, premier educational opportunities and a wealth of recreational activities.

2145 N Dixie Highway | Lima, OH 45801

DETROIT

2 hours (135 miles)

1.5 hours (92 miles)

LIMA

INDIANAPOLIS

PITTSBURG

CLEVELANDTOLEDO

COLUMBUS

PLAZA MHC

PAGE 8

AREA Lima is a city in and the county seat of Allen County. The prime location of this city is approximately 75 miles outside of Dayton and Toledo. Lima is also 2 hours south of Detriot, and an hour and a half from Columbus. Additionally, the close proximity to Interstate 75 provides easy access to a major highway in the Central United States, spanning from Ontario, Canada to Orlando, Florida.

WORKFORCE The county and surrounding area are specialized in manufacturing, retail trade and health services, employing roughly 16,000 people. With several accomplished manufacturing plants like General Motors, and large healthcare companies such as Parkview Health Systems, residing locally, employment opportunities are robust in the Lima area.

EDUCATION With numerous award winning K-12 schools and career centers, there are a variety of programs tailored to the local business needs. Allen county is also home to educational powerhouses such as The Ohio State University, University of Northwestern Ohio, and Ohio Northern University.

SPORTS & FUN With Lima being centrally located between four major sports cities Cincinati, Columbus, Indianapolis, and Detriot, sports fans gather in many of the local restaurants and bars to enjoy both professional and college sports. Aside from enjoying sports, the people of Lima relish the beautiful outdoors with numerous parks, geotrails, and historical sites to visit.

ALLEN COUNTY LARGEST EMPLOYERS > Parkview Health Systems - 6,684> Luthern Heath Network - 4,824> General Motors - 4,100> Fort Wayne Community Schools - 3,600 > Lincoln Financial Group - 1,970> City of Fort Wayne - 1,829> BFGoodrich - 1,580> Frontier Communications - 1,355

COLLIERS MANUFACTURED HOUSING GROUP PAGE 8

AT A GLANCE

COLLIERS MANUFACTURED HOUSING GROUP

DEMOGRAPHICS

PAGE 9

5 Miles 10 Miles 20 MilesPOPULATION: 2018Total Population 53,805 93,295 179,748 Female Population 48.6% 493% 49.7% Male Population 51.4% 50.7% 50.3%

Population Median Age 36.6 39.3 39.4 Population Growth 2000-2018 -0.10% -0.05% -1.15% Population Growth 2018-2023 -0.26% -0.15% -0.34%

INCOMEAverage Household Income $48,345 $61,793 $65,633Median Household Income $36,663 $47,664 $52,535Per Capita Income $18,825 $24,178 $25,546 Avg Income Growth 2018-2023 2.81% 2.90% 2.90%

HOUSEHOLDSHouseholds 20,342 35,873 68,007

Average Household Size 2.44 2.46 2.49

Household Growth 2010-2018 -0.13% -0.06% -0.07% Household Growth 2018-2023 -0.28% -0.15% 0.27%

5 Miles 10 Miles 20 MilesHOUSING UNITSHousing Units 23,596 40,180 75,974 % Occupied Units 86.21% 89.28% 89.51% % Vacant Housing Units 13.79% 10.72% 10.49%

Owner Occ. Growth 2000-2018 -18.10% -9.07% -4.47% Owner Occ. Growth 2018-2023 0.30% -0.01% 0.49% Occ. Housing Growth 2000-2018 -6.69% -1.11% 1.61% Occ. Housing Growth 2018-2023 -1.41% -0.76% -0.25%

RACE AND ETHNICITY% American Indian or Alaska Native Population

0.3% 0.3% 0.3%

% Asian Population 0.7% 0.9% 0.7%

% Black Population 21.3% 14.2% 7.8%% Hawaiian or Pacific Islander Population

0.0% 0.0% 0.0%

% Multirace Population 4.9% 3.6% 2.5%

% Other Race Population 1.3% 1.0% 1.0%

% White Population 71.4% 80.0% 87.7%

% Hispanic Population 4.3% 3.4% 2.9%

COLLIERS MANUFACTURED HOUSING GROUP PAGE 9

DISCLAIMER AND NOTICE TO BUYER

The information herein is provided “ONLY AS AN INTRODUCTIONTO THE PROPERTY”. All parties interested in purchasing should base their final decision on the results of their own independent inspection of the property. All parties should satisfy themselves as to the condition of the property with respect to the legal, environmental or physical conditions of the property and title thereto. All financial data provided is given for information purposes and is not guaranteed. All parties should perform their own market feasibility study to determine the soundness of the financial data provided and the physical condition of the property. The Owner, Agent and all parties acting on behalf of the Owner or Agent hereby make no representations as to the accuracy or completeness of the information included in this property profile. Unless provided to the buyer under separate cover, no environmental study has been done for this property. This information is believed to be accurate. We are not responsible for misstatements of facts, errors or omissions, prior sale, changes of price or withdrawal from the market without notice.

CONFIDENTIALITY STATEMENT

The following information is furnished solely for the purpose of a review by a prospective purchaser of the property and is not to be used for any other purpose or made available to any other person without the prior written consent of Colliers International Columbus, Ohio. This property profile and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this profile may be copied or otherwise reproduced or disclosed without the prior written authorization of Colliers International Columbus, Ohio.

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, condi-tions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2017. All rights reserved. www.colliers.com/manufacturedhousing

Russ Williamson Associate+1 614 329 1922russ.williamson@colliers.com

OFFERING PROCESS

Interest Offered 100% fee simple

Property Tours Buyers are welcome to do a quiet “drive-by” tour without disturbing residents or on-site personnel upon approval of the Colliers Manufactured Housing Group. All official tours must be coordinated through the listing brokers.

Mike Nissley Executive Vice President+1 561 479 1588mike.nissley@colliers.com

CONTACT:Colliers International