RUSSENBERGER MOBILE HOME PARK LLC. BROKER’S PRICE … · 2017. 11. 21. · RUSSENBERGER MOBILE...

RUSSENBERGER MOBILE HOME PARK LLC. BROKER’S PRICE OPINION

Property Location: 2201 Russenberger Road Little Rock, AR 72209 Prepared by: Jamie McLarty – Licensed Real Estate Agent Coldwell Banker Commercial Hathaway Group – Little Rock, AR

Property Description: The property is located at 2201 Russenberger Road, which is in the Shawn Hood Single Family Addition, Pulaski County, Arkansas. The subject property is comprised of 2.9 acres, including eight manufactured homes and one shed/barn structure. The ingress and egress consist of a worn gravel driveway which equally divides the park from North to South. The Park is conveniently located 2 miles from Interstate 530 which provides quick access to Little Rock’s downtown. The property’s common area features a large trash container, mail boxes and newspaper slots that are individually label for the units.

Market Conditions: The national apartment occupancy average declined 0.1% in 2Q16 and was down 0.9% year-over-year. Demand continues to be strong with the Millennial generation creating the majority of the demand, but the supply continues to outpace demand. Rents are now high enough that many Millennials are opting for living in the suburbs/rural area where is more affordable areas. The Little Rock Market tends to follow the national trend just at a slower pace. The subject property competes with three nearby parks. They include Dixon Manor Mobile Home Park, Southern Pines Mobile Home Park, and Whispering Hills Mobile Home Park. Combined they equal approximately 420 units. Each park was contacted and asked for current occupancy, none responded to the survey.

Unit Conditions: The eight manufactured homes inspected appear to be over twenty years old, and feature good underpinning protection. All of the units feature both front and rear wooden decks. Several of the units have had some sort of roof work done in recent years. Note: interior inspection was not available. Each unit is equipped with its own HVAC package and has its own electrical meter. Water meter was not located on the property. The tax parcel shows a 2016 assessment with all real estate taxes of $877.82. The county assessor total appraised value is $86,500.00.

Russenberger Mobile Home Park LLC Broker Price Opinion

Property Location: 2201 Russenberger Road Little Rock, AR 72209

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Prepared by: Jamie McLarty, Licensed Real Estate Agent – Coldwell Banker Commercial Hathaway Group All information contained herein has been obtained from sources we believe to be reliable. However, no warranty or guarantee is made as to the accuracy of the information.

Comparables: Properties sold and active listings were reviewed for this price opinion. Properties reviewed include, but are not limited to:

2915 West Dixon Road 145 Commerce Street

2001 Highway 161 2001 Highway 161

11300 Jacksonville Cato Rd 1085 Moon Road

2612 Silica Heights 3000 John Harden Drive

Limitations: Property is located on a dead end street with no visible signage and very little curb appeal. It is somewhat difficult to locate without a good smart phone or map.

Price Opinion: Based on the Income Approach to Value Sale price -- $377,445 based on six-month to one-year marketing period and suggest accepting any offer over $300,000.

Thank you for the opportunity to provide you with this Broker’s Price opinion. This is based on my review of the property and market as outlined above and my experience in the commercial real estate industry. Keep in mind that I am not an appraiser or licensed to do appraisals but an active practitioner in the commercial real estate marketplace. No environmental survey or information were available for review related to this report. While the age of these units does not warrant significant concern, note consideration of the environmental issues for the property were assumed to be good. Information used to support the above recommendation is based on my experience, historical information, marketing information, discussions with other CRE agents, the local CDX, the Tax Assessor’s office and other resources.



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OWNERSHIP MAP



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Map Area

NORTH



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Photographs

Entering the property from Russenberger Road

Back of the park looking towards Russenberger Road



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COMPETING PARKS

RUSSENBERGER MOBILE HOME PARK LLC. BROKER’S PRICE … · 2017. 11. 21. · RUSSENBERGER MOBILE...

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