As Of: June 3, 2020
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As Of: June 3, 2020
Esterson MHC TeamClick the title of the park for more information (listed deals only)
IndexOff-Market RV
KDM Watertown MHC
The Resort @ Sonoran Springs (RV)
Brentwood & Crepe Mrytle
Mile HI & Ful Vu MHC
Shady Grove & Glenbrook MHC
Off-Market MHC
Lake Erie MHC
Cascade MHC
Werner Hancock MH & Cottages
Off-Market MHC
Off-Market MHC
4C MHC
Legion Hut MHC
Country Club MH Manor
Blackburn MHC
Off-Market MHC
Fairground MHC
Town & Country MHC
Cimarron MHC
Steele Creek MHC
Off-Market MHP
Off-Market MHC
Oak Meadows MHC
Benton Bay
Agape RV Development
Treeside MHP
Kimball St MHP
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Charles DehartManufactured Housing CommunitiesMarcus & Millichap, Tampa FLPhone: (276) [email protected]
Glenn D. EstersonVice Pres. Of Manufactured HousingMarcus & Millichap, Charlotte NCPhone: (423) [email protected]
Sallie Whitehurst Marcus & Millichap, Atlanta GAPhone: (770) [email protected]
Parker KellyManufactured Housing CommunitiesMarcus & Millichap, Atlanta GAPhone: (678) [email protected]
Vasili ArvanitidisManufactured Housing CommunitiesMarcus & Millichap, Seattle WAPhone: (206) 963-6076 [email protected]
Dylan HellbergManufactured Housing CommunitiesMarcus & Millichap, Charleston SCPhone: (843) [email protected]
Brandon PearsonManufactured Housing CommunitiesMarcus & Millichap, Denver COPhone: (303) 328-2032 [email protected]
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap
Real Estate Investment Services, Inc. © 2020 Marcus & Millichap. All rights reserved.
P. 5www.estersonmhcteam.com Esterson MHC Team | Deal Book
• High Quality RV Parks
• Public Water & Sewer
• Brand New 2020 Expansion Area
• In-Place Managememt
• Professionally owned & managed
• No known deferred maintenance
• Pool & Clubhouse
• Centrally located with access to all city amenities
Investment Highlights
• Income & Exp. include pro-forma figures for 2020 (due to
recent expansion of parks)
Known Issues
Investment Information
List Price $16,570,000
Gross Income $2,721,761
Lot Rent Income $0
Cap rate (lot rent only) 11.50%
Gross Cap Rate 11.50%
Cash on Cash - Levered 19.86%
Total Return - Levered 26.84%
Price Per Lot $57,535
Price Per Occupied Lot $57,535
Utility Income $0
Lot Rent Expense 29.97%
Gross POH Income $0
POH Expense Ratio 0.00%
Park information
Property Address NDA
Occupancy Rate 100.00%
Total Rentable Units 288
MHP Lots 0
Vacant Lots 0
Total POH 0
Vacant POH 0
RV Lots 287
Vacant RV Lots 100.00%
Single Family Home(s) 1
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 20.17
Road Type RV
Executive Summary
Total Tenants 288
Lot Renters 0
POH renters 0
RV Renters 287
Other Renters 1
Current Lot Rent $0
Current POH Rent $0
Market Lot Rent $0
Market POH Rent $0
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water Public-Park Pays
Sewer Public-Park Pays
Garbage Landlord
Gas Public - Direct Billed
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes N/A
Double-Wide Homes 0
#72 Off-Market RV Portfolio | Undisclosed, NM$16,600,000 Additional Documents CLICK FOR NDA
Due Dilience Vault
Brokers Excel Sheet
Brokers Summary Video
Letter of Intent CLICK HERE
For More Information: (720) MHP-4YOU (720) 647-4968
P. 7www.estersonmhcteam.com Esterson MHC Team | Deal Book
• High quality assets
• Stabilized portfolio with upside
• Market scale (300+ units between 3 properties with 5 miles
of each other)
• Upside available through leasing vacant units
• Strong sales market for new and used mobile homes within
mobile home communities
• Professionally operated under an industry standard
business model
• Well trained on-site staff
• Public water & sewer available at all parks
• 2 smaller parks have an assumable loan: 4.25% IR, 30 year
Investment Highlights
• Northland Park Uses Water Treatment Plant
• All Parks Use Shared Septic 2:1
Known Issues
Investment Information
List Price $12,750,000
Gross Income $1,542,033
Lot Rent Income $1,428,360
Cap rate (lot rent only) 7.48%
Gross Cap Rate 8.00%
Cash on Cash - Levered 10.04%
Total Return - Levered 13.98%
Price Per Lot $43,831
Price Per Occupied Lot $50,000
Utility Income $42,391
Lot Rent Expense 37.13%
Gross POH Income $77,233
POH Expense Ratio 43.51%
Park information
Property Address Watertown NY MSA
Occupancy Rate 87.66%
Total Rentable Units 308
MHP Lots 307
Vacant Lots 22
Total POH 23
Vacant POH 16
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units 1
Vacant Other Units 0
Total Acres 0
Road Type 0
Executive Summary
Total Tenants 270
Lot Renters 240
POH renters 7
RV Renters 0
Other Renters 1
Current Lot Rent $442
Current POH Rent $274
Market Lot Rent $456
Market POH Rent $282
RV Lot Rent $0
Other Rent 0.00
Utility Infrastructure
Water Public-Bill Back
Sewer Septic
Garbage Tenant
Gas Public - Direct Billed
Cable Tenant
Snow Removal Landlord
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes N/A
Double-Wide Homes N/A
Watertown MHP Portfolio | Watertown, NY$12,750,000 Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
For More Information: (720) MHP-4YOU (720) 647-4968
P. 9www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
• Fully entitled RV Resort
• Offered with water-rights at $6,500,000.
• First class resort with 5000 SF sites
• City of Buckeye, AZ (one of the fastest growing areas in US
• 5.5x Multiple Return on investment at 60% Occupancy
• “Natural” Desert Setting for “Retreat” Style Resort
Investment Highlights
• Park has historically high late fees
• Private Water & Sewer (top-line system)
• 53 miles from downtown Phoenix
Known Issues
Investment Information
List Price (can be sold separately) $12,000,000
800 Lot RV Project $6,500,000
Commercial Frontage Project $5,500,000
Park information
Property Address 30885 S. State Rt. 85Buckeye, AZ 85326
RV Lots 800
Lot Size 5,000 Square-foot lots
Total Acres 232+
Road Type Paved
Design Team
RV Resort Rich StockwellRV Park Consulting
Golf Course Forrest RichardsonRichardson & Associates
Lead Engineer Jim SchemmerSchemmer Consulting Group
Landscape Architect Don CampbellCampbell Collaborative
Utility Infrastructure
Water Private, Well (water rights)
Sewer Septic
Electric Public
Gas Public
Cable Public
Snow Removal N/A
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? Yes up to 800 RV Lots
Opportunity Zone No
Flood Zone No
The Retreat at Sonoran Springs RV Resort | AZ$12,000,000 (available as a package or can be sold separately)
Additional Documents
Offering Memorandum CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
Amenities
Clubhouse 15000 & 7500 SF Clubhouses
Swimming Pool and spa center
Activity Centers Fitness & Equestrian
Food Bar, Lounge, Dining
Sports Golf, Tennis, Hiking, Pickle Ball
Medical Heli-pad & Urgent Care Center
Commercial Frontage Hotel, Resturant, Gas, Market
P. 11www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
• High quality park with high quality homes
• Great location in growing MSA
• Only 24.5 miles to downtown Raleigh
• Strong upside through POH conversion
• Newer POH in fantastic condition
• Parks located only a half mile apart
• Public direct billed water
Investment Highlights
• Park has historically high late fees
• Park could use some landscaping upgrades
• Park is heavy Park Owned Home Community
Known Issues
Investment Information
List Price $8,500,000
Gross Income $1,072,605
Lot Rent Income $588,000
Cap rate (lot rent only) 6.40%
Gross Cap Rate 8.30%
Cash on Cash - Levered 17.92%
Total Return - Levered 24.28%
Price Per Lot $59,028
Price Per Occupied Lot $59,028
Utility Income (trash) $15,950
Lot Rent Expense 29.97%
Gross POH Income $451,422
POH Expense Ratio 40.00%
Park information
Property Address 408 Bethel Church Rd
Occupancy Rate 99.3%
Total Rentable Units 144
MHP Lots 144
Vacant Lots 0
Total POH 111 (10 RTO)
Vacant POH 0
RV Lots 0
Vacant RV Lots 0
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 107.1
Executive Summary
Total Tenants 144
Lot Renters 32
POH renters 101
RV Renters 0
Other Renters 0
Current Lot Rent $340
Current POH Rent $338
Market Lot Rent $425 (PF UW $365)
Market POH Rent $475 (PF UW $349)
RV Lot Rent 0.00
Other Rent 0.00
Utility Infrastructure
Water Public, Direct Bill
Sewer Septic
Garbage Public, Direct Bill
Gas Public, Direct Bill
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes 77
Double-Wide Homes 34
Brentwood & Crepe Myrtle MHP | Angier, NC$8,500,000 Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
Owner Financing Available
P. 13www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
• Denver Co MSA
• Public Water & Sewer - Included in Rent
Investment Highlights
• HIgh Density Park
Known Issues
Investment Information
List Price $6,900,000
Gross Income $461,640
Lot Rent Income $461,640
Cap rate (lot rent only) 4.61%
Gross Cap Rate 4.61%
Cash on Cash - Levered
Total Return - Levered
Price Per Lot $94,521
Price Per Occupied Lot $94,521
Utility Income $0
Lot Rent Expense 30.46%
Gross POH Income $0
POH Expense Ratio 50.00%
Park information
Property Address5720 East 63rd AveCommerce City CO 80022
Occupancy Rate 100.00%
Total Rentable Units 73
MHP Lots 73
Vacant MH Lots 0
Total POH 0
Vacant POH 0
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units - Cabins 0
Vacant Other Units 0
Total Acres 3.97
Executive Summary
Total Tenants 73
Lot Renters 73
POH renters 0
RV Renters 0
Other Renters 0
Current Lot Rent $534
Current POH Rent $0
Market Lot Rent $561
Market POH Rent $0
RV Lot Rent $0
Cabin Rent $0
Utility Infrastructure
Water Public-Park Pays
Sewer Public-Park Pays
Garbage Landlord
Gas Public - Direct Billed
Cable Direct Bill
Snow Removal Tenant
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Enterprise Zone Yes
Double-Wide Homes TBD
Mile High & Ful Vu MHC | Commerce City, CO
$6,900,000 UNDER CONTRACTAdditional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
UNDER CONTRACT
P. 15www.estersonmhcteam.com Esterson MHC Team | Deal Book
• Strong growing MSA
• Located 35 miles from Savannah GA
• Public sewer at both parks
• Numerous new POH (2014+)
• Very close to Walmart supercenter
Investment Highlights
• parks are in partial FZ (as is nearly all of the region)
• POH rental comunities
Known Issues
Investment Information
List Price $6,450,000
Gross Income $1,052,032
Lot Rent Income $484,500
Cap rate (lot rent only) 7.25%
Gross Cap Rate 9.77%
Cash on Cash - Levered 17.88%
Total Return - Levered 20.16%
Price Per Lot $42,222
Price Per Occupied Lot $43,946
Utility Income (trash) $65,460
Lot Rent Expense 39.10%
Gross POH Income $518,502
POH Expense Ratio 40.98%
Park information
Property Address
1600 Dunlevie Rd Allenhurst, GA1130 Kelly DriveHinesville, GA
Occupancy Rate 96.08%
Total Rentable Units 153
MHP Lots 153
Vacant Lots 3
Total POH 132
Vacant POH 3
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 39.86
Road Type Paved
Executive Summary
Total Tenants 147
Lot Renters 18
POH renters 129
RV Renters 0
Other Renters 0
Current Lot Rent $275
Current POH Rent $343
Market Lot Rent $285
Market POH Rent $354
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water SG: Public, Bill Back | GB: Well
Sewer Public-Tenants Pay (Submeters)
Garbage Landlord
Gas Public - Direct Billed
Cable Public - Direct Billed
Snow Removal N/A
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone Yes - low risk Zone A
Single-Wide Homes 115
Double-Wide Homes 17
Shady Grove & Glenbrook Village | Hinesville GA
$6,450,000 UNDER CONTRACTAdditional Documents CLICK HERE
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
For More Information: (720) MHP-4YOU (720) 647-4968
UNDER CONTRACT
P. 17www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
• All-Age Family, Value-Add Park
•
Investment Highlights
• Mom & Pop Operator
• Limited Books & Records
• Park is in below average condition
Known Issues
Investment Information
List Price $4,900,000
Gross Income $872,000
Lot Rent Income $452,231
Cap rate (lot rent only) 7.43%
Gross Cap Rate 8.52%
Cash on Cash - Levered 12.0%
Total Return - Levered 17.7%
Price Per Lot $26,315
Price Per Occupied Lot $29,239
Utility Income 0.00
Lot Rent Expense 38.6%
Gross POH Income $417,060
POH Expense Ratio 64.4%
Park information
Property Address
Occupancy Rate 90.0%
Total Rentable Units 190
MHP Lots 190
Vacant Lots 19
Total POH 113
Vacant POH 1
RV Lots 0
Vacant RV Lots 0
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres N/A
Road Type Paved
Executive Summary
Total Tenants 171
Lot Renters 59
POH renters 112
RV Renters 0
Other Renters 0
Current Lot Rent $225
Current POH Rent $310
Market Lot Rent $235
Market POH Rent $325
RV Lot Rent 0.00
Other Rent 0.00
Utility Infrastructure
Water Public - Included in rent
Sewer Public - Included in rent
Garbage Public - Included in rent
Gas Direct Bill
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes N/A
Double-Wide Homes N/A
#67 Off-Market MHP | Little Rock, AR MSA
$4,900,000 UNDER CONTRACT Additional Documents CLICK FOR NDA
Offering Memorandum
Brokers Excel Sheet
Brokers Summary Video
Letter of Intent CLICK HERE
UNDER CONTRACT
P. 19www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
• 43 Miles from Buffalo NY
• Public Water already connected
• 20 POH newer than 2014
• WWTP is in excellent condition with new 5 year permit
• Ability to achieve 23% increase in valuation by year 3
• Roads and landscaping in good condition
Investment Highlights
• Municipal sewer is not available and is not expected to be
• Park uses private well and a treatment plant
• Loan MUST be assumed
Known Issues
Investment Information
List Price $4,640,000
Gross Income $736,088
Lot Rent Income $539,460
Cap rate (lot rent only) 7.53%
Gross Cap Rate 7.90%
Cash on Cash - Levered 8.59%
Total Return - Levered 10.02%
Price Per Lot $28,466
Price Per Occupied Lot $41,062
Utility Income $55,104
Lot Rent Expense 53.39%
Gross POH Income $127,788
POH Expense Ratio 35.00%
Park information
Property Address 3738 Main Rd
Occupancy Rate 69.33%
Total Rentable Units 163
MHP Lots 159
Vacant Lots 45
Total POH 41
Vacant POH 3
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 4
Vacant SFH 2
Other Units 0
Vacant Other Units 0
Total Acres 20
Road Type Paved
Executive Summary
Total Tenants 113
Lot Renters 68
POH renters 38
RV Renters 0
Other Renters 4
Current Lot Rent $405
Current POH Rent $246
Market Lot Rent $417
Market POH Rent $253
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water Well
Sewer Treatment Plant
Garbage Tenant
Gas Public - Direct Billed
Cable Direct Bill
Snow Removal Landlord
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes 105
Double-Wide Homes 7
Lake Erie MHC | Fredonia NY (Buffalo NY)
$4,640,000 UNDER CONTRACTAdditional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
UNDER CONTRACT
P. 21www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
• 100% Lot rent
• Colorado Springs CO MSA
• Public Water & Sewer
• Opportunity Zone
Investment Highlights
•
Known Issues
Investment Information
List Price $3,300,000
Gross Income $331,663
Lot Rent Income $323,820
Cap rate (lot rent only) 5.74%
Gross Cap Rate 5.68%
Cash on Cash - Levered 1.80%
Total Return - Levered 7.98%
Price Per Lot $60,000
Price Per Occupied Lot $63,462
Utility Income $17,277
Lot Rent Expense 42.87%
Gross POH Income $1,800
POH Expense Ratio 100.00%
Park information
Property Address3600 N Cascade AveColorado Springs CO 80907
Occupancy Rate 94.55%
Total Rentable Units 55
MHP Lots 55
Vacant Lots 2
Total POH 2
Vacant POH 1
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 3.27
Road Type Paved
Executive Summary
Total Tenants 52
Lot Renters 51
POH renters 1
RV Renters 0
Other Renters 0
Current Lot Rent $519
Current POH Rent $150
Market Lot Rent $539
Market POH Rent $155
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water Public-Tenants Pay (Subme-
Sewer Public-Tenants Pay (Subme-
Garbage Landlord
Gas Public - Direct Billed
Cable Public - Direct Bill
Snow Removal Tenant
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? No
Opportunity Zone Yes
Flood Zone No
Single-Wide Homes N/A
Double-Wide Homes N/A
Cascade MHC | Colorado Springs, CO
$3,700,000 Additional Documents
Offering Memorandum
Brokers Excel Sheet
Brokers Summary Video
Letter of Intent CLICK HERE
P. 23www.estersonmhcteam.com Esterson MHC Team | Deal Book
• River front community in Pittsburgh,PA
• Stabilized park with long term tenants.
• No park owned homes
• First time park has been for sale–in family for over 70years.
• 8.0% cap rate after normalizing expenses from 21% to 35%.
• Low operating costs - Direct billed water, trash and tenants
are responsible for septic repairs
Investment Highlights
• Limited Books & Records
• Poor Road Condition
• Park Uses Individual Septic For Each Lot
Known Issues
UNDER CONTRACT Investment Information
List Price $3,500,000
Gross Income $429,640
Lot Rent Income $374,280
Cap rate (lot rent only) 8.00%
Gross Cap Rate 8.00%
Cash on Cash - Levered 10.9%
Total Return - Levered 17.1%
Price Per Lot $46,052
Price Per Occupied Lot $47,945
Utility Income 0.00
Lot Rent Expense 34.9%
Gross POH Income 0.00
POH Expense Ratio 0.00
Park information
Property Address 97 Werner Camp Rd
Occupancy Rate 92%
Total Rentable Units 76
MHP Lots 73
Vacant Lots 3
Total POH 0
Vacant POH 0
RV Lots 0
Vacant RV Lots 0
Single Family Home(s) 0
Vacant SFH 0
Other Units 3
Vacant Other Units 0
Total Acres 18.81
Road Type Paved - Below Avg
Executive Summary
Total Tenants 73
Lot Renters 70
POH renters 0
RV Renters 0
Other Renters 3
Current Lot Rent $446
Current POH Rent 0.00
Market Lot Rent $511
Market POH Rent 0.00
RV Lot Rent 0.00
Other Rent $4,825.00
Utility Infrastructure
Water Public - Direct Bill
Sewer Septic - Tenant responsible
Garbage Public - Direct Bill
Gas Direct Bill
Cable Direct Bill
Snow Removal Landlord
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes N/A
Double-Wide Homes N/A
Werner Hancock MHC | Pittsburgh, PA
$3,500,000 UNDER CONTRACT Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video
Letter of Intent CLICK HERE
P. 25www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
• Below Market Lot Rents $100+
• Below Market POH Rents $100+
• Public Direct Bill Water & Sewer
• Park Shows Well
• Roads are paved and in good shape
• MSA Population 385,337 (7.9%+)
Investment Highlights
• * Actual LR on TOH: 42xSW $190, 5xDW $205
• ** POH LR allocated to $45 below market rent
• Limited Books & Records
• 39 POH
Known Issues
Investment Information
List Price $2,750,000
Gross Income $363,398
Lot Rent Income $234,720
Cap rate (lot rent only) 5.73%
Gross Cap Rate 7.35%
Cash on Cash - Levered 7.33%
Total Return - Levered
Price Per Lot $30,220
Price Per Occupied Lot $33,951
Water & Sewer Income $0
Lot Rent Expense 41.03%
Gross POH & RTO Income $135,720
POH Expense Ratio 50.00%
Park information
Property Address 318 Perch Rd, Fayetteville NC
Occupancy Rate 89.01%
Total Rentable Units OM PREP
MHP Lots 91
Vacant Lots 10
Total POH 39
Vacant POH 0
RV Lots 0
Vacant RV Lots N/A
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 8.69 | 6.36
Road Type Paved
Executive Summary
Total Tenants 81
Lot Renters 42
POH renters 39
RTO Tenants 0
Other Renters 0
Current Lot Rent* $241
Current POH Rent** $290
Market Lot Rent $335
Other Rent $0
Utility Infrastructure
Water Public, Direct Billed to Tenants
Sewer Public, Tenants Pay
Garbage Public, Tenants Pay
Gas Dumpster, Park Pays
Cable N/A
Mowing Responsibilities Public, Direct Billed To Tenants
Snow Removal Park Mows, Park Pays
Additional Info
Can this park be expanded? No
Opportunity Zone Yes
Flood Zone No
Single-Wide Homes TOH: 39 | POH: N/A
Double-Wide Homes TOH: 5 | POH: N/A
Off-Market #108 MHC | Fayetteville NC MSAValue Add: $2,750,000 Additional Documents Not Available
Offering Memorandum Not Available
Brokers Excel Sheet CLICK HERE
Brokers Summary Video Not Available
Letter of Intent CLICK HERE
P. 27www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $2,200,000
Gross Income
Lot Rent Income $187
Cap rate (lot rent only) 7.50%
Gross Cap Rate 9.00%
Cash on Cash - Levered
Total Return - Levered
Price Per Lot $18,181
Price Per Occupied Lot $27,500
Utility Income $0.00
Lot Rent Expense 35%
Gross POH Income
POH Expense Ratio 65%
Park information
Property Address NDA
Occupancy Rate 66.1%
Total Rentable Units 121
MHP Lots 115
Vacant Lots 41
Total POH 61
Vacant POH 1
RV Lots 6
Vacant RV Lots 0%
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 16.75
Road Type Paved
Executive Summary
Total Tenants 80
Lot Renters 11
POH renters 60
RV Renters 6
Other Renters 0
Current Lot Rent $187
Current POH Rent $559
Market Lot Rent $275
Market POH Rent $750
RV Lot Rent $187
Other Rent $0
Utility Infrastructure
Water Public-Direct Bill
Sewer Public-Direct Bill
Garbage Landlord
Gas Public - Direct Billed
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone Yes - 0.2% Risk Zone (Low)
Single-Wide Homes N/A
Double-Wide Homes N/A
Off-Market #102 | Coastal Region GA
$2,200,000 Additional Documents CLICK FOR NDA
Offering Memorandum
Brokers Excel Sheet
Brokers Summary Video
Letter of Intent CLICK HERE
• Value-Add MH
• Possible Owner Financing
• Direct Billed Utilties
• Below market rents (+$80 on lot rent)
Investment Highlights
• Located in a 0.2% Flood Zone (as is most of coastal GA)
• Park Has some deferred maintenace
• Limited books and records
Known Issues
UNDER CONTRACT
P. 29www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $1,700,000
Gross Income $148,176
Lot Rent Income $151,200
Cap rate (lot rent only) 6.00%
Gross Cap Rate 6.00%
Cash on Cash - Levered
Total Return - Levered
Price Per Lot $85,000
Price Per Occupied Lot $85,000
Utility Income $0
Lot Rent Expense 31.21%
Gross POH Income $0
POH Expense Ratio 0.00%
Park information
Property Address3297 S Santa Fe Dr Englewood CO 80110
Occupancy Rate 100.00%
Total Rentable Units 20
MHP Lots 20
Vacant Lots 0
Total POH 0
Vacant POH 0
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 1.32
Road Type Paved
Executive Summary
Total Tenants 20
Lot Renters 20
POH renters 0
RV Renters 0
Other Renters 0
Current Lot Rent $630
Current POH Rent $0
Market Lot Rent $695
Market POH Rent $0
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water Public-Park Pays
Sewer Public-Park Pays
Garbage Landlord
Gas Public - Direct Billed
Cable Direct Bill
Snow Removal Tenant
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone Yes
Flood Zone No
Single-Wide Homes 20
Double-Wide Homes 0
4-C MHC | Englewood, CO
$1,700,000 Additional Documents
Offering Memorandum
Brokers Excel Sheet CLICK HERE
Brokers Summary Video
Letter of Intent CLICK HERE
• 1. Located in Opportunity Zone
• 2. Excellent Ingress/Egress
• 3. Potential Future Redevelopment
• 4. Below Market rents (market is $700+)
• 5. Public Water & Sewer, included in rent
• 6. 8 Miles to Downtown Denver
Investment Highlights
• Mom & Pop Owner
• Limited Books & Records
• park built in 1965 (estimate), may have aged infrastructure,
all systems currently working properly
Known Issues
P. 31www.estersonmhcteam.com Esterson MHC Team | Deal Book
Investment Information
List Price $1,640,000
Gross Income $226,083
Lot Rent Income $147,840
Cap rate (lot rent only) 6.45%
Gross Cap Rate 6.84%
Cash on Cash - Levered 4.76%
Total Return - Levered 9.50%
Price Per Lot $25,625
Price Per Occupied Lot $36,444
Utility Income (trash) $18,440
Lot Rent Expense 48.07%
Gross POH Income $53,244
POH Expense Ratio 57.95%
Park information
Property Address 11221 E Legion Hut Rd Little Rock AR 72103
Occupancy Rate 70.31%
Total Rentable Units 64
MHP Lots 63
Vacant Lots 18
Total POH 10
Vacant POH 1
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 1
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 8.09
Road Type Gravel
Executive Summary
Total Tenants 45
Lot Renters 30
POH renters 9
RV Renters 0
Other Renters 1
Current Lot Rent $280
Current POH Rent $380
Market Lot Rent $296
Market POH Rent $391
RV Lot Rent $0
Other Rent $850
Utility Infrastructure
Water Public-Tenants Pay (Submeters)
Sewer Public-Tenants Pay (Submeters)
Garbage Landlord
Gas Public - Direct Billed
Cable Public - Direct Billed
Snow Removal Landlord
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes 36
Double-Wide Homes 9
Legion Hut MHC | Little Rock, AR$1,640,000
Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
• Strong growing MSA with 200K+ population
• Located 9.8 miles from state capital building
• Public water & sewer
• Four 2019 POH recently installed
• Permitted for 63 spaces
• 2.6 miles from Walmart supercenter
• Value-add in vacant lots, 1 vacant POH & below market rents
• Not in flood zone
Investment Highlights
• Gravel roads
• Recently purchased (2018) and improved
• 3 of the POH are older than 1990, but in good shape
Known Issues
For More Information: (720) MHP-4YOU (720) 647-4968
P. 33www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $1,540,000
Gross Income $266,522
Lot Rent Income $170,428
Cap rate (lot rent only) 8.22%
Gross Cap Rate 9.44%
Cash on Cash - Levered 12.2%
Total Return - Levered 18.8%
Price Per Lot $14,784
Price Per Occupied Lot
Utility Income $2,956
Lot Rent Expense 39.6%
Gross POH Income $96,546
POH Expense Ratio 55.8%
Park information
Property Address 1200 E Country Club Rd
Occupancy Rate 66.2%
Total Rentable Units 74
MHP Lots 60
Vacant Lots 11
Total POH 40
Vacant POH 7
RV Lots 14
Vacant RV Lots 7
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres
Road Type Paved
Executive Summary
Total Tenants 49
Lot Renters 15
POH renters 27
RV Renters 7
Other Renters 0
Current Lot Rent $289
Current POH Rent $264
Market Lot Rent $300
Market POH Rent $275
RV Lot Rent $312
Other Rent 0.00
Utility Infrastructure
Water Public - Included in rent
Sewer Public - Included in rent
Garbage Public - Included in rent
Gas Direct Bill
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes N/A
Double-Wide Homes N/A
Country Club Manor | Roswell, NM
$1,540,000 UNDER CONTRACTAdditional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video
Letter of Intent CLICK HERE
• Upgraded homes to 100 amp services
• Strong upside through POH conversion and improved
operations
• MHP friendly municipality
• Direct bill on Gas & Electric
• RV Storage on vacant land
• Price Per Lot $14,784, Price Per POH $8,000
• Priced to Sell
Investment Highlights
• Park could use some landscaping improvements
• Homes may need some renovations
• Vacant Land – needs to be developed for infill
Known Issues
UNDER CONTRACT
P. 35www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $1,500,000
Gross Income $330,169
Lot Rent Income $173,820
Cap rate (lot rent only) 7.84%
Gross Cap Rate 10.42%
Cash on Cash - Levered 12.53%
Total Return - Levered 27.74%
Price Per Lot $22,059
Price Per Occupied Lot $30,000
Utility Income $15,002
Lot Rent Expense 54.80%
Gross POH & RTO Income $145,124
POH Expense Ratio 50.00%
Park information
Property Address US Highway 72 WAthens AL 35611
Occupancy Rate 73.53%
Total Rentable Units 68
MHP Lots 68
Vacant Lots 18
Total POH 6
Vacant POH 0
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 29.47
Road Type Gravel
Executive Summary
Total Tenants 50
Lot Renters 17
POH renters 6
RTO Tenants 27
Other Renters 0
Current Lot Rent $290
Current POH Rent $238
Market Lot Rent $301
Market POH Rent $245
RV Lot Rent $0
Other Rent 0.00
Utility Infrastructure
Water Public -Bill Back
Sewer Private - Included in rent
Garbage Included in rent
Gas Direct Bill
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? Yes
Opportunity Zone No
Flood Zone No
Single-Wide Homes N/A
Double-Wide Homes N/A
Blackburn MHC | Athens, AL$1,500,000 Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
• Many brand new homes
• Strong upside through POH conversion
• MHP friendly municipality
Investment Highlights
• Park could use some landscaping improvements
• Gravel roads
• Septic uses a mound system & multiple pumps
Known Issues
P. 37www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $1,350,000
Gross Income $138,360
Lot Rent Income $100,560
Cap rate (lot rent only) 4.39%
Gross Cap Rate 4.39%
Cash on Cash - Levered 2.38%
Total Return - Levered 5.02%
Price Per Lot $28,723
Price Per Occupied Lot $38,571
Utility Income $0
Lot Rent Expense 57.17%
Gross POH Income $0
POH Expense Ratio 50.00%
Park information
Property Address1235 Remount Rd North Charleston SC 29406
Occupancy Rate 74.47%
Total Rentable Units 47
MHP Lots 35
Vacant Lots 5
Total POH 0
Vacant POH 0
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 12
Vacant SFH 6
Other Units 0
Vacant Other Units 0
Total Acres 4.64
Executive Summary
Total Tenants 35
Lot Renters 29
POH renters 0
RV Renters 0
Apt. Renters 12
Current Lot Rent $289
Current POH Rent $0
Market Lot Rent $300
Market POH Rent $0
RV Lot Rent $0
Other Rent 0.00
Utility Infrastructure
Water Public-Park Pays
Sewer Public-Park Pays
Garbage Landlord
Gas N/A
Cable Public - Direct Billed
Electric Public - Direct Billed
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes 100%
Double-Wide Homes 0
Off-Market MHC | Charleston, SC MSA$1,350,000 Additional Documents
Offering Memorandum
Brokers Excel Sheet
Brokers Summary Video
Letter of Intent CLICK HERE
• +14.5% Population growth since 2010
• Median Home Price $169,800
• Public water and sewer
• No POH’s
• Below Market Rents
Investment Highlights
• Park needs landscaping improvements
• Water leaks
• Limited books and records
• Roads need work
Known Issues
UNDER CONTRACT
P. 39www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
• Redevelopment Opportunity
• Opportunity Zone
• 39 Lots, Expandable to 45 Lots
• Apprived Site & landscaping Plan
• Can also buld 49 low income apartment units
• Public water & sewer
• Current Tenant base is all lot renters
Investment Highlights
• Park must be redeveloped in order stay open
• TOH are aged and many are pre-HUD
• Can’t re-rent any upcoming vacancies
Known Issues
Investment Information
List Price $1,200,000
Gross Income $121,845
Lot Rent Income $95,040
Cap rate (lot rent only) 4.8% | 16.74% PF
Gross Cap Rate 4.8% | 16.74% PF
Price Per Lot $22,614
Price Per Occupied Lot $41,458
Utility Income $16,394
Lot Rent Expense 59.38%
Gross POH Income $2,040
POH Expense Ratio 100.00%
Park information
Property Address108 Fairgrouns Rd Moncks Corner SC 29461
Occupancy Rate 67.57%
Total Rentable Units 37
MHP Lots 35
Vacant Lots 10
Total POH 2
Vacant POH 1
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 2
Vacant SFH 1
Other Units 0
Vacant Other Units 0
Total Acres 3.61
Executive Summary
Total Tenants 25
Lot Renters 23
POH renters 1
RV Renters 0
Other Renters 1 - Apartment Tenant
Current Lot Rent $330
Current POH Rent $170
Market Lot Rent $500
Other Rent $600
Utility Infrastructure
Water Public-Tenants Pay (Submeters)
Sewer Public-Tenants Pay (Submeters)
Garbage Landlord
Gas Public - Direct Billed
Cable Public - Direct Billed
Electric Public - Direct Billed
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? Yes
Opportunity Zone Yes
Flood Zone No
Single-Wide Homes 23
Double-Wide Homes 0
Fairground MHC | Monks Corner -Charleston, SC MSA
$995,000 - Reduced 20%!
Redevelopment OpportunityAdditional Documents CLICK HERE
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Video (based on $1.2M) CLICK HERE
Letter of Intent CLICK HERE
P. 41www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $950,000
Gross Income $185,106
Lot Rent Income $72,000
Cap rate (lot rent only) 7.53%
Gross Cap Rate 10.99%
Cash on Cash - Levered 22.92%
Total Return - Levered 29.10%
Price Per Lot $43,182
Price Per Occupied Lot $45,238
Utility Income $10,859
Lot Rent Expense 37.20%
Gross POH Income $92,484
POH Expense Ratio 50.00%
Park information
Property Address 50 3 Oaks Path Dallas GA 30157
Occupancy Rate 95.45%
Total Rentable Units 22
MHP Lots 21
Vacant Lots 1
Total POH 19
Vacant POH 0
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 1
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 5.74
Road Type Paved
Executive Summary
Total Tenants 21
Lot Renters 0
POH renters 19
RV Renters 0
Other Renters 1
Current Lot Rent $300
Current POH Rent $390
Market Lot Rent $315
Market POH Rent $402
RV Lot Rent $0
Other Rent $740
Utility Infrastructure
Water Public - Direct Billed
Sewer Public-Tenants Pay (Subme-
Garbage Septic
Gas Landlord
Cable Public - Direct Billed
Snow Removal Direct Bill
Mowing Responsibilities N/A
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes 21
Double-Wide Homes 0
Town & Country MHC | Dallas, GA
$950,000 Additional Documents CLICK HERE
Offering Memorandum
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
• Stabilized park with under market rents
• Just 30 miles from downtown Atlanta
• Public water – Billed back
• Paved roads in good condition
• 23% cash on cash return on day one
Investment Highlights
• Majority POH community
• Park is on septic
• Park could use landscaping improvements
Known Issues
P. 43www.estersonmhcteam.com Esterson MHC Team | Deal Book
Investment Information
List Price $740,000
Gross Income $156,852
Lot Rent Income $58,500
Cap rate (lot rent only) 8.51%
Gross Cap Rate 9.28%
Cash on Cash - Levered 12.84%
Total Return - Levered 16.40%
Price Per Lot $18,500
Price Per Occupied Lot $29,600
Utility Income $2,529
Lot Rent Expense 43.25%
Gross POH Income $93,360
POH Expense Ratio 65.00%
Park information
Property Address 31 Cimarron Dr Spring Lake NC
Occupancy Rate 62.50%
Total Rentable Units 40
MHP Lots 40
Vacant Lots 9
Total POH 19
Vacant POH 6
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 7.63
Road Type Private – Paved
Executive Summary
Total Tenants 25
Lot Renters 3
POH renters 13
RV Renters 0
Other Renters 0
Current Lot Rent $195
Current POH Rent $386
Market Lot Rent $205
Market POH Rent $386
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water Public - Direct Billed
Sewer Public-Direct to Provider
Garbage Public-Direct to Provider
Gas Tenant
Cable Tenant
Snow Removal Tenant
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone Yes
Single-Wide Homes 27
Double-Wide Homes 0
Cimarron MHC | Spring Lake, NC$740,000 Additional Documents CLICK HERE
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
• Public utilities- direct billed
• Below market lot rents
• Good books & records
• Park shows well
• 3 brand new 2019 homes
• Strong April 2020 rent collections
• Population growth of 18% in Harnett County
Investment Highlights
• Flood zone (low risk zone, only affects small portion of park)
• Heavy POH (3 Brand New units)
Known Issues
P. 45www.estersonmhcteam.com Esterson MHC Team | Deal Book
Investment Information
List Price $720,000
Gross Income $131,396
Lot Rent Income $66,000
Cap rate (lot rent only) 8.05%
Gross Cap Rate 10.20%
Cash on Cash - Levered 19.77%
Total Return - Levered 25.95%
Price Per Lot $24,828
Price Per Occupied Lot $32,727
Utility Income $13,309
Lot Rent Expense 40.92%
Gross POH Income $45,905
POH Expense Ratio 50.00%
Park information
Property Address 6 W Bayou Ave Satsuma AL 36572
Occupancy Rate 75.86%
Total Rentable Units 29
MHP Lots 28
Vacant Lots 6
Total POH 10
Vacant POH 1
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 1
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 3.41
Road Type Paved
Executive Summary
Total Tenants 22
Lot Renters 11
POH renters 9
RV Renters 0
Other Renters 1
Current Lot Rent $262
Current POH Rent $356
Market Lot Rent $272
Market POH Rent $367
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water Public - Direct Billed
Sewer Public-Tenants Pay (Submeters)
Garbage Public-Tenants Pay (Submeters)
Gas Landlord
Cable Public - Direct Billed
Snow Removal Direct Bill
Mowing Responsibilities N/A
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes N/A
Double-Wide Homes N/A
Steel Creek MHC | Satsuma AL | Mobile AL MSA$720,000
Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
• Stabilized park in a good MSA
• Very desirable school district
• Value add through infill of 6 lots
• Paved roads in good condition
Investment Highlights
• New buyer will need to find a manager
• Park could use some landscaping improvements
Known Issues
For More Information: (720) MHP-4YOU (720) 647-4968
P. 47www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $700,000
Gross Income $151,850
Lot Rent Income $84,480
Cap rate (lot rent only) 8.52%
Gross Cap Rate 10.43%
Cash on Cash - Levered 23.77%
Total Return - Levered 30.37%
Price Per Lot $19,444
Price Per Occupied Lot $21,875
Utility Income $0
Lot Rent Expense 45.06%
Gross POH Income $69,060
POH Expense Ratio 35.00%
Park information
Property Address NDA
Occupancy Rate 88.89%
Total Rentable Units 36
MHP Lots 36
Vacant Lots 1
Total POH 35
Vacant POH 3
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 4.77
Road Type Paved
Executive Summary
Total Tenants 32
Lot Renters 0
POH renters 32
RV Renters 0
Other Renters 0
Current Lot Rent $220
Current POH Rent $180
Market Lot Rent $228
Market POH Rent $186
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water Public - Included in rent
Sewer Public - Included in rent
Garbage Public - Direct Bill
Gas N/A
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone Yes
Flood Zone No
Single-Wide Homes 34
Double-Wide Homes 1
#37 Off-Market MHC | Orangeburg, SC
$700,000Additional Documents CLICK FOR NDA
Offering Memorandum
Brokers Excel Sheet
Brokers Summary Video
Letter of Intent CLICK HERE
• 21.8% Cash on Cash Return
• Public Utilities (Sewer and trash direct billed)
• Roads in Good condition
• Located in an opportunity zone
Investment Highlights
• All POH (units in good condition)
• Mom & Pops Books and Records - extremely limited
Known Issues
P. 49www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $660,000
Gross Income $192,015
Lot Rent Income $58,500
Cap rate (lot rent only) 8.60%
Gross Cap Rate 8.89%
Cash on Cash - Levered 21.93%
Total Return - Levered 28.52%
Price Per Lot $15,000
Price Per Occupied Lot $16,923
Utility Income $0
Lot Rent Expense $23,299
Gross POH Income 40.23%
POH Expense Ratio $134,100
65.00%
Park information
Property Address NDA
Occupancy Rate 88.64%
Total Rentable Units 44
MHP Lots 44
Vacant Lots 1
Total POH 33
Vacant POH 3
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 7
Road Type Paved
Executive Summary
Total Tenants 39
Lot Renters 8
POH renters 30
RV Renters 0
Other Renters 0
Current Lot Rent $125
Current POH Rent $371
Market Lot Rent $150
Market POH Rent $383
RV Lot Rent $0
Other Rent 0.00
Utility Infrastructure
Water Public - Direct Bill
Sewer Public - Direct Bill
Garbage Public - Direct Bill
Gas Public - Direct Bill
Cable Public - Direct Bill
Snow Removal N/A
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes 42
Double-Wide Homes 0
#83 Off-Market MHC | Florence, SC MSA$660,000 Additional Documents CLICK FOR NDA
Offering Memorandum
Brokers Excel Sheet
Brokers Summary Video
Letter of Intent CLICK HERE
• Direct Billed Water & Sewer & Trash
• Severely Below Market Rents (Market $190-$250)
Investment Highlights
• Limited Books & Records
• Mom & Pop Operation
Known Issues
P. 51www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $550,000
Gross Income $119,020
Lot Rent Income $60,000
Cap rate (lot rent only) 8.72%
Gross Cap Rate 9.77%
Cash on Cash - Levered 16.97%
Total Return - Levered 22.72%
Price Per Lot $17,742
Price Per Occupied Lot $22,000
Utility Income $0
Lot Rent Expense 49.91%
Gross POH Income $58,380
POH Expense Ratio 60.00%
Park information
Property Address 3509 Arnall Drive
Occupancy Rate 80.65%
Total Rentable Units 31
MHP Lots 31
Vacant Lots 0
Total POH 31
Vacant POH 6
RV Lots 0
Vacant RV Lots 0.00%
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 5.32
Road Type 0
Executive Summary
Total Tenants 25
Lot Renters 0
POH renters 25
RV Renters 0
Other Renters 0
Current Lot Rent $200
Current POH Rent $195
Market Lot Rent $200
Market POH Rent $200
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water Well
Sewer Septic
Garbage Landlord
Gas N/A
Cable Tenant
Snow Removal $0
Mowing Responsibilities Landlord
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes 31
Double-Wide Homes 0
Oak Meadows MHC | Allenhurst, GA MSA
$550,000 - UNDER CONTRACT Additional Documents CLICK HERE
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
• Immediate upside : Below market rents
• Mostly long-term tenants
• Future upside: POH conversion, Infill & Bill-backs
• Fill 4 vacant units = 29.7% cash on cash return
• Good Location to Hinesville
• 40 Minutes to Savannah GA
Investment Highlights
• 6 vacant homes to renovate
• Private utilities
• All POH community
• 1986 vintage homes
Known Issues
UNDER CONTRACT
P. 53www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $550,000
Gross Income $112,327
Lot Rent Income $47,340
Cap rate (lot rent only) 8.36%
Gross Cap Rate 9.09%
Cash on Cash - Levered 22.44%
Total Return - Levered 28.19%
Price Per Lot $22,917
Price Per Occupied Lot $28,947
Utility Income $10,200
Lot Rent Expense 41.67%
Gross POH Income $51,180
POH Expense Ratio 50.00%
Park information
Property Address 1 benton bay
Occupancy Rate 79.17%
Total Rentable Units 24
MHP Lots 24
Vacant Lots 4
Total POH 19
Vacant POH 1
RV Lots 0
Vacant RV Lots 0
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 4.47
Road Type Gravel
Executive Summary
Total Tenants 19
Lot Renters 1
POH renters 18
RV Renters 0
Other Renters 0
Current Lot Rent $208
Current POH Rent $237
Market Lot Rent $215
Market POH Rent $245
RV Lot Rent $0
Other Rent $0
Utility Infrastructure
Water Well ($25 Charge)
Sewer Septic
Garbage Public - Bill Back
Gas Direct Bill
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone Low Risk FZ
Single-Wide Homes 18
Double-Wide Homes 1
Benton Bay MHP | Ludowici, GA
$550,000 Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
• All-Age Family, Value-Add Park
• 19 POH
• Nearly 30% total return
Investment Highlights
• Mom & Pop Operator
• Limited Books & Records
• Well & Septic
Known Issues
P. 55www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $545,000
Gross Income DEVELOPMENT
Lot Rent Income
Cap rate (lot rent only)
Gross Cap Rate
Cash on Cash - Levered DEVELOPMENT
Total Return - Levered
Price Per Lot $11,122
Price Per Occupied Lot
Utility Income
Lot Rent Expense
Gross POH Income
POH Expense Ratio
Park information
Property Address 33 Trinity Way
Occupancy Rate DEVELOPMENT
Total Rentable Units 49
MHP Lots 0
Vacant Lots 0
Total POH 0
Vacant POH 0
RV Lots 49
Vacant RV Lots 49
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 23.19
Road Type Paved
Executive Summary
Total Tenants 49
Lot Renters
POH renters
RV Renters 49
Other Renters
Current Lot Rent
Current POH Rent
Market Lot Rent Lots For Sale Only
Market POH Rent
RV Lot Rent
Other Rent
Utility Infrastructure
Water Public - Included in rent
Sewer Public - Included in rent
Garbage Public - Included in rent
Gas Direct Bill
Cable Direct Bill
Electric Direct Bill
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone Yes
Single-Wide Homes N/A
Double-Wide Homes N/A
Agape RV Development | Fancy Gap, VA
$545,000 Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet
Brokers Summary Video
Letter of Intent CLICK HERE
• Approximately 22+/- acre site with forty nine (49) Platted &
Deeded Lots –
• Recreational Subdivision, Recreational Vehicle Motor-Coach
Retreat
• Larger Lots for Modern RVs – Accommodates largest
allowable RVs on the road with easy hook up on all 49 lots.
• Large 7,600 Square foot pull through RV lots
• Less than a mile to the Fancy Gap entrance to the Blue
Ridge Parkway
• Easy access to from Exit 8 at I-77 Fancy Gap, Virginia.
• Sale Comps: 2017 Average Sale Price Per Individual Lot (6
transactions): $140,817
Investment Highlights
• Development Project
Known Issues
P. 57www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information Pro-Forma
List Price $399,000
Gross Income $50,619
Lot Rent Income $37,080
Cap rate (lot rent only) 21.92%
Gross Cap Rate N/A
Cash on Cash - Levered N/A
Total Return - Levered N/A
Price Per Lot $4,123
Price Per Occupied Lot $22,222
Utility Income 0.00
Lot Rent Expense 55.6%
Gross POH Income 0.00
POH Expense Ratio 0.00
Park information Current
Property Address 1028 Roberts Lane
Occupancy Rate 18.55%
Total Rentable Units 97
MHP Lots 97
Vacant Lots 79
Total POH 0
Vacant POH 0
RV Lots 0
Vacant RV Lots 0
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 37
Road Type Gravel
Executive Summary
Total Tenants 18
Lot Renters 18
POH renters 0
RV Renters 0
Other Renters 0
Current Lot Rent $170
Current POH Rent 0.00
Market Lot Rent $210-$225
Market POH Rent 0.00
RV Lot Rent 0.00
Other Rent 0.00
Utility Infrastructure
Water Public - Bill Back
Sewer Septic
Garbage Public - Included in rent
Gas N/A
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes 17
Double-Wide Homes 1
Treeside MHP | Williamston, NC
$399,000 UNDER CONTRACT Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video CLICK HERE
Letter of Intent CLICK HERE
• Rent comps support $225 plus water and 65% occupancy.
• 40% Expense ratio
• Pro-Forma Cap Rate = 21.9%
• Exit Value: $1,260,000
• Well Maintained Value-Add Park
• Major Infill OpportunityMarket
• Lot Rent: $225-$250
• Public Water on bill back
• Plug & play lots (minimal improvement needed to bring online)
Investment Highlights
• Mom & Pop Operator
• Limited Books & Records
• Mostly Vacant (but well maintained) MHP
• 1/1 Septic (no known issues)
Known Issues
UNDER CONTRACT
P. 59www.estersonmhcteam.com Esterson MHC Team | Deal BookFor More Information: (720) MHP-4YOU (720) 647-4968
Investment Information
List Price $350,000
Gross Income $42,336
Lot Rent Income $42,336
Cap rate (lot rent only) 7.10%
Gross Cap Rate 7.10%
Cash on Cash - Levered 7.3%
Total Return - Levered 11.1%
Price Per Lot $29,167
Price Per Occupied Lot $29,167
Utility Income 0.00
Lot Rent Expense 42.5%
Gross POH Income 0.00
POH Expense Ratio 0.00
Park information
Property Address 411 Kimball St
Occupancy Rate 100%
Total Rentable Units 12
MHP Lots 12
Vacant Lots 0
Total POH 0
Vacant POH 0
RV Lots 0
Annual RV Occupancy 0
Single Family Home(s) 0
Vacant SFH 0
Other Units 0
Vacant Other Units 0
Total Acres 1.48
Road Type Paved
Executive Summary
Total Tenants 12
Lot Renters 12
POH renters 0
RV Renters 0
Other Renters 0
Current Lot Rent $300
Current POH Rent 0.00
Market Lot Rent $350-$375
Market POH Rent 0.00
RV Lot Rent 0.00
Other Rent (SFH, Apt, Etc) 0.00
Utility Infrastructure
Water Public - Included in rent
Sewer Public - Included in rent
Garbage Public - Included in rent
Gas N/A
Cable Direct Bill
Snow Removal N/A
Mowing Responsibilities Tenant
Additional Info
Can this park be expanded? No
Opportunity Zone No
Flood Zone No
Single-Wide Homes 12
Double-Wide Homes 0
Kimball St MHC | Kannapolis, NC
$350,000 - UNDER CONTRACT Additional Documents
Offering Memorandum CLICK HERE
Brokers Excel Sheet CLICK HERE
Brokers Summary Video
Letter of Intent CLICK HERE
• Stabalized park with long term tenants
• Charlotte, NC MSA
• Turn-Key investment with new roads
• Municipal city water and sewer
• No deferred maintenance
• 0 POH - Lot rent community
• Price Per Lot = $29,167
Investment Highlights
• Park could use some landscaping improvements
• Homes are older Models, but all tenant owned
• Recently Purchased, Limited Books & Records
Known Issues
UNDER CONTRACT
P. 61www.estersonmhcteam.com Esterson MHC Team | Deal Book
SPECIAL COVID-19 NOTICE
Marcus & Millichap, Denver CO
Phone: (720) 419-4319
Marcus & Millichap, Charlotte NC
Phone: (423) 483-0492
TEAM AGENT SENIOR BROKER
Brandon Pearson Glenn D. Esterson
Marcus & Millichap, Atlanta GA
Phone: (678) 677-9515
Marcus & Millichap, Seattle WA
Phone: (206) 963-6076
TEAM AGENT
TEAM AGENT
Parker Kelly
Vasili Arvanitidis
Marcus & Millichap, Charleston SC
Phone: (843) 469-0347
TEAM AGENT
Dylan Hellberg
Marcus & Millichap, Tampa FL
Phone: (276) 237-4311
OPERATIONS MANAGER
Charles Dehart
Marcus & Millichap, Atlanta GA
Phone: (770) 262-6707
LICENSED ASSISTANT
Sallie Whitehurst
Click on agents profile for more information
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions
as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not
been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing
investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not
act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax,
regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma
financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely
on their own projections, analyses, and decision-making.)
Brokerage Team
In the 19 years Glenn has been in commercial real estate he has
brokered hundreds of millions of dollars worth of affordable housing
apartments, manufactured housing and RV communities throughout
the United States. He has successfully transacted more than 275
times for his clients. In addition to his work as a broker, Glenn has
owned and operated mobile home communities, run a number of
small businesses, and owned other commercial real estate assets.
Most recently Glenn has authored and published the industry’s newest
book called “The Mobile Home Park Manifesto”.
Glenn was recruited by Marcus & Millichap in 2019 to build a national
team focused on manufactured housing and RV communities. The
Esterson MHC Team is quickly gaining a reputation as one of the top
brokerage teams in the industry.
Glenn is married to his lovely wife, Cassidy, and has three children.
Glenn resides in Wilmington, NC.
TEAM LEAD
Glenn D. Esterson
(720) MHP-4YOU
ESTERSON MANUFACTURED HOUSING COMMUNITY TEAM
www.estersonmhcteam.com
www.themhpexpert.com
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