GREEN ACRES RV PARK 234 Tamanda Lane Oyster Creek, Brazoria County, TX 77541 Asking Price $2,700,000 Terms All-Cash Cap Rate 8.8% Total Sites 52 Year Built 2014 Property Type RV Resident Profile All-Ages Roads/Pads Gravel/Limestone Rent (In-Place/Market) $500/$525 Average Occupancy 95% Parcel Size 6.1 Acres Amenities Laundry Facility Utilities Water City of Oyster Creek Sewer City of Oyster Creek Trash Waste Management Electricity Various Green Acres RV Park is a 52-site community located approximately 50 miles south of Houston in Oyster Creek, Texas. The investment is located within the Brazosport region, an area that is impacted by significant growth related to the petrochemical industry. Major area employers in the region include Dow Chemical, Fluor Corporation, Zachry Industrial, Freeport LNG, Phillips 66, MEGlobal, Olin Corporation, Jacobs Engineering and BASF. The park’s occupancy averages 95% (in-place is 98%) due to the influx of population growth and employment in the area. Demand has been significant as a result of housing shortages and ongoing development throughout the region. The in-place rent average of $500/month is approximately 5% below market, posing for upside to the investor. Rents are net of electricity; all sites have 30- and 50-amp full hook-ups and are individually sub metered with public utilities. All sites accommodate back-in units. Property Investment Summary The Offering
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GREEN ACRES RV PARK - LoopNet › d2 › NWD0pOFl5Qf0o9w2...Gas: Pro Forma based on historical average Repairs & Maintenance: R&M are primarily attributed to the park's roads; 2017
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Water City of Oyster CreekSewer City of Oyster CreekTrash Waste ManagementElectricity Various
Green Acres RV Park is a 52-site community locatedapproximately 50 miles south of Houston in Oyster Creek,Texas. The investment is located within the Brazosportregion, an area that is impacted by significant growthrelated to the petrochemical industry. Major areaemployers in the region include Dow Chemical, FluorCorporation, Zachry Industrial, Freeport LNG, Phillips 66,MEGlobal, Olin Corporation, Jacobs Engineering and BASF.
The park’s occupancy averages 95% (in-place is 98%) dueto the influx of population growth and employment in thearea. Demand has been significant as a result of housingshortages and ongoing development throughout theregion. The in-place rent average of $500/month isapproximately 5% below market, posing for upside to theinvestor.
Rents are net of electricity; all sites have 30- and 50-amp fullhook-ups and are individually sub metered with publicutilities. All sites accommodate back-in units.
Property
Investment Summary
The Offering
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Property
Community Property Address City, State Type Occupancy Sites Monthly Weekly Daily
Property Green Acres RV Park 234 Tamanda Lane Freeport RV 98% 52 $500 $175 $35
1 Gulf Coast 5‐Star RV Park 2501 FM 523 Oyster Creek RV 100% 130 $580 $330 $75
2 Windswept RV Park 105 Burch Circle Oyster Creek RV 96% 48 $475 $200 $45
6 Freeport RV Park 2002 Jones Rd. Freeport RV 99% 75 $450 Not Offered Not Offered
7 Oyster Creek RV Ranch 2815 FM 523 Freeport RV 100% 65 $450‐$500 $225 $40
RENT COMPARABLES
RVs
Rent Comparables Map
• In-place rents are approximately 5% belowmarket
• No rent increases in the past 2 years• Stabilized Occupancy ranges from 90% to
100%, averaging 95%• In-place rent of $500 is net of electricity;
$200 deposit required for monthly residents• Rent includes water, sewer, trash and wi-fi• Sites are individually sub metered for
electricity• Limited Weekly or Daily stays; both rates
include all utilities• Four coin-operated washer and dryer units
are owned and operated by the park
Survey Income and OccupancyHighlights
The information contained in this document has been obtained from sources believed reliable. Broker and Broker’s Agent(s), have not verified the information andmakes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions,assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to youdepends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independentinvestigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners anduse of these images without the express written consent of the owner is prohibited. Broker of record: REB365, 14900 Avery Ranch Blvd., Ste C200-68, Austin, TX 78717, Allrights reserved.
INCOME:GPR: GPR: 2017 total decreased due do temporary slowdown; Pro Forma based on 50 sites @ $550 * 12 mos.Vacancy: Pro Forma based on 3.0% per marketLaundry Income: Pro Forma based on 4 sets of laundry machines; pro forma based on 2018 totalElectricity Reimbursement: 2016 & 2017 were included in GPR; Pro Forma based on 2018 total
EXPENSES:Real Estate Taxes: Based on 2018 actual per county taxesProperty Insurance: 2016 Insurance of $5,123 is high by $2K; Pro Forma based on new liability policyTrash: Pro Forma based on 2018 totalElectricity: Electricity expense covers CAM only; Historical totals were higher due to lower contracted rates; Pro Forma Based on 2018 totalWater: Pro Forma based on 2017 & 2018 totals; water is included in rentGas: Pro Forma based on historical averageRepairs & Maintenance: R&M are primarily attributed to the park's roads; 2017 spike is an outlier and includes CAPEX; Pro Forma based on 2018 totalLandscaping: Pro Forma based on 2016 & 2017 averagePayroll & Benefits: No payroll expenses in 2016 or 2017 as the owner was self-managing; Pro Forma based on in-place payroll expenses for one FT onsite mgr.Management Fees: Pro Forma based on market averageGeneral & Administrative: Includes permits, licenses, bank fees and ancillary administrative items; Pro Forma based on 2018 totalAdvertising & Marketing: Pro Forma based on historical averageProfessional Fees: Pro Forma based on 2017 & 2018 totals
Financial Summary
Total Per Site Total Per Site Total Per Site Total Per Site
Adjusted NOI $226,086 $4,348 $136,668 $2,628 $221,419 $4,258 $237,447 $4,566
2016 2017 2018 Pro Forma
Upcoming Projects in Brazoria County
1: DOW CHEMICAL / MEGLOBAL - OYSTER CREEKIrving, Texas-based Fluor Corp. has been awarded a $1Billion contract for mechanical construction of a facility inFreeport. MEGlobal is building the monoethylene glycolmanufacturing facility at Dow’s Oyster Creek site. Thenew MEGlobal plant will create 1,400 construction jobs atthe project’s peak, and the Company will employapproximately 50 new workers when it goes on stream inmid-2019.
2: INEOS CHOCOLATE BAYOU - ALVININEOS Oligomer’s new Linear Alpha Olefin plant willprovide raw materials to the area’s petroleum andchemical industry. The more than $550 million facility willuse ethylene to produce linear alpha olefins — alsocalled LAOs, for use in plastics. Construction is set tobegin in January and will be complete by the end of2018. This project will add 70 full-time positions and10 in-house contractors to the 500 people alreadyworking at the Chocolate Bayou site.
3: FREEMONT LNG EXPORT FACILITY - QUINTANA/OYSTER CREEKHouston-based Freeport LNG Expansion LP plans tospend about $14 billion to construct a liquefied naturalgas export facility in Freeport that would employ 3,800construction workers and create 163 permanent jobs.The company expects to start construction of Train 4 bythe end of 2018, with operations commencing in 2022.The initial three liquefaction trains of the Freeportliquefaction project are currently under construction, andare scheduled to commence operations sequentiallybetween fourth quarter in 2018 and third quarter in 2019.
4: PRAXAIR - FREEPORTPraxair’s new world-scale air separation unit (ASU),expected to start up in 2019, will provide oxygen toMEGlobal’s plant for use in its EG manufacturing processand into Praxair’s extensive industrial gas pipelinesystem.This $104 million investment is expected to provide15 permanent jobs as well as create 70 construction jobs.
5: PHILLIPS 66 - OLD OCEANPhillips 66 plans to invest $1.2 billion, including $1.0 billionof growth capital, in its Natural Gas Liquids (NGL) andTransportation businesses. The company is developinggrowth projects integrated with its existing assets andinfrastructure, such as ongoing expansion of theBeaumont Terminal, additional Gulf Coast fractionationcapacity, and investment in pipelines and otherterminals. This investment will create 1,300 constructionjobs and 12 permanent jobs.
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Regional Overview
Freeport LNG/Quintana, Oyster Creek 2017‐2021 $3 Billion 1,000 60 282