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Offering Memorandum - LoopNet · 2019. 4. 22. · Utilities - Electric $958 $958 Trash Removal (T12) $5,944 $5,944 Repairs & Maintenance $600 $600 Landscaping $3,000 $3,000 General

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Page 1: Offering Memorandum - LoopNet · 2019. 4. 22. · Utilities - Electric $958 $958 Trash Removal (T12) $5,944 $5,944 Repairs & Maintenance $600 $600 Landscaping $3,000 $3,000 General

Offering Memorandum

Page 2: Offering Memorandum - LoopNet · 2019. 4. 22. · Utilities - Electric $958 $958 Trash Removal (T12) $5,944 $5,944 Repairs & Maintenance $600 $600 Landscaping $3,000 $3,000 General

SUNSET OAKS

Plant City, FL

ACT ID ZAA0250077

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Non-EndorsementsMarcus & Millichap Real Estate Investment Services of Florida, Inc. ("Marcus & Millichap") is not affiliated with, sponsored by, or endorsed by any commercial tenant or

lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or

endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is

solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. 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. © 2018 Marcus & Millichap. All rights reserved.

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02

Rent Roll Summary

Rent Roll Detail

Operating Statement

Notes

Pricing Detail

Growth Rate Projections

Cash Flow

Proposal Price

MARKET OVERVIEW 03

Market Analysis

Demographic Analysis

SUNSET OAKS

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SUNSET OAKS

INVESTMENT

OVERVIEW

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PROPERTY SUMMARY

PROPERTY SUMMARY

Property Sunset Oaks MHP

Property Address3201 Turkey Creek Road,

Plant City, FL 33566

Zoning PD

SITE DESCRIPTION

Number of Spaces 9 Spaces

Year Built/Rehabbed 1978/2018

Rental Type Lot Rent Only

Lot Size (Acres) 1.2 Acre(s)

Density 7.5

Landscaping Mature

Topography Relatively Flat

UTILITIES

Potable Water Well

Sewer Septic

OVERVIEW

Sunset Oaks MHP is a 9-space, lot rent only park with paved roads,

well/septic utility systems and new signage, fencing, landscaping and

outdoor amenity area.. Residents own their homes so there is very little

maintenance outside of servicing the well/septic systems and taking

care of the landscaping. Lot rents are currently at $340/mo for the

single-wide spaces and $395/mo for the double-wide space and will be

increasing by $20/mo in September/October. Because the park has

less than 10 spaces it is not governed by Chapter 723 and rents can be

raised with 30 days notice.

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PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS

▪ Fully-stabilized, Lot Rent Only Park

▪ Newly Paved Roads

▪ Below Market Rents of $340/mo

▪ Opportunity to quickly raise rents and improve cash-flow

▪ Quiet, clean park in a growing Plant City location near

schools, major roads and service retail

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PROPERTY PHOTOS

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PROPERTY PHOTOS

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PROPERTY PHOTOS

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PROPERTY PHOTOS

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REGIONAL MAP

SUNSET OAKS

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LOCAL MAP

SUNSET OAKS

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AERIAL PHOTO

SUNSET OAKS

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Sunset Oaks MHP is a turn-key,

stabile investment opportunity

with very little management

responsibility.

12

SUNSET OAKS

PROPERTY PHOTO

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SUNSET OAKS

FINANCIAL

ANALYSIS

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FINANCIAL ANALYSIS

SUNSET OAKS

RENT ROLL DETAIL

RENT ROLLAs of March,2019

Current Site Current Home Total Current Scheduled Potential

Rent / Rent / Rent / Rent / Rent /

Space Space Type Month Month Month Month Month

1 Single Wide - SW $340 N/A $340 $340 $360

2 Single Wide - SW $325 N/A $325 $325 $345

3 Single Wide - SW $340 N/A $340 $340 $360

4 Single Wide - SW $340 N/A $340 $340 $360

5 Single Wide - SW $340 N/A $340 $340 $360

6 Single Wide - SW $340 N/A $340 $340 $360

7 Single Wide - SW $340 N/A $340 $340 $360

8 Single Wide - SW $340 N/A $340 $340 $360

9 Double Wide - DW $395 N/A $395 $395 $415

Total $ 3 ,100 $ 0 $ 3 ,100 $ 3 ,100 $ 3 ,28 0

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FINANCIAL ANALYSIS

SUNSET OAKS

OPERATING STATEMENT

Income Takeover Year 1

Gross Scheduled Rent $39,360 $40,541

Less: Vacancy/Deductions (GPR) 5.5% $2,160 2.8% $1,135

Total Effective Rental Income $37,200 $39,406

Other Income $300 $300

Effective Gross Income $37,500 $39,706

Less: Expenses 37.7% $14,120 35.7% $14,179

Net Operating Income $23,380 $25,526

Cash Flow $23,380 $25,526

Debt Service $16,180 $16,180

Net Cash Flow After Debt Service 9.60% $7,200 12.46% $9,347

Principal Reduction $4,474 $4,714

Total Return 15.57% $11,674 18.75% $14,061

Expenses Takeover Year 1

Real Estate Taxes $2,968 $3,027

Insurance $350 $350

Utilities - Electric $958 $958

Trash Removal (T12) $5,944 $5,944

Repairs & Maintenance $600 $600

Landscaping $3,000 $3,000

General & Administrative $300 $300

Management Fee $0 $0

Total Expenses 37.65% $14,120 35.71% $14,179

Expenses/Space $1,569 $1,575

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FINANCIAL ANALYSIS

SUNSET OAKS

PRICING DETAIL

Price $300,000

Down Payment $75,000 25%

Number of Spaces 9

Price Per Space $33,333

Spaces/Acre 8

Lot Size 1.20 Acres

Approx. Year Built 1978/2017

Occupancy 95%

Returns Takeover Year 1

CAP Rate 7.79% 8.51%

GRM 7.62 7.40

Cash-on-Cash 9.60% 12.46%

Debt Coverage Ratio 1.45 1.58

Financing 1st Loan

Loan Amount $225,000

Loan Type New

Interest Rate 5.25%

Amortization 25 Years

Year Due 2029

Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative.

# of Spaces Space Type Current Rents Market Rents

8 $338 $358

1 $395 $415

0 $0 $0

0 $0 $0

IRR Year IRR Unlevered IRR Levered

5 14.75% 32.94%

7 14.18% 29.69%

10 13.45% 26.42%

Summary

Single Wide

Double Wide

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FINANCIAL ANALYSIS

SUNSET OAKS

GROWTH RATE PROJECTIONS

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FINANCIAL ANALYSIS

SUNSET OAKS

CASH FLOW

Income Takeover 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Gross Potential Site Rent 39,360 40,541 42,568 44,271 46,041 47,423 48,845 50,311 51,820 53,375 54,976

Home Rent 0 0 0 0 0 0 0 0 0 0 0

Gross Scheduled Rent 39,360 40,541 42,568 44,271 46,041 47,423 48,845 50,311 51,820 53,375 54,976

Physical Vacancy 0 0 0 0 0 0 0 0 0 0 0

Economic Vacancy

Loss to Lease (2,160) (1,135) 0 0 0 0 0 0 0 0 0

Total Vacancy (2,160) (1,135) 0 0 0 0 0 0 0 0 0

Effective Rental Income 37,200 39,406 42,568 44,271 46,041 47,423 48,845 50,311 51,820 53,375 54,976

Other Income

All Other Income 300 300 306 312 318 325 331 338 345 351 359

Total Other Income 300 300 306 312 318 325 331 338 345 351 359

Effective Gross Income 37,500 39,706 42,874 44,583 46,360 47,747 49,177 50,649 52,165 53,726 55,334

Operating Expenses (9,844) (9,844) (9,942) (10,042) (10,142) (10,244) (10,346) (10,450) (10,554) (10,660) (10,766)

Real Estate Taxes (2,968) (3,027) (3,088) (3,150) (3,213) (3,277) (3,342) (3,409) (3,477) (3,547) (3,618)

Insurance (350) (350) (354) (357) (361) (364) (368) (372) (375) (379) (383)

Utilities (958) (958) (968) (977) (987) (997) (1,007) (1,017) (1,027) (1,037) (1,048)

Management Fee 0 0 0 0 0 0 0 0 0 0 0

Total Expenses (14,120) (14,179) (14,351) (14,526) (14,703) (14,882) (15,063) (15,247) (15,434) (15,623) (15,815)

Operating Reserves 0 0 0 0 0 0 0 0 0 0 0

Net Operating Income 23,380 25,526 28,522 30,057 31,657 32,866 34,113 35,401 36,731 38,103 39,520

0 0 0 0 0 0 0 0 0 0

Purchase Price/Net Residual Value (300,000) 493,995

Cash Flow Before Debt Financing 25,526 28,522 30,057 31,657 32,866 34,113 35,401 36,731 38,103 533,514

Loan Amount 225,000 0 0 0 0 0 0 0 0 0 0

Remaining Balance 0 0 0 0 0 0 0 0 0 (167,725)

Loan Origination Fees (2,250) 0 0 0 0 0 0 0 0 0 0

Prepayment Penalty 0 0 0 0 0 0 0 0 0 0

Closing Costs 0 0 0 0 0 0 0 0 0 (29,640)

Debt Service - Interest (11,706) (11,465) (11,212) (10,945) (10,663) (10,366) (10,054) (9,724) (9,377) (9,011)

Debt Service - Principal (4,474) (4,714) (4,968) (5,235) (5,517) (5,813) (6,126) (6,456) (6,803) (7,169)

Cash Flow After Debt Financing (77,250) 9,347 12,343 13,877 15,477 16,686 17,934 19,221 20,551 21,923 319,970

Debt Coverage Ratio 1.58 1.76 1.86 1.96 2.03 2.11 2.19 2.27 2.35 2.44

IRR-Unleveraged 0.00% 15.26% 14.75% 14.42% 14.18% 14.00% 13.86% 13.45%

Capitalization Rate 8.51% 9.51% 10.02% 10.55% 10.96% 11.37% 11.80% 12.24% 12.70% 13.17%

Expenses

Purchase Price / Net Residual Value

Debt Financing

Investor Return

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SUNSET OAKS

MARKET

OVERVIEW

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MARKET OVERVIEW

TAMPA-ST. PETERSBURGOVERVIEW

Tampa Bay refers both to a larger metropolitan area and to the bay

that extends inland from the Gulf of Mexico. The Tampa-St.

Petersburg metro contains 2.9 million residents and spans four

counties along the west coast of central Florida: Hillsborough, Pasco,

Hernando and Pinellas. Tampa, the county seat of Hillsborough

County, is the most populous city with more than 365,400 people and

is situated northeast of the bay. St. Petersburg follows with nearly

255,000 residents and is located on the peninsula near the mouth of

the bay. Robust job growth is attracting new people to the metro,

many of whom are living in higher-density redevelopment projects

near city cores.

MARKET OVERVIEW

METRO HIGHLIGHTS

FAVORABLE BUSINESS CLIMATE

A low cost of living and economic development

bring a thriving business landscape to the Tampa

Bay-St. Petersburg metro.

PORT ACTIVITY

One of the largest seaports in the Southeast, the

Port of Tampa services passenger cruise ships and

commercial freighters. The Port of St. Petersburg is

also in the metro.

DIVERSE ECONOMY

High-tech industries as well as the tourism, military,

finance and seaborne commerce segments drive

the region’s economy.

SUNSET OAKS

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MARKET OVERVIEW

ECONOMY▪ Local ports contribute to a major presence in the shipping, distribution and logistics

industry. The CSX Intermodal facility in nearby Polk County provides quick access to

markets throughout the nation.

▪ Bioscience and other high-tech industries are expanding. Local Fortune 500 companies

include WellCare Health Plans, Tech Data and Jabil Circuit.

▪ Tourism also plays a significant role in the local economy. Visitors can go to Busch

Gardens, the Dali Museum and the region’s many beaches, among other sites.

SHARE OF 2017 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

BayCare Health Care Systems

Publix Supermarkets, Inc.

HCA West Florida

Walmart

Verizon Communications, Inc.

MacDill Air Force Base

University of South Florida

JPMorgan Chase

Citibank

TECO Energy Inc.* Forecast

MANUFACTURING

5%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

AND UTILITIES

TRADE, TRANSPORTATION

19%

PROFESSIONAL AND

BUSINESS SERVICES

2%INFORMATION

18%

CONSTRUCTION

6%

12% 11% 8%

15%

SUNSET OAKS

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MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ The local population will expand to approximately 3.2 million residents through

2022. During this time the number of households will increase to 1.3 million.

▪ Homeownership of nearly 65 percent is slightly above the national rate of 64

percent; the median home price, at $226,300, is below the national median.

▪ More than 36 percent of residents hold bachelor’s degrees, with 9 percent having

also attained a graduate or professional degree.

The metro boasts a mild climate and a beautiful waterfront that attract many residents and

visitors. It has professional football, hockey and baseball teams. The area has more than

200 golf courses and abundant water-related activities, with Tampa Bay and the Gulf Coast

nearby. There are more than 11,000 acres of parkland and 100 trail acres within a 60-mile

radius. Numerous state parks, historic sites, museums, theaters and retail centers also dot

the landscape. The world-famous Busch Gardens theme park draws visitors. Educational

advancement is available at numerous institutions of higher learning located in the Tampa

Bay area. The University of South Florida, located in Tampa, is the third-largest university in

the state.

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

QUALITY OF LIFE

2017 Population by Age

0-4 YEARS

5%5-19 YEARS

17%20-24 YEARS

6%25-44 YEARS

25%45-64 YEARS

27%65+ YEARS

19%

SUNSET OAKS

42.1

2017MEDIAN AGE:

U.S. Median:

37.8

$48,700

2017 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$56,300

3M

2017POPULATION:

Growth2017-2022*:

6.4%

1.2M

2017HOUSEHOLDS:

7.7%

Growth2016-2022*:

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MANUFACTURED HOUSING NATIONAL REPORT

SUNSET OAKS

Vacancy Continues to Tighten, Pushing Rent Gains;

Investors’ Appetite For Communities Remains Robust

Need for affordable housing and an aging population generate strong demand in

manufactured home communities. Vacancy in all regions remains at a 10-year low, with the

West maintaining the tightest rate at 5.1 percent. Within the regions, however, the rate varies

widely by metro. In cities where housing prices are beyond the means of many potential

homeowners, such as Long Island or Seattle, vacancy has stayed persistently beneath 3

percent. A number of communities in Sunbelt metros including Tampa and Fort Worth have

posted large drops in vacancy over the past four quarters due to steady employment gains,

which are drawing workers as well as retirees to warmer climates. Age-restricted parks

nationwide should benefit from a growing senior population over the next few decades.

Meanwhile, vacancy remains in double digits, especially in many Midwest cities with slower

household formation and more affordable home prices.

Rents climbing as demand improves. As manufactured home parks fill and many are

refurbished with amenities added or upgraded, rents are rising. Among regions, the West also

holds the highest rents at an average of $557 per month, with the South registering the

biggest year-over-year advance of 3.9 percent. During the past 12 months, Fort Meyers,

Florida, posted one of the largest rent gains at 8.5 percent to an average of $628 per month,

well above the national average.

• Capital-flush investors from other asset classes are seeking to capitalize

on higher yields in manufactured home communities. However, the

supply of available listings remains well below demand throughout most

areas of the nation, making it more difficult to find quality parks. In

addition, increased competition for properties is keeping cap rates

compressed.

• In mainly Western states, some buyers are hesitating on the added risk

of manufactured home communities in or near forested areas that are

susceptible to wildfires. This could result in some parks taking longer to

transact.

• A number of private investors are interested in smaller communities that

can be upgraded and have amenities added for value-add opportunities.

Parks with city services and fewer rental homes are especially desired,

although recently banks have been looking more favorably on rental or

RV income.

• Rising interest rates may motivate some investors to sell rather than

refinance, which may provide more listings during the quarters ahead.

Investment Highlights

* Forecast ** Trailing 12 months through 2Q18 Sources: CoStar Group, Inc.; U.S. Census Bureau

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PROPERTY NAME

MARKETING TEAM

SUNSET OAKS

DEMOGRAPHICS

Source: © 2018 Experian

Created on February 2019

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Population 4,865 28,949 87,784

▪ 2018 Estimate

Total Population 4,572 27,211 82,068

▪ 2010 Census

Total Population 4,125 23,997 72,136

▪ 2000 Census

Total Population 3,539 19,251 56,801

▪ Daytime Population

2018 Estimate 3,247 22,815 70,198

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2023 Projection

Total Households 1,644 9,627 30,236

▪ 2018 Estimate

Total Households 1,522 8,867 27,809

Average (Mean) Household Size 2.98 2.97 2.87

▪ 2010 Census

Total Households 1,381 7,851 24,500

▪ 2000 Census

Total Households 1,203 6,440 19,961

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2018 Estimate

$250,000 or More 2.40% 1.72% 1.65%

$200,000 - $249,999 2.06% 1.86% 1.32%

$150,000 - $199,999 6.29% 5.46% 4.63%

$125,000 - $149,999 6.42% 5.18% 4.60%

$100,000 - $124,999 13.03% 9.42% 7.16%

$75,000 - $99,999 15.23% 12.27% 12.41%

$50,000 - $74,999 25.17% 21.86% 20.77%

$35,000 - $49,999 9.01% 12.55% 14.06%

$25,000 - $34,999 6.79% 11.17% 11.20%

$15,000 - $24,999 6.92% 10.63% 11.47%

Under $15,000 6.68% 7.86% 10.74%

Average Household Income $89,080 $76,423 $70,556

Median Household Income $70,213 $58,363 $52,802

Per Capita Income $29,742 $25,160 $24,104

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PROPERTY NAME

MARKETING TEAM

SUNSET OAKS

DEMOGRAPHICS

Source: © 2018 Experian

Created on February 2019

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population by Age

0 to 4 Years 5.79% 7.74% 7.47%

5 to 14 Years 14.01% 14.74% 14.87%

15 to 17 Years 4.54% 4.24% 4.09%

18 to 19 Years 2.68% 2.65% 2.45%

20 to 24 Years 5.72% 6.39% 5.97%

25 to 29 Years 6.64% 7.97% 7.53%

30 to 34 Years 5.75% 6.72% 6.83%

35 to 39 Years 6.31% 6.33% 6.51%

40 to 49 Years 14.33% 12.59% 12.56%

50 to 59 Years 14.64% 12.85% 12.63%

60 to 64 Years 5.85% 5.19% 5.28%

65 to 69 Years 5.30% 4.70% 4.93%

70 to 74 Years 3.54% 3.21% 3.43%

75 to 79 Years 2.49% 2.21% 2.41%

80 to 84 Years 1.39% 1.35% 1.55%

Age 85+ 1.01% 1.13% 1.49%

Median Age 38.90 34.65 35.59

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population 25+ by Education Level

2018 Estimate Population Age 25+ 3,076 17,478 53,458

Elementary (0-8) 5.97% 9.78% 8.74%

Some High School (9-11) 8.87% 10.29% 11.38%

High School Graduate (12) 29.92% 32.65% 33.52%

Some College (13-15) 20.29% 17.88% 18.54%

Associate Degree Only 7.55% 7.13% 7.20%

Bachelors Degree Only 17.16% 13.36% 12.86%

Graduate Degree 9.53% 6.82% 5.76%

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Income

In 2018, the median household income for your selected geography is

$70,213, compare this to the US average which is currently $58,754.

The median household income for your area has changed by 19.94%

since 2000. It is estimated that the median household income in your

area will be $82,034 five years from now, which represents a change

of 16.84% from the current year.

The current year per capita income in your area is $29,742, compare

this to the US average, which is $32,356. The current year average

household income in your area is $89,080, compare this to the US

average which is $84,609.

Population

In 2018, the population in your selected geography is 4,572. The

population has changed by 29.19% since 2000. It is estimated that

the population in your area will be 4,865.00 five years from now,

which represents a change of 6.41% from the current year. The

current population is 50.40% male and 49.60% female. The median

age of the population in your area is 38.90, compare this to the US

average which is 37.95. The population density in your area is

1,457.06 people per square mile.

Households

There are currently 1,522 households in your selected geography. The

number of households has changed by 26.52% since 2000. It is

estimated that the number of households in your area will be 1,644

five years from now, which represents a change of 8.02% from the

current year. The average household size in your area is 2.98 persons.

Employment

In 2018, there are 871 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

58.09% of employees are employed in white-collar occupations in

this geography, and 41.41% are employed in blue-collar occupations.

In 2018, unemployment in this area is 4.48%. In 2000, the average

time traveled to work was 29.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

84.20% White, 3.47% Black, 0.01% Native American and 2.59%

Asian/Pacific Islander. Compare these to US averages which are:

70.20% White, 12.89% Black, 0.19% Native American and 5.59%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 26.53% of the current year

population in your selected area. Compare this to the US average of

18.01%.

PROPERTY NAME

MARKETING TEAM

SUNSET OAKS

Housing

The median housing value in your area was $241,758 in 2018,

compare this to the US average of $201,842. In 2000, there were

1,036 owner occupied housing units in your area and there were 166

renter occupied housing units in your area. The median rent at the

time was $486.

Source: © 2018 Experian

DEMOGRAPHICS

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SUNSET OAKS

DEMOGRAPHICS