Post on 22-Aug-2020
w
For a video tour of Paradise Park, please visit:http://youtu.be/JNIp9U7Bef0
PARADISE PARK MANUFACTURED HOME COMMUNITY 48 HANSONVILLE RD ROCHESTER, NH 03867
SIGNIFICANT PRICE REDUCTION
146 SITE MHC / 9 APARTMENT UNITSCOMMUNITY PRICE: $4,200,000HOME LOAN PRICE: $105,895
TERMS: ALL CASH
146 SITE MHC / 9 APARTMENT UNITSCOMMUNITY PRICE: $4,200,000HOME LOAN PRICE: $105,895
TERMS: ALL CASH
SITE INFORMATION
ADDRESS 46 Hansonville Road Rochester, NH 03867
COUNTY Strafford County
TAX MAP PARCEL0259-0016-00000259-0016-0000A0259-0014-0000 (SF home parcel)
ZONING “A” Agricultural
SITES
146 MH (includes 1 SF home on separate 5 acre parcel)9 Apartments (7 occupied, 2 preleased for Feb ‘14)
COMMUNITY TYPE All Age
COMBINED LAND SIZE 70.5 acres (2.07 sites/acre)
MH PHYSICAL/ECONOMIC OCC. 86.3% (126 sites as of Sept ‘14)
AVERAGE LAND LEASE RENTS
$408 (includes trash, sewer and water)
LAST RENT INCREASE $10 (November 2013)
INVENTORY HOMES 5 occupied as of Jan ‘14 (included in park price)
LOAN INVENTORY2 with current balance of $105,895 as of Jan ‘14 (not included in park price)
ROADS Asphalt
FLOODPLAIN No
UTILITIESWATER Private Well
SEWER Private Septic (individual systems)
ELECTRICITY Public Service New Hampshire
OIL/GAS Various - Tenant Option
TRASH Waste Management
PARADISE PARK Community Price : $4,200,000 Terms: All CashHome Loan Price : $105,895
• Paradise Park is conveniently located in Rochester, NH, the 4th largest community in New Hampshire with 30,000 people.
• Rochester is an extremely desirable location due to the high cost of housing in the area (median owner occupied housing value of ~$197,000 within a 5 mile radius).
• The unemployment rate in Rochester was only 4.5% as of July 2014, well below the national average.
• The city has a central location to other major population centers, including Manchester, NH (40 miles), Portland, ME (54 miles), and Boston, MA (77 miles).
• The community is in close proximity to some of the area’s major employers including Frisbie Memorial Hospital, Hannaford Supermarkets, and Walmart Supercenter.
• Known as the Lilac City, Rochester provides convenient access to New Hampshire’s famous Lakes Region, ski resorts in the White Mountains, and superb beaches along the seacoast.
INVESTMENT HIGHLIGHTS
AREA HIGHLIGHTS
• Rare opportunity to acquire a well-maintained, sizable, all age community in a high cost of housing market positioned to continue achieving annual rent increases.
• The community features an attractive, low density layout with recently improved asphalt roads.
• Offering includes 9 recently renovated apartment units (~$300,000 in renovation work).
• Adjacent single family home on 5.2 acres included in sale.
• Local lenders still finance homes for residents. Park only holds two home notes. Vacancy upside potential for new owner.
• Soils are ideal for efficient leaching out of the private septic systems.
• Park is not aware of any below ground heating oil storage tanks.
• Third party management may be available.
• Attractive, non-recourse first mortgage at historically low interest rate should be available to a qualified Buyer.
146 SITE MHC / 9 APARTMENT UNITSCOMMUNITY PRICE: $4,200,000HOME LOAN PRICE: $105,895
TERMS: ALL CASH
PARADISE PARK FINANCIAL ANALYSIS
1. Actual 2011, 2012, 2013 and YTD 2014 numbers based on financials provided by the client.
2. Proforma GSR consistent with annualized cash collected from January to June 2014. Currently 20 vacant home sites.
3. Adjusted Utilities grown 3% from YTD 2014.
4. Paradise Park currently managed by a third party company at a cost of 10%, which includes staffing, maintenance, management fee, etc. Proforma assumes a Buyer takes management in-house and separates on-site personnel under Payroll and corporate costs under Management Fee.
5. Proforma Taxes grown 5% from 2013 Tax.
6. Numbers do not reflect actual expenses.
7. Average MH rent is $275/home. Apartments recently remodeled and re-tenanted. Historical apartment rent includes some capital improvement expenses. Apartment rents average about $675. Proforma assumes 7 of 9 apartments occupied, 5 homes and SF on Gear Road rented.
8. Historical R&M expense includes non-recurring items such as road work, tree trimming, apartment renovations, mailbox house upgrades, etc. R&M costs also include significant upgrades and replacements to many of the septic systems and the water well treatment facility.
9. Tenants receive discounts for timely rent payment (ex: $20 for MH site rent and $100 for homes and apartments). We assumed that 75% of current tenants will receive an early discount.
10. Other tax is the New Hampshire business profit tax
Valuation Summary
LESS: DEF. MAINT. Year 1 7.25% 9.68% 7.76% 11.72% 8.77% 15.77%
NET PRICE Year 2 8.20% 13.48% 8.78% 15.80% 9.93% 20.38%
Year 3 8.35% 14.09% 8.94% 16.44% 10.11% 21.11%
Acres Year 4 8.50% 14.67% 9.10% 17.06% 10.28% 21.81%
Year 5 8.64% 15.23% 9.25% 17.66% 10.45% 22.49%
Mkt Rent/Month/SF
Mkt Rent/Site Assd. Val. (est)
Tax PMT (est)
June'14 T6 NOI
Buyers UW
1
Assumptions2 Gross Scheduled Rent 0.00%
3 Less: Vacancy 13.70%
Less: Bad Debt 3.05%
Total Rental Income 83.25%
UW vs Actuals & Proforma
Plus: Other Income 04 Plus: Apartment Rent 3785 Plus: MH Rent 1316 Less: Discounted Rent -160
Total Other Income 349
Effective Gross Income
EXPENSES per site
Repairs & Maintenance $350
Payroll 400
Administrative 60
Marketing 10
Professional Fees 65
$302,710
95.00% 95.00%
2011
472
98,020
Cash-on-Cash Analysis (Unleveraged & Leveraged)
$3,966,250$108,074 $108,074
Tax Assumptions
1,3130
0
2013 Exp
$597
62
0$589,824
0
100(8,608)
1
0
$621,811100.00%100.00%
0.00%
0.00% 0 0.00%
00.00%
0.00% 0
-3.17%
$577,414
5
100.00%
20
23,266270
2,920159
0
65,569449
0
129,582Actuals
$642,983
per site
$888
$565,664
218
-5.31%
$807
per site
$72,643
785
100.00%
0.00%
$589,824
00
7.10%2011
High
6.79%
2013
8.11%
Gross Cap Rate Analysis (Taxes adjusted for calculations)
$3,450,000
GROSS PRICE
$26,539$1.27
$0
NET PRICE/LAND SF
$3,900,000
$3,900,000
$26,712
7.02%
YR 1 DSCR (List)
7.25%
$408 2012 6.70%5.87%
Phys Occ as of 9/31/13
1.50
June'14 T6
YR 1 Assmnt.
New Loan Rate*8.77%
Financial Analysis
$302,710
570.50
$293,068
NET PRICE/SITE
6.01%8.49%7.51%
89.0%
NET PRICE/OCC SITE
$0.00
New Loan LTV* 75.00%
2012
7.76%
5.61%
$577,414 $565,664
June'14 T6$302,710Buyers UW
22,564
0.00% 0 0.00%
7,43551
0 039,383 31,809
-59
$498
per site
$605,693
$595,719
0
1,460
$51,10058,400
Buyers Exp
4.20%
02,320
Low (U/L)
$715,546
21,807
High (U/L)
$108,074$3,705,000 $3,277,500
$293,068
$4,175,000$0
$1.12
$23,630$28,596$32,116 $30,000
$293,068
7.18%
48 Hansonville Rd., Rochester, NH 03867
Property Information
Submarket: Strafford County
List
INCOME
20135.00%
6.28%
$0$3,450,000
Inventory Homes
146
All Age
$4,175,000Year Built
$1.36
Private
$621,811
10/1/2014
$87,224
95.00%
Buyers UW
$646,713
9,000
50,994
0
-1.00%
14,056
15,902 19,19455,200
109
All Cash to Seller (Leveraged & Unleveraged)
List (U/L)Low
24,902
8,760
0155
Paradise Park
Sites
Community TypeNA
Utilities
96
398524
9
0
274 40,029
454 66,346$117,864Actual Exp
58,050
Actual Exp
00 046 6,723
76,524
12,32647 6,844 84
0
00
0
per site
16
(23,400)
75
171
$646,713$603,880
86
68,8928112,551
10,910 9,490
11,805
7 Utilities Electricity 82
Fuel Oil 0
Trash 105
Total Variable Expenses $1,0728 Taxes 740
Other Tax 192
Insurance 124
Management Fee 4.00%
Total Operating Expenses $2,3069 Plus: Capital Reserves 50
Total Expenses $2,356
NET OPERATING INCOME
UW vs Actuals & Proforma
1 Actual numbers based on financials provided by the client2 Based on all sites occupied at average rent of $4083 Currently 20 vacant sites4 Based on 7 of 9 apts. paying rent during year5 Assumes 5 MH rentals & Gear Road Home only6 Assumes 75% of current tenants take advantage7 Adjusted Utilities grown 3% from YTD 20148 Buyers UW Taxes = 95% of Price x 2012 Tax Rate9 Numbers do not reflect actual expense* New Strike Loan assumes 10 Year Term/30 Amort with 0 yrs of I/O
Deferred Maintenance Total
Unleveraged Per Unit $0
Leveraged Per SF
Tax ID#
$344,003
12,0270
18,1040.00%
102
$1,331
$253,492
0
$2,215
723
0
ARA ♦ 901 S. MoPac Expressway, Bld II, Suite 275 ♦ Austin, Texas 78746 ♦ T 512.342.8100 ♦ F 512.637.1740 ♦ www.arausa.com
26.17%$355
Mill Rate
$302,710
-19.42%
0.00%
$337
$4,008,100
AssumptionsAssessment
Market Rents by Site Type
#DIV/0!
#VALUE!#VALUE! #VALUE!22.10%11.43% $323
TYPE
Deferred Maintenance Per Unit
14,200
$282,351
0
#VALUE!
146
-7.21%
Sites
105,609
$0
84
0
#VALUE!10.22%
Tax Information
$2.5680
$389,491
$330
$2,668
17,658121
103
$244,966
00
187
$2,668
00.00%
14,993
682
$1,678
$389,491
99,588
124
97
125
$194,368
18,047
$223,208$1,529
816
0
0
5,318
$323,342
$204,283816
101
Assessed
$2,215
18,301
0
$380,658
-35.61%
0
0
5
$223,222
$2,607
20,025
$323,342
0
2012
Appraised
0
0259-0016-0000
$408
$1,399
0
$2,498
$2,498
$364,694
MARKETRENT
0
0
9.59%Low
#DIV/0!
0
$4,008,100
High
#DIV/0!$408
Other
0
5 YR IRR Analysis
146TOTAL/AVG
$282,019
Deferred Maintenance (N/A)
#DIV/0!
0$364,694
108,074
14,689
20.00%
0$380,658$2,607
-7.34%
List
7,3000
$408
11,677 13384 12,225 80
00 0
27,279
14,876
157 22,987
$336,70325,8690.00%
137
0
119,124$156,559
28,097
10,49919,455
15,322
This information has been derived from sources deemed reliable. However, it is subject to errors, omissions, price change and/or withdrawal, and no warranty is made as to the accuracy. Further, no warranties or representation shall be made by Apartment Realty Advisors (ARA) and/or its agents, representatives or affiliates regarding oral statements which have been made in the discussion of the above property. This presentation, prepared by ARA, was sent to the recipient under the assumption that s/ he is a buying principal. Any potential purchaser is advised that s/ he should either have the abstract covering the real estate which is the subject of the contract examined by an attorney of his/her selection, or be furnished a policy of title insurance.
MH + SFHSF HomeHomeOther
36
72
125 18,301
12,295
119,124
UNDERWRITING ASSUMPTIONS
146 SITE MHC / 9 APARTMENT UNITSCOMMUNITY PRICE: $4,200,000HOME LOAN PRICE: $105,895
TERMS: ALL CASH
202
202
202
4
3
3
202
2
2
9
9
9
16
16
101
95
95
95
293
89
89
91
91
91
90
90
90
190
290
495
495
495
93
93
93
93
QUINCY
MEDFORDLYNN
BEVERLY
SALEM
GLOUCESTER
HAVERHILL
PORTSMOUTH
BIDDEFORD
NEWHAMPSHIREVERMONT
MASSACHUSETTS
MAINE
PORTLAND
CAMBRIDGE
BROCKTONWORCHESTER
BRATTLEBORO
MANCHESTER
HILLSBORO
KEENE
WALPOLE
CHARLESTOWN
GRANTHAMANDOVER
FRANKLIN
NASHUA
MARLBOROUGH
WODBURN
GARDNER
NORTHAMPTON
SOUTHBRIDGE
LAWRENCE
CONCORD
GREENFIELD
SPRINGFIELD
BOSTON
FARMINGTON
WHITE RIVERJUNCTION
ROCHESTER
PARADISE PARK LOCATION MAP & DEMOGRAPHICS
DEMOGRAPHIC INFORMATION 1 mile 3 mile 5 mile2,729 17,203 35,7852,701 17,362 36,464
-0.95% 0.83% 1.74%-1.03% 0.93% 1.90%12.30% 2.10% 8.47%
32.49% 36.18% 29.93% Owner Occupied Percentage 67.51% 63.82% 70.07%
$73,248 $68,595 $71,801$187,807 $194,504 $197,273
Source: 2013 Claritas, Inc.
2014 Est. Median Owner-Occupied Housing Value 2014 Est. Average Family Household Income
2014 Population Estimate 2019 Population Projection Population Growth 2010 - 2014
Population Growth 2000 - 2010
Renter Occupied Percentage
Population Growth Estimate 2014 - 2019
146 SITE MHC / 9 APARTMENT UNITSCOMMUNITY PRICE: $4,200,000HOME LOAN PRICE: $105,895
TERMS: ALL CASH
ROCHESTER
Cochec o River
Co checo River
202
202
202A
202A
108
108
FARMINGTON RD
FARMINGTON RD
MAIN STMAIN ST
WALNUT STWALNUT ST
WASH
INGTO
N ST
WASH
INGTO
N ST
GEAR RD
GEAR RD
ESTES RD
ESTES RD
OAK STOAK ST
HANSONVIL
LE R
DGraniteState College
Squanamagonic Park
RochesterCountry Club
RochesterFairgrounds Frisbie Memorial
Hospital
Lilac Mall
Rochester Crossing
GRANITE RIDGE MARKETPLACE
Proposed 300,000 SF developmentDelivery scheduled for Spring 2014Suitable for retail, medical, and residential
---
11
202
16
125
125
202
202
SpauldingHigh School
RochesterPublic Library
16
16
125
FRISBIE MEMORIAL HOSPITAL• Frisbie Memorial Hospital has served the greater Rochester area for over 80 years, providing over 20 hospital
services, primary care medical offices in five greater Rochester communities, nearly 30 specialty care services, two walk-in care centers and an occupational health center.
• Currently employs 640+ people in the area.
GRANITE RIDGE MARKETPLACE• A 57 acre, 330,000 sf shopping center development, consisting of anchor retail, junior anchor retail, small stores,
restaurants and entertainment.
• Planned to bring 500-800 jobs to the area upon completion.
OTHER NEARBY RETAIL• Rochester Crossing – 329,000 sf open-air center anchored by Lowe’s and Kohl’s
• Lilac Mall – 319,000 sf center anchored by Kmart, JC Penny and Sears
• Walmart Supercenter – employs 295 people
• Hannaford Supermarkets – employs 464 people
PARADISE PARK AREA AERIAL
Terence M. Scotttms@tmsreia.com T 617-320-9955
PRIMARY CONTACT:
Todd Fletchertfletcher@arausa.com T 303-260-4470
SECONDARY CONTACTS:Jon Shayjshay@arausa.com T 303-260-4486
901 S MoPac ExpresswayBarton Oaks Plaza IISuite 275Austin, TX 78746
RELATIONSHIPS THAT DELIVER RESULTS.
www.arausa.com© ARA. All Rights Reserved
Andrew Shihashih@arausa.com T 512-637-1219
FLAGG RD
FLAGG RD
HANSONVILL
E RD
HANSONVILL
E RD
GEAR RD
GEAR RD
5 ACREHOME SITE
PARCEL
5 ACREHOME SITE
PARCEL
wInformation for Paradise Park is available on our website at: www.arausa.com/listinglab/ParadisePark
This information has been derived from sources deemed reliable. However, it is subject to errors, omissions, price change and/or withdrawal, and no warranty is made as to the accuracy. Further, no warranties or representation shall be made by Apartment Realty Advisors (ARA) and/or its agents, representatives or affiliates regarding oral statements which have been made in the discussion of the above property. This presentation, prepared by ARA, was sent to the recipient under the assumption that s/ he is a buying principal. Any potential purchaser is advised that s/ he should either have the abstract covering the real estate which is the subject of the contract examined by an attorney of his/her selection, or be furnished a policy of title insurance. Do not contact the Property.
For a video tour of Paradise Park, please visit: http://youtu.be/JNIp9U7Bef0