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CARRIZO HILL MANUFACTURED HOME COMMUNITY 309 CARRIZO HILL | 400 CENIZO DRIVE | 75 PILCONCILLO LANE (LAND) CARRIZO SPRINGS, TX 78834 12 SITE MANUFACTURED HOME COMMUNITY + 7.88 ACRES OF EXPANSION LAND PRICE: $550,000 TERMS: ALL CASH carrizo hill

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  • CARRIZO HILLMANUFACTURED HOME COMMUNITY

    309 CARRIZO HILL | 400 CENIZO DRIVE | 75 PILCONCILLO LANE (LAND) CARRIZO SPRINGS, TX 78834

    12 SITE MANUFACTURED HOME COMMUNITY + 7.88 ACRES OF EXPANSION LAND

    PRICE: $550,000TERMS: ALL CASH

    carrizo hill

  • carrizo hill

    12 SITE MANUFACTURED HOME COMMUNITY + 7.88 ACRES OF EXPANSION LAND

    PRICE: $550,000TERMS: ALL CASH

    CARRIZO HILL INFORMATION Price: $550,000 Terms: All Cash

    SITE INFORMATION

    ADDRESSES309 Carrizo Hill & 400 Cenizo Drive & 75 Pilconcillo Lane (land) Carrizo Springs, TX 78834

    COUNTY Dimmit

    TAX MAP PARCEL 67522/15496/15433/67521

    ZONING MH, Mobile Home Park District

    SITES 12

    COMMUNITY TYPE All Age

    TOTAL LAND SIZE 9.86 acres (6 sites/acre)

    MH PHYSICAL OCC. 75% (9 sites as of Dec 2014)

    MH ECONOMIC OCC. 58% (7 sites as of Dec 2014)

    AVERAGE IN PLACE RENTS $898 (owner pays all utilities)

    INVENTORY HOMES 9 occupied as of Sept ‘14 (all rental)

    ROADS Dirt and Gravel

    FLOODPLAIN No

    SCHOOL DISTRICT Carrizo Springs CISD

    UTILITIES

    WATER Carrizo Hill Municipal

    SEWER Carrizo Hill Municipal

    ELECTRICITY Direct Energy

    TRASH City of Carrizo Springs

    • Dimmit County, TX and the Eagle Ford Shale Play: Dimmit County (1,334 sq miles) is situated in South Texas above the Eagle Ford Shale Play where companies are targeting both oil, condensate, and gas. Dimmit County produces from both the condensate rich and oil prone areas of the Eagle Ford.

    • Dimmit County – Eagle Ford Shale Statistics: - Quarterly Taxable Spending: $47,804,737 (2nd quarter 2012, an increase of 273% since 2009) - Oil & Gas Employment: 4,309 jobs (2011) - 10-Year Oil & Gas Employment Outlook: 10,127 jobs (2021)

    • Dimmit County – Eagle Ford Shale Upcoming Projects: - Enterprise Production Partners – Gas Pipeline (from White Kitchen) - Plains All American Pipeline – Crude Pipeline (to the Gardendale Terminal) - Plains All American Pipeline – Catarina Storage and Terminal

    • Chaparral Wildlife Management Area: This area, encompassing 15,200 acres of quality South Texas brush country (Tamaulipan scrub), is managed primarily for wildlife research and management; it is enclosed by a deer-proof fence. Principal game species under study include white-tailed deer, javelina, feral hogs, Northern Bobwhite, and Scaled Quail.

    INVESTMENT HIGHLIGHTS

    AREA HIGHLIGHTS

    • Recently developed mobile home park located in the booming Eagle Ford Shale area, the largest oil and gas development in the world.

    • The property sits on the western edge of the Eagle Ford Shale, which has the lowest cost production and breakeven points.

    • Home inventory includes high quality singlewide units built in 2010-2011 from Clayton and Palm Harbor.

    • Tremendous cash cow opportunity with upside to fill the remaining sites and fill the vacant homes with tenants.

    • Additional 7.88 acres for expansion is included, which adds another 45+ spaces. This land is included in the current asking price.

    • Property operates with municipal water and sewer from Carrizo Hill, a subdivision of Carrizo Springs. It is expected that Carrizo Springs will annex Carrizo Hill, at which point the utilities will be Carrizo Springs water and sewer.

    • The property resides 110 miles south west of downtown San Antonio.

  • carrizo hill

    12 SITE MANUFACTURED HOME COMMUNITY + 7.88 ACRES OF EXPANSION LAND

    PRICE: $550,000TERMS: ALL CASH

    Assumptions1 Gross Scheduled Rent

    Gross Potential Income

    Less: Vacancy 8.30%

    Less: Vacant Inventory 8.30%

    Less: Bad Debt 0.50%

    Total Rental Income 82.90%UW vs Actuals & Proforma

    Effective Gross Income

    EXPENSES per siteRepairs & Maintenance $600

    Administrative 200

    Marketing 50

    Professional Fees 300

    Utilities 3,250

    Total Variable Expenses $4,4002 Taxes 567

    Insurance 50

    Management Fee 6.00%

    Total Operating Expenses $5,553Plus: Capital Reserves 50

    Total Expenses $5,603

    NET OPERATING INCOME

    UW vs Actuals & Proforma

    $129,291

    10,731

    600

    $39,944

    Financial Analysis

    $67,239

    $107,183

    600

    $7,200

    Buyers Exp

    6,808

    $129,291

    64610,731

    INCOME

    Proforma

    2,400

    600$66,639

    6,431

    $52,800

    $107,183

    3,60039,000

    1 Proforma GSR grown 0%2 Buyers UW Taxes = 2014 Assessed Value x 2014 Tax Rate

    UNDERWRITING ASSUMPTIONS

    CARRIZO HILL FINANCIAL ANALYSIS

  • Carrizo Springs

    309 Carrizo Hill

    400 Cenizo Drive

    83

    83

    83

    85

    85

    1556

    7.88 AcresExpansion Land

    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.

    Information for Carrizo Hills is available on our website at: www.arausa.com/listinglab/CarrizoHills

    Jon [email protected] 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

    ARA NATIONAL MANUFACTURED HOUSING

    Andrew [email protected] T 512-637-1219

    Todd [email protected] T 303-260-4470

    PRIMARY CONTACTS:

    Carrizo Hill