country meadows a 56-site community · country meadows manufactured home community country meadows...
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COUNTRY MEADOWSManufactured hoMe coMMunity MAJOR PRICE REDUCTION:
$3,600,000 $2,950,000
A 56-SITE COMMUNITY
2388 State Highway 135Gunnison, CO 81230
For a video tour, please visit: https://vimeo.com/440019642
PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES
SITE INFORMATION
ADDRESS 2388 State Highway 135, Gunnison, CO 81230
COUNTY Gunnison
TAX PARCEL IDS R010074 / R010075 / R010076
YEAR BUILT 1974
SITES 56 (55 MH + 1 SF House)
COMMUNITY TYPE All Age
LAND SIZE / DENSITY 11.5 acres (4.87 sites/acre)
MH PHYSICAL OCCUPANCY 100% (55 sites as of Jul ‘20)
MH ECONOMIC OCCUPANCY 100% (55 sites as of Jul ‘20)
INVENTORY HOMES 0
AVERAGE LOT RENT $400 (includes water/sewer/trash) *See Investment Highlights for details
SF HOME RENT $1,500
LAST RENT INCREASE $25 (July 1, 2020)
NEXT RENT INCREASE $25 (October 1, 2020) *See Investment Highlights for details
ROADS Crushed gravel
FLOODPLAIN Zone X
ZONING Mixed Use
UTILITIES
WATER Well (community pays)
SEWER Gunnison County (community pays)
ELECTRICITY City of Gunnison (direct billed to tenant)
GAS Atmos Energy (direct billed to tenant)
TRASH Waste Management (community pays)
CABLE CenturyLink (direct billed to tenant)
* 3 wells provide water to 3 different sections of the park; new tanks added in 2017
INVESTMENT HIGHLIGHTS
AREA HIGHLIGHTS• The City of Gunnison is centrally located in Colorado and within close proximity
to two of the major metropolitan areas of the state: Colorado Springs and Denver. The city is 180 miles from Colorado Springs and 200 miles from Denver.
• The community is located next to State Highways 135 and 50, providing easy access to Crested Butte, Denver, and Colorado Springs.
• Western Colorado University sits within the Gunnison city limits with an enrollment of approximately 3,000 students featuring 15 accelerated degree programs. U.S. News and World Report ranks the college as one of the top “Regional Colorado Universities”.
• The area is served by Gunnison-Crested Butte Regional Airport, which offers direct flights from Denver year-round, and direct flights from Houston and Dallas during ski season. The terminal currently has plans in the works for a renovation with construction anticipated to begin in Spring 2021.
• The community is just 5-minutes from downtown Gunnison featuring countless shops and restaurants. Walmart is also within a 5-minute drive of the community.
• The Gunnison Valley is home to some of the finest fly fishing in the state of Colorado, mainly due to the Taylor River which sits halfway between Gunnison and Crested Butte.
• Country Meadows MHC is a 56-site, all-age community at 100% economic occupancy with zero park-owned homes positioned on 11.5 acres of land located just outside the city of Gunnison.
• The community features off-street parking and shaded trees throughout. Recent capital improvements include graveling the roads ($25K cost), re-grading the back of the park, and upgrades to the electric service lines.
• The community sits right next to a public bus stop (Tall Texan Stop of Gunnison Valley RTA) that provides transportation around the City of Gunnison before heading north on Hwy 135 to Crested Butte.
• The community sits just 30-minutes from Crested Butte that has average household incomes of $91,167 and average housing values of $716,994. Vail Resorts acquired the Crested Butte Mountain Resort in 2018 and has continued plans for significant growth for the Crested Butte/Gunnison areas.
• The town of Gunnison is the first town down valley from Crested Butte. Although it is more affordable on a relative basis, within a 10-mile radius of the subject park, average household income is still $58,400 with an average home value of $327,000.
• The community is located within the highly-rated Gunnison Watershed School District comprised of 6 schools with over 2,000 students enrolled. The school district is currently ranked 40th (of 180) best school districts in Colorado.
• Tenants were given advanced notice in April 2020 of a $50 per month rent increase. Half of that increase was made effective July 1, 2020, bringing lot rent to $400. The second half becomes effective October 1, 2020, bringing lot rent to $425. All of the tenants paid the new July rent.
A 56-SITE COMMUNITY MAJOR PRICE REDUCTION: $3,600,000 $2,950,000
COUNTRY MEADOWSManufactured hoMe coMMunity
PROPERTY DETAILS
COUNTRY MEADOWSManufactured hoMe coMMunity
Country Meadows MHC sits right next to a public bus stop (Tall Texan Stop of Gunnison Valley RTA) that provides transportation around the City of Gunnison before heading north on Hwy 135 to Crested Butte.
Western Colorado University
Crested Butte
Curecanti National Recreation Area
The Club at Crested Butte Taylor River
A 56-SITE COMMUNITY MAJOR PRICE REDUCTION: $3,600,000 $2,950,000
COUNTRY MEADOWSManufactured hoMe coMMunity
AREA HIGHLIGHTS
INCOME2 Gross Scheduled Rent3 Less: Vacancy
Less: Bad DebtTotal Rental Income
4 Plus: House IncomeTotal Other IncomeEffective Gross Income
EXPENSES5 Repairs and Maintenance
Payroll AdministrativeMarketingProfessional Fees
6 UtilitiesGas / ElecTrashSewerWater Testing
Total Variable Expenses7 Taxes
InsuranceManagement FeeTotal Operating Expenses
8 Plus: Capital ReservesTotal ExpensesNet Operating Income
Expense Ratio
Totals % GSR
$280,500
2,805
18,000
0
Financial Analysis1
317
0
67
674
6,175 112
43.46%
650
110
$1,908
0$253,960
18,000 327
$295,515
63
$52,9080
582000
0
206
37,093
2019 Actuals 2020 Budget
$110,3690
$110,369$143,591
7,86435,7406,052
$106,1924,178
0
143
$100,838
$104,955
11,336
2018 Actuals
00 0 0.00%
$85,353 $1,552
3,446$1,931
Actuals
3,549
1
0
0
0
65
0
$4,848
Per Site
$762
0
5
6 6
0
$1,833
$5,373
76 75
0
0 0
3,709 67
9,271 169
0 0
52
14,645 5.00%
$111,230 $2,022
2,750 50
$113,980 $2,072
$292,890 $5,325
Proforma Per Site
$22,000 $400
8,250 150
1,100 20
275
38,552 701
6,175 112
Totals % GSR
0.00%
0.00%
100.00%
$253,960
00
$253,960
0$266,653Actuals
$41,9190
289317
00
3,709
4,117
$266,653
0
$4,617
Per Site
$962
0
$2,007
$2,611
0
0 0.00%
$104,9550 0
0
0.00%
$2,007
0
0 0 18,000 327
Totals % GSR
$266,653
0 0.00%
0 0.00%
0 0.00%
2,985 1.06%
$81,907 $1,489
100.00%
39.36%
Actual Exp Per Site
$23,595 $429
0 0
289 5
38,552 701
6,175 112
$277,515 98.94%
Totals % GSR
$280,500
Proforma
1.00%
2,805 1.00%
$89,607
9,271 169
$1,629
327
2,860
$274,890 98.00%
18,000 327
38.92%
$161,698 $178,910 $3,253
0 0
$85,353 $1,552
$210,162 $3,821
28.88%
$1,908
$2,940
0 0
0
3,709 67
4,119 75
275 5
5
Todd Fletcher303‐260‐[email protected]
Andrew Shih512‐637‐1219
1. Actual numbers based on financials provided by the client. The 2018/2019 Actual historical income taken from client’s rent payment history schedule (see document library for more details).
2. Proforma GSR = 55 MH Sites x $425 average lot rent x 12 months. The MH lot rent will be $425 by Oct 2020 (current lot rent at $400).
3. Property has been 100% occupied for the past couple of years.
4. 1 SF House that rents for $1,500 per month. The house has been 100% occupied for the past couple of years.
5. The 2018 and 2019 R&M expenses included non-recurring items (electrical service line upgrades, home remodel, etc). Please see investment highlight #2 on page 2 of the flyer.
6. Adjusted Utilities taken from the 2020 budget.
7. Proforma Taxes = 2020 assessed value x 2019 mill rate grown 20%.
8. Numbers do not reflect actual expenses.
UNDERWRITING ASSUMPTIONS
A 56-SITE COMMUNITY MAJOR PRICE REDUCTION: $3,600,000 $2,950,000
COUNTRY MEADOWSManufactured hoMe coMMunity
FINANCIAL ANALYSIS
DEMOGRAPHIC INFORMATION 5 MILES 10 MILES
2019 Population Estimate 9,941 10,712
Population Growth 2010 - 2019 19.24% 19.47%
2019 Renter Occupied Housing Percentage 42.2% 39.5%
2019 Owner Occupied Housing Percentage 47.0% 47.4%
2019 Estimated Average Household Income $56,484 $58,488
2019 Estimated Average Owner-Occupied Housing Value $319,184 $327,190
Source: U.S. Census Bureau
A 56-SITE COMMUNITY MAJOR PRICE REDUCTION: $3,600,000 $2,950,000
COUNTRY MEADOWSManufactured hoMe coMMunity
AREA DEMOGRAPHICS
Crested Butte Mountain Resort
• One of the top ski resorts in Colorado featuring 15 lifts and 121 trails
• Home to the second and third Winter X Games and longest extreme skiing competition in the world
CRESTED BUTTE
HOTCHKISS
CRAWFORD
CIMARRON
MONTROSE
SOMERSET
Gunnison Community School
Gunnison-Crested Butte Regional Airport
The Club at Crested Butte
Dos Rios Golf Club
Black Canyon of the Gunnison National Park
Curecanti National Recreation Area
Blue Mesa Reservoir
Crested Butte
Crested Butte Mountain Resort
Gunnison Whitewater Park
Gunnison Gorge National Conservation Area
COLORADO SPRINGS
TELLURIDE
GUNNISON
ALAMOSA
DURANGO
LA JUNTA
BRACKENRIDGE
GRAND JUNCTION
PUEBLO
LIMONASPEN
DENVER
BOULDER
Western Colorado University
• 3,000 students enrolled with 15 accelerated degree programs
• Located within the Gunnison city limits and less than a 10-minute drive from Country Meadows MHC
A 56-SITE COMMUNITY MAJOR PRICE REDUCTION: $3,600,000 $2,950,000
COUNTRY MEADOWSManufactured hoMe coMMunity
LOCATION MAP & AREA ATTRACTIONS
11
135
KOKANEE C
T
RIVERWALK DR
Gunnison River
PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES
Additional information is available on our website at: http://arausa.listinglab.com/CountryMeadowsMHC
!
For a video tour, please visit: https://vimeo.com/440019642
PRIMARY CONTACTS
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 Newmark Knight Frank (NKF) 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 NKF 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 Do not contact the Property.not contact the Property.
www.ngkf.comManufactured Housing 2530 Walsh Tarlton Ln, Suite 200, Austin, TX 78746 | T 512.342.8100
Andrew [email protected]
Joe [email protected] 512.637.1228
Todd [email protected] 303.260.4470