price: contact broker · charlotte, the largest industrial employment concentration in north...
TRANSCRIPT
v
For a video tour, please visit: https://vimeo.com/265284909
238-SITE COMMUNITYPRICE: CONTACT BROKER
THE GLEN AT CLOVER
PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES
626 Adriatic LnClover, SC 29710
SITE INFORMATION
ADDRESS 626 Adriatic LaneClover, SC 29710
COUNTIES York and Gaston
TAX PARCEL IDS 3710000001 / 207278
SITES 238
COMMUNITY TYPE All Age
LAND SIZE 123.32 acres
DENSITY 1.93 sites/acre
MH PHYS OCC 41.6% (99 sites as of Mar ‘18)
MH ECO OCC 37.0% (88 sites as of Mar ‘18)
INVENTORY HOMES 47 (37 occupied as of Mar ‘18)
AVERAGE HOME RENT $369
AVG LOT RENT $302 (includes water, sewer, and trash)
PREVIOUS RENT INCREASE $12 (Mar ‘17), $10 (Mar ‘18)
ROADS Asphalt
FLOODPLAIN Zone X
UTILITIES
WATER Well (included in rent)
SEWER Septic (included in rent)
ELECTRICITY York Electric (SC) & Rutherford Electric (NC) (direct billed to tenants)
TRASH Big C Trash (dumpsters: Republic Services) (included in rent)
INVESTMENT HIGHLIGHTS
• Located near the growing markets of Charlotte (NC), Gastonia (NC), and Rock Hill (SC), The Glen at Clover MHC is a 238-site, all age community positioned on approximately 123 acres of land. The community offers a subdivision feel with large home sites, shade trees and off-street parking.
• Value-add opportunity to continue filling sites to increase occupancy as the property is only 41.6 percent physically occupied. There is tremendous demand for affordable housing in the area. The average household income is approximately $63,128 within a five-mile radius around the property.
• The offering includes 47 inventory homes, of which 37 are currently occupied (10 on a lease to own program and 27 pure rentals).
• The community is just 25 miles from the Arrowood/Westinghouse area of Charlotte, the largest industrial employment concentration in North Carolina. Manufacturing employment in the Charlotte region has grown at more than double the national average since 2010 with current employment of over 140,000 people. In total, the manufacturing sector has an estimated $40.8 billion impact on the 16-county Charlotte region.
AREA HIGHLIGHTS
• The community sits in a great location with easy access to the rapidly growing markets of Charlotte (less than an hour away) and Gastonia, NC and Rock Hill, SC, which have a combined population of over 2.5 million people. The Charlotte-Gastonia-Rock Hill metropolitan area is the 34th largest MSA in the nation and the fourth fastest growing MSA over the past decade.
• Within a ten-mile radius of the community, the total population is 153,500 and expected to rise to over 160,000 by 2022.
• The Glen at Clover MHC offers a private country feel but in an urban market with city conveniences nearby such as restaurants, malls, local parks, and camping areas.
• The community sits just 28 miles from the Charlotte Douglas International Airport, which ranks as the nation’s sixth busiest airport and serves nearly 45 million travelers annually. The airport has an annual economic impact of $16.2 billion and supports over 224,000 jobs generating approximately $11.5 billion in payroll. The airport also has a $2.5 billion development plan in place which includes construction of the elevated roadway, terminal expansion and renovations.
• Universities within close proximity to the community include Winthrop University (6,000 students enrolled), Clinton College (1,260 students enrolled), and York Technical College (7,000 students enrolled).
• The Clover School District is the second fastest growing school district in South Carolina with more than 7,500 students within the seven elementary schools, two middle schools and one high school.
• The community is only a 20-minute drive to Gastonia, which recently received the U.S Conference of Mayors Top Livability Award recognizing it as one of the area’s best places to live and work.
MANAGER’S HOUSE
THE GLEN AT CLOVER238-SITE COMMUNITY PRICE: CONTACT BROKER
PROPERTY DETAILS
2 Gross Scheduled Rent
Less: Vacancy 63.03%3 Less: Employee/Model 0.90%
Less: Bad Debt 0.24%
Less: Concessions 0.25%
Total Rental Income 35.58%4 Plus: Other Income $605 Plus: LPO/Home Rent 717
Total Other Income 777
Effective Gross Income
EXPENSES per site
Repairs & Maintenance $1156 Payroll 300
Administrative 35
Marketing 5
Professional Fees 107 Utilities
Electricity 96
Water 18
Trash 119
Utility Fees 58 Total Variable Expenses $7039 Taxes 71
Insurance 40
Management Fee 4.00%
Total Operating Expenses $89810 Plus: Capital Reserves 50
Total Expenses $948
NET OPERATING INCOME
Expense Ratio
1,189
449
0 0
2,152
45.88%
28,338
543,600
$225,646
4,38222,759
$14,328
9,5200.00%
$850
$238,769
0
$956
60
0
$266,194
47.68%
10,614
0
$914
7,70432
0
$196,511
0
00
$914
00.00%
56
$826
$217,557
45
$202,34414,184
0
0$227,484
0
00
$456,326$58$0
0$0
0
00
$20,363
Actuals
$456,326
per site
$86
$293,557
$26,939
$13,911
0
2,0502,152
7,788
Financial Analysis
2016 Actuals1
0
165,621696
18
$113
per site
$473,089
$956
$245,604
$227,484$217,557
48.08%
1,190
$27,37071,400
Proforma
$491,840
16,872
11,900
$862,512
2,050
$306,922
7,788
INCOME$456,326 $305,547
2017 Actuals1 Proforma
184,918170,590
8,330
Actual Exp
0
471
754 179,532
0
0
0
0 93
216 51,47722,096
112,025
2 4100
116
5 1,155
13,342
$213,74619,674
74
$167,339
4,25427,513
0 0
106,9483317,723
2,380
7,952
1. Actual numbers based on financials provided by the client.
2. Proforma GSR= 238 sites x $302 avg lot rent x 12 months.
3. Employee/Model, Bad Debt, and Concessions taken from 2017 Actuals.
4. Other Income grown 3% from 2017 Actuals.
5. LPO/Home Rent grown 3% from 2017 Actuals. The average home rent is approximately $369 per month.
6. Property manager runs another community owned by the seller. The payroll amount is the allocated portion of their salary based on time spent at The Glen at Clover MHC. 2016 and 2017 Actuals include expenses related to management of the other park owned by the seller.
7. Adjusted Utilities grown 3% from 2017 Actuals.
8. 2016 and 2017 Actuals include expenses related to the home rental business.
9. Proforma Taxes= 2017 tax bills grown 10%.
10. Numbers do not reflect actual expense.
UNDERWRITING ASSUMPTIONS
THE GLEN AT CLOVER238-SITE COMMUNITY PRICE: CONTACT BROKER
FINANCIAL ANALYSIS
1
2
3
4
THE GLEN AT CLOVER
SUMMARY
PROPERTY ADDRESS # OF SITES
PHYSICAL OCC.
AVG RENT
RENT INCLUDES
ADJUSTED RENT
1 Belhaven Estates MHC 7115 Bellhaven Blvd. Charlotte, NC 28216 148 100% $370 T $346
2 Hillcrest MH/RV 1051 Ruby St. Clover, SC 29710 30 N/A $325 None $325
3 Lake Wylie MHC 1295 Stateline Rd. Clover, SC 29710 260 80% $310 None $310
4 Oakland Hills MHC 12545 Buxton Dr. Pineville, NC 28134 65 100% $405 None $405
TOTALS 1,065 95% $371 $345
The Glen at Clover 626 Adriatic Lane Clover, SC 29710 238 42% $302 W/S/T $213
T – Trash; W – Water; S – Sewer; L – Lawn
THE GLEN AT CLOVER238-SITE COMMUNITY PRICE: CONTACT BROKER
RENT COMPARABLES
TOP 10 AREA EMPLOYERS IN GASTON COUNTY, NC EMPLOYEES
Gaston County Schools 1,000+
Caromont Health 1,000+
Freightliner Corp 1,000+
Wal-Mart Associates Inc 1,000+
County of Gaston 1,000+
American & Efird LLC 1,000+
Fka Wix Filtration Corp 1,000+
City of Gastonia 500-999
Pharr Yarns Inc 500-999
Dole Fresh Vegetables Inc 500-999Source: North Carolina Department of Commerce (2017)
TOP 10 AREA EMPLOYERSIN CLOVER, SC EMPLOYEES
Performance Friction Corp. 300
Cap yarns 175
Pharr Fibers & Yarns 172
Honeywell 110
Jameson LLC 57
Spring field Manufacturing 55
Clover Knits, Inc 49
Professional Knitting, Inc 47
Plastics Advanced Research Technology, Inc 27
IND-Tech, Inc 25Source: York County Economic Development
DEMOGRAPHIC INFORMATION 3 MILES 5 MILES 10 MILES
2017 Population Estimate 7,999 25,095 153,530
Population Growth 2010 - 2017 8.5% 6.0% 6.9%
2017 Renter Occupied Housing Percentage 25.9% 25.2% 32.7%
2017 Owner Occupied Housing Percentage 64.2% 65.8% 57.0%
2017 Estimated Average Household Income $58,786 $58,583 $63,128
2017 Estimated Median Owner-Occupied Housing Value $118,850 $122,049 $140,590
Source: U.S. Census Bureau
CHARLOTTE
ROCK HILL
CONCORD
SPARTANBURG
NORTH CAROLINASOUTH CAROLINA
THE GLEN AT CLOVER
THE GLEN AT CLOVER238-SITE COMMUNITY PRICE: CONTACT BROKER
PROPERTY LOCATION
CHARLOTTE
GASTONIA
ROCK HILL
MATTHEWS
ROCK HILL GALLERIA
+300 JOBS
+1,600 JOBS
+224,000 JOBS
THE GLEN AT CLOVER
Charlotte Douglas International Airport• The nation’s 6th busiest airport in the U.S. and serves nearly 45
million travelers annually
• The airport has an annual economic impact of $16.2 billion and supports over 224,000 jobs
Performance Friction Corporation• Located just five-minutes from the community, Performance
Friction Corp. is a braking system manufacturer for NASCAR, dirt track vehicles, and police cars
• The largest employer in Clover with over 300 employees
Winthrop University• A public university located in Rock Hill, SC that enrolls 6,000
students per semester
• The university offers over 125 undergraduate and graduate degree programs
Piedmont Medical Center• A full-service medical center offering York County patients and
surrounding communities a comprehensive range of services with some of the most innovative technology and equipment available
• The largest employer in Rock Hill with over 1,600 employees
THE GLEN AT CLOVER238-SITE COMMUNITY PRICE: CONTACT BROKER
AREA ATTRACTIONS
THE GLEN AT CLOVER
Colonial Rd
Windblu� Ct
Crawford Rd
Shannon Meadow Rd
237
237
N
PLEASE DO NOT SPEAK WITH TENANTS OR EMPLOYEES
Additional information is available on our website at: http://arausa.listinglab.com/TheGlenatCloverMHC
For a video tour, please visit: https://vimeo.com/265284909
!
Andrew [email protected] T 512.637.1219
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 ARA, A Newmark Company (ARA Newmark) 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 Newmark 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.
www.aranewmark.comManufactured Housing and RV Park Group901 S. MoPac Expressway, Barton Oaks Plaza II, Suite 275, Austin, TX 78746 T 512.342.8100
Todd [email protected] T 303.260.4470