manufactured housing community for sale oakwood … · property overview wisely commercial realty...

Mark Wisely - Office (317) 758-5032 - Cell: (317) 590-4522 - [email protected]

Adam McNeil - Office (317) 564-8339 - Cell: (303) 919-7637 - [email protected]

WISELY COMMERCIAL REALTY

WWW.WISELYCR.COM PO BOX 1034, WESTFIELD, IN 46074

MANUFACTURED HOUSING COMMUNITY FOR SALE

OAKWOOD MHC 20403 Wicker BLVD, Lowell, IN 46356

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OAKWOOD MHC – LOWELL INDIANA

OAKWOOD MHC

OFFERING SUMMARY

List Price: $425,000

IN-Place NOI: $46,000

Cap Rate: 10.8%

Number of Spaces: 17

Stick Built Homes: 2

Total: 19

Occupancy: 74% (14)

Lot Rent: $350

Price Per Site: $22,368

Price Per Occupied Site: 30,357

PROPERTY OVERVIEW

Wisely Commercial Realty is pleased to offer for sale Oakwood MHC

located in Lowell, Indiana. Oakwood MHC has 17 MHC sites and two stick

built homes on 4.9 acres of land. Property is located just south of Lowell.

Housing in the area is expensive which drives the demand for affordable

housing. The Property is serviced by well and septic.

INVESTMENT HIGHLIGHTS

Opportunity to increase Rents

Located in an area with high demand for housing

Primarily Resident Owned Homes

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OAKWOOD MHC

Community List Price $425,000

Total Sites 19

Occupied Sites 14

Percent Occupied 74%

Price Per Site $22,368

Price Per Occupied Site $30,357

List Cap Rate 10.8%

Community Owned Homes- Occupied 1

Community Owned Homes- Vacant 1

Total Community Owned Homes 2

OPERATING DATA 2018 ACTUAL

Gross Income $71,400

Operating Expenses $25,400

Net Operating Income $46,000

INVESTMENT OVERVIEW

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OAKWOOD MHC

OAKWOOD MHC – LOWELL, IN

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OAKWOOD MHC

Property Description

Property Name: Oakwood MHC

Property Address: 20403 Wicker Avenue

Property City/State: Lowell, Indiana

Property County: Lake

Parcel Number: 45-23-04-351-003.000-037 & 45-23-04-351-004.000-037

Location: The property is located in the city of Lowell, a community

located in Lake County.

Land Area: The property is situated on 4.906 acres of land.

Utilities

Electricity: Direct Billed to Resident

Natural Gas: Propane

Water: Well, Paid by Landlord

Sewer: Septic, Paid by Landlord

Trash Removal: Paid by Landlord

Community Description

Year Built: Approximately 1970

Total Lots: 17 Approved Mobile Home Sites & two stick built homes

Roads: Asphalt

Sidewalks: Not Available

Off Street Parking: Available

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OAKWOOD MHC

OAKWOOD MANUFACTURED HOUSING COMMUNITY

Income 2018 Actual IN-PLACE Notes

Lot Rent Income $68,400 $69,000 Per The Rent Roll

Gross Income $68,400 $69,000

Late Fee Income $0 $2,400 $200 Per MTH

Effective Gross Income $68,400 $71,400

Expenses 2018 Actual IN-PLACE Notes

Utilities $2,500 $2,500 2018 Actual

Water $6,500 $6,500 2018 Actual

Sewer $1,200 $1,200 2018 Actual

Trash $1,200 $1,200 2018 Actual

Repair and Maintenance $3,000 $3,000 2018 Actual

Lawn Services $1,500 $1,500 2018 Actual

Snow Removal $1,500 $1,500 2018 Actual

Real Estate Taxes $5,500 $5,500 2018 Actual

Insurance $6,000 $2,500 EST

Total Expenses $28,900 $25,400

NOI $39,500 $46,000

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OAKWOOD MHC

Count Site Unit Type Income Other Income Total

1 101 Owner Occupied 350.00 - 350.00

2 102 Vacant Site - - -


4 204 Owner Occupied 350.00 - 350.00

5 205 Owner Occupied 375.00 - 375.00

6 206 Contract Sale 450.00 - 450.00

7 207 Owner Occupied 350.00 - 350.00

8 208 Owner Occupied 350.00 - 350.00

9 209 Owner Occupied 350.00 - 350.00

10 210 Owner Occupied 350.00 - 350.00

11 211 Inventory Home - - -

12 212 Owner Occupied 350.00 - 350.00

13 213 Owner Occupied 350.00 - 350.00

14 214 Owner Occupied 350.00 - 350.00



17 217 Owner Occupied 350.00 - 350.00

18 2 BD House Rental 700.00 - 700.00

19 3 BD House Rental 725.00 - 725.00

Monthly Total 5,750.00 - 5,750.00

Annual Total 69,000.00 - 69,000.00

Owner Occupied 11 57.89%

Contract Sale 1 5.26%

House 2 10.53%

Inventory Home 1 5.26%

Vacant Site 4 21.05%

Total 19 100.00%

Site Status Summary

OAKWOOD MHC RENT ROLL - MAY 2019

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OAKWOOD MHC

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OAKWOOD MHC

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OAKWOOD MHC

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OAKWOOD MHC

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OAKWOOD MHC

For more information please contact:

Mark Wisely

Wisely Commercial Realty

Office: (317) 758-5032

Cell: (317) 590-4522

[email protected]

Adam McNeil

Wisely Commercial Realty

Office: (317) 564-8339

Cell: (303) 919-7637

[email protected]

manufactured housing community for sale oakwood … · property overview wisely commercial realty...

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