SHORT SALEW A V E R L Y M H C

A 2 5 - S I T E M A N U F A C T U R E D H O M E C O M M U N I T Y I N V E S T M E N T O P P O R T U N I T Y

W A V E R L Y M H C

2 9 1 7 7 T r a i l e r L n . , W a v e r l y , V A 2 3 8 9 0

P r i c e : $ 3 0 0 , 0 0 0

Suss

ex D

r

40

W A V E R L Y M H C

NOTE:1 Proforma GSR grown 0% from the rent roll 2 Home Rental Income based on current rent roll3 Adjusted Utilities grown 3% from 20114 Proforma Taxes = 2011 Tax grown by 3%5 Numbers do not reflect actual expense

INCOME PROFORMA PER SITE

GROSS SCHEDULED RENT1 $75,000 $3,000Less: Vacancy 15,000 600

Less: Bad Debt 18,750 750

TOTAL RENTAL INCOME $41,250 $1,650Plus: Home Rental Income2 29,925 1,197

EFFECTIVE GROSS INCOME $71,175 $2,847OPERATING EXPENSES PROFORMA PER SITE

Repairs and Maintenance 23,750 950

Administrative 2,500 100

Marketing 625 25

Utilities3 7,575 303

TOTAL VARIABLE EXPENSES $34,450 $1,378Taxes4 1,091 44

Insurance 925 37

Management Fees 4,271 171

TOTAL OPERATING EXPENSES $40,736 $1,630Plus: Capital Reserves5 1,000 40

TOTAL EXPENSES $41,736 $1,669NET OPERATING INCOME $29,439 $1,178

Location 29177 Trailer Ln Waverly, VA 23890

County Sussex

Total Sites 25

Tax Parcel ID 000009181-001

Community Type All Age

Economic Occupancy 80% (as of June 2012)

Avg Land Lease Rents $250 (Includes Trash)

Inventory Homes 22 (Included in Sale) Occupied 19 (as of June 2012) Vacant 3 (as of June 2012)

Inventory Home Rent $200

Land Size 19.5 acres (1.28 sites per acre)

Roads Gravel

Utility Systems Water Town of Waverly (Individually metered) Sewer Town of Waverly (Individually metered) Electricity Prince George Electric Co-op Trash Atlantic Waste Company

SITE INFORMATION

Rare opportunity to purchase a well-maintained, • low-density 25 site community with expansion possibility

Community is serviced by public water and public • sewer

There are 22 inventory homes included in the sale, • 19 of which are currently occupied and generating income

Entirely single section homes with off street parking•

Opportunity to grow occupancy by bringing in • new/used homes and to increase rental rates - no rent control in Virginia

Conveniently located in Waverly, VA, a town of • roughly 2,400 residents situated between Richmond, VA, the state capitol 45 miles to the northwest, and Norfolk, VA, 55 miles to the southeast

Close proximity to major thoroughfares, such as • HWY 460 which leads to Petersburg, VA, 25 miles to the northwest and to Suffolk, VA, only 39 miles to the southeast

Richmond is the third largest metropolitan area in • Virginia, with more than 1,269,000 people in the MSA. It is also the state capitol and home to the United States Court of Appeals for the Fourth Circuit, and the Federal Reserve Bank of Richmond

Located at the mouth of the Chesapeake Bay, • Norfolk is part of the Hampton Roads MSA, the second largest in the state with a population of over 1,670,000, and is considered to be the historic, urban, financial, and cultural center for the region. It is also home to the Norfolk Naval base, the world’s largest such base

Waverly itself is home to one of the state’s principal • forestry offices and the surrounding area has long been the state’s largest timber producing region

The local economy of Sussex County is largely • based on agriculture and agricultural-related manufacturing. Principal crops include peanuts, cotton, corn and tobacco

INVESTMENT HIGHLIGHTS

AREA HIGHLIGHTS

W a v e r l y M H CP r i c e : $ 3 0 0 , 0 0 0T e r m s : A l l C a s h

FINANCIAL ANALYSIS

W A V E R L Y M H C

GREAT DISMALSWAMP NATIONALWILDLIFE REFUGE

360

64

64

95

85

295

95

288

76

295

460

460

58

13

664

13

264

168

W A V E R L Y M H C

RICHMOND

NORFOLK

CHESAPEAKE

WAVERLY

PETERSBURG

GLOUCESTER

HAMPTON

NEWPORTNEWS

CHESAPEAKEBAYCOBHAM

BAY

BURWELLBAY

MOBJACKBAY

SUFFOLK

SPRING GROVECOLONIAL NATIONAL

HISTORICAL PARK

POCAHONTAS STATEPARK & FOREST

WAVERLY MHC LOCATION MAP

HOUSING COST COMPARISONLocal Waverly Housing Cost Comparison

Type Price Int. Rate* Amort.* Montly P&IMonthly

TaxesMonthly

Home RentMonthly Site

Rent Monthly TotalDown

Payment

Average SW home in Waverly MHC $10,000 10.00% 15 $107 $5 - $220 $332 $500

Average SW rental in Waverly MHC - - - - - $200 $250 $450 $150

2 Bed Apt Rent - Waverly Village Apts - - - - - $609 $0 $609 $609

2012 Median Single Family Home Price $114,814 7.00% 30 $726 $144 - - $869 $5,741Notes:

2. PMI insurance, homeowner’s insurance, closing costs were disregarded for purposes of simplicity3. Taxes are assumed to be 1.5% of the home value4. Average home price in subject is estimate based on age and quality of park5. Avg Apt Rental costs from Waverly Estates Apts in Waverly, VA6. 2012 Estimated Median All Owner Occupied Housing Value w/ in 5-mile radius* Estimates based on current market

1. Down payment assumption is 5%

We believe that Waverly MHC is well positioned among competing housing options. As illustrated below, the price point to rent or own a manufactured home in Waverly MHC compares favorably to what it would cost to rent a local apartment of similar size, or to buy a stick built single family home in the area.

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.

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PRESENTED BY

ARA National Manufactured Housing Group

FOR MORE INFORMATIONON THIS PROPERTY

PLEASE CONTACT

NATIONAL MANUFACTURED HOUSING GROUP:

Brian Vita 512.637.1221

bvita@ARAusa.com

Andrew Shih 512.637.1219

ashih@ARAusa.com

901 S. MoPac Expressway Barton Oaks Plaza II, Suite 275

Austin, Texas 78746 Tel: 512.637.1237

Fax: 512.637.1740