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 – LOWELL INDIANA
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 – LOWELL INDIANA
OAKWOOD MHC
OAKWOOD MHC – LOWELL, IN
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OAKWOOD MHC – LOWELL INDIANA
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 – LOWELL INDIANA
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 – LOWELL INDIANA
OAKWOOD MHC
Count Site Unit Type Income Other Income Total
1 101 Owner Occupied 350.00 - 350.00
2 102 Vacant Site - - -
3 103 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
15 215 Vacant Site - - -
16 216 Vacant Site - - -
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 – LOWELL INDIANA
OAKWOOD MHC
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OAKWOOD MHC – LOWELL INDIANA
OAKWOOD MHC
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OAKWOOD MHC – LOWELL INDIANA
OAKWOOD MHC
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OAKWOOD MHC – LOWELL INDIANA
OAKWOOD MHC
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OAKWOOD MHC – LOWELL INDIANA
OAKWOOD MHC
For more information please contact:
Mark Wisely
Wisely Commercial Realty
Office: (317) 758-5032
Cell: (317) 590-4522
Adam McNeil
Wisely Commercial Realty
Office: (317) 564-8339
Cell: (303) 919-7637