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376 SITE COMMUNITYCOMMUNITY PRICE: $10,000,000

TERMS: ALL CASH OR NEW FINANCING

SITE INFORMATION

ADDRESS 3200 U.S. 1Fort Pierce, FL 34982

COUNTY St. Lucie

TAX PARCEL ID 2427-111-001-000/5

SITES 376 (includes 90 upgraded to also accommodate RV)

COMMUNITY TYPE 55+

YEAR BUILT 1971

LAND SIZE 58.22 acres

DENSITY 6.46 sites/acre

INVENTORY HOMES 41 (29 vacant as of Jan ‘17)

AVERAGE MH RENT $529* (includes water and sewer)

RV DAILY RENT $35

RV WEEKLY RENT $205

RV MONTHLY RENT $800 in-season/$675 off-season

MH PHYS OCC 36% (136 sites as of Jan ‘17)

MH ECO OCC 28% (107 sites as of Jan ‘17)

ROADS Asphalt

ZONING R-4 (medium density residential district)

FLOODPLAIN Zone X, Zone AH (see FEMA map)

PROPERTY WEBSITE http://www.sandhillshores.com

UTILITIES

WATER City of Fort Pierce (included in rent)

SEWER City of Fort Pierce (included in rent)

ELECTRICITY City of Fort Pierce (direct billed w/ trash)

TRASH City of Fort Pierce (direct billed w/electric)

GAS City of Fort Pierce (direct billed)

PROPERTY DETAILS

INVESTMENT HIGHLIGHTS

• Property was bought from a bank a couple of years ago after initially going into receivership in 2008. Since then significant work has been done to the community including upgrades or renovations to the clubhouse/office, amenities, roads, entrance security and removal of approximately 70 old homes.

• Extremely rare opportunity to acquire a gated, high quality 55+ MHC in Florida’s booming coastal seniors market with an opportunistic angle to add significant value by taking occupancy back up to high, historical levels creating a trophy asset for the buyer.

• Current owner has yet to bring in a home sales team; with a growing seniors demographic and less than 30% MH occupancy, the park is perfectly positioned for the next owner to sell homes with ideal price points in the $40k to $60k range.

• Property was bought out of distress a couple years ago and significant work has been done to the community including upgrades or renovations to the clubhouse/office, amenities, roads, and entrance security gate.

• Owner inherited 46 homes with the community in varying condition and they believe all of the vacant homes are salvageable and those that need work would cost about $13k per home.

• 90 MH lots have been upgraded to also accommodate RVs to increase cash flow as the park is filled and to capture RV tenants to eventually become home owners.

• The RV section of the park fills up during the peak season, and the city appears open to the idea of the park adding more RV sites.

• The community features an impressive amenity package with a swimming pool, horseshoe pit, library, business center, gym, shuffleboard and card/game room.

• Property is gated with off-street parking, an attractive layout and mostly doublewide homes with average lot sizes of approximately 40 x 60 feet. Roughly 75% of MH residents live in the community full time.

• Community is on public utilities and may be a strong candidate to add submeters for water/sewer, which is currently included in rent.

• Existing tenants and the city are reportedly strong supporters of the subject park filling back up as a thriving, active, affordable retirement manufactured home community.

AREA HIGHLIGHTS

• Minutes from the beach, Sandhill Shores offers residents convenient access to Fort Pierce’s many waterfront attractions, restaurants and shops.

• Palm Beach International Airport is an hour to the south and serviced over 6.3 million passengers in the year that ended 2/29/2016. The Orlando International Airport is less than two hours from Fort Pierce and services over 40 million passengers annually.

• Fort Pierce Inlet State Park is minutes from the community and one of the area’s most popular attractions with annual visitation over 200,000.

• Sandhill Shores borders the Savannas Preserve State Park, a 6,000-acre park stretching ten miles from Fort Pierce to Jensen Beach. The park features over nine miles of trails, a recently expanded education center and a new canoe launch.

• Nearby shopping includes the Treasure Coast Square Mall, the Fort Pierce Farmer’s Market, and the many local shops located downtown.

• A wide range of entertainment options are a short drive from the property including multiple golf courses, the Sunrise Theater, the St. Lucie County Aquarium, waterfront parks, dolphin and whale watching, and the Navy Seal Museum.

• Fort Pierce is about a two-hour drive to some of Florida’s most popular tourist attractions in Orlando and Miami.

• The Fort Pierce market offers retirees the warm weather, sandy beaches and relaxed lifestyle of the Sunshine State without the high expenses that put markets like Miami, Orlando and Tampa out of reach.

• According to an HSBC study, 70% of retirees experience a drop in income after retiring, making affordable housing like Sandhill Shores an attractive alternative to expensive traditional housing for the estimated 10,000 baby boomers retiring every day.

*Does not factor in 8 “lifetime leases” that pay $275/mo



FINANCIAL ANALYSIS

1

2 Gross Scheduled Rent3 Less: Vacancy 5.00%

Less: Bad Debt 0.25%

Less: Concessions 0.02%4 Less: Lifetime Leases 1.02%

Total Rental Income 93.71%5 Plus: Electric Income 06 Plus: Water & Sewer Income 597

Plus: Other Income 735 Plus: RV Income 07 Plus: Tax Passthrough 87

Total Other Income 757

Effective Gross Income

EXPENSES per site

Repairs & Maintenance $200

Payroll 300

Administrative 70

Marketing 20

Professional Fees 158 Utilities 0

Electricity 133

Water 302

Sewer 400

Gas 9

Trash 100

Total Variable Expenses $1,5499 Taxes 436

Insurance 200

Management Fee 3.00%

Total Operating Expenses $2,38610 Plus: Capital Reserves 50

Total Expenses $2,436

NET OPERATING INCOME

Expense Ratio

2015 Actuals

3,334

243

88 33,235

443

36.36%

150,346

119,231

75,2004.80%

30

$1,052

$203,474

0

$1,707

349

0

$1,603,411

73.90%

$164,994

79.55%

131,134

0

$575,970$1,532

46,176123

44,876

22

$362,237

119

1,6454

$1,532

37,5584.82%

8,112

346

$963

$575,970

130,000204

$395,594

76,543

0

38,745$642,016

#DIV/0!

Actual Exp

#DIV/0!

#DIV/0!

#DIV/0!#DIV/0!

0.00%

2,073

0

0

39

$553,793

0

98.92%

0

14,716

5,683546

0.00%

0.37%

015

0

225,651600

0

$76,095

Actuals

$779,444

per site

$202

$583,202

511

62

$76,032

0

99.92%

0.00% 0

0.00%

0.08%

00

443

Jan'15 T0

Financial Analysis

2016 Actuals

$559,865 $583,645

0.71% 4,000 0.00%

8,36622

0 0205,252 192,189

#DIV/0!

92

$202

per site

$807,010

$1,707 $642,016 $915,896

#DIV/0!

#DIV/0!

$2,234,645

224,462

7,520

$75,200112,800

0

Proforma Exp

#DIV/0!#DIV/0!

163,917

113,72750,000

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

24,337

$2,384,617

5,962

INCOME#DIV/0!

#DIV/0!

Proforma @ 95% Occ11

#DIV/0!

#DIV/0!

284,662

#DIV/0!

#DIV/0! 027,416

#DIV/0!

26,320

#DIV/0!

23,253

0

309

43

595 223,808

65,407

#DIV/0!

Actual Exp

22 8,11816

174

5,999

65,601 174

0

116,079

5 1,77316,071

34,70445,878122

3 1,01711,447

18,800

#DIV/0!

$897,09675,579

32,783

$582,400

#DIV/0!

$2,519,307

72

37,513

91,5167227,037

#DIV/0! 5,6400

27,185

#DIV/0!#DIV/0!

#DIV/0!

1

2 Gross Scheduled Rent3 Less: Vacancy 5.00%

Less: Bad Debt 0.25%

Less: Concessions 0.02%4 Less: Lifetime Leases 1.02%

Total Rental Income 93.71%5 Plus: Electric Income 06 Plus: Water & Sewer Income 597

Plus: Other Income 735 Plus: RV Income 07 Plus: Tax Passthrough 87

Total Other Income 757

Effective Gross Income

EXPENSES per site

Repairs & Maintenance $200

Payroll 300

Administrative 70

Marketing 20

Professional Fees 158 Utilities 0

Electricity 133

Water 302

Sewer 400

Gas 9

Trash 100

Total Variable Expenses $1,5499 Taxes 436

Insurance 200

Management Fee 3.00%

Total Operating Expenses $2,38610 Plus: Capital Reserves 50

Total Expenses $2,436

NET OPERATING INCOME

Expense Ratio

2015 Actuals

3,334

243

88 33,235

443

36.36%

150,346

119,231

75,2004.80%

30

$1,052

$203,474

0

$1,707

349

0

$1,603,411

73.90%

$164,994

79.55%

131,134

0

$575,970$1,532

46,176123

44,876

22

$362,237

119

1,6454

$1,532

37,5584.82%

8,112

346

$963

$575,970

130,000204

$395,594

76,543

0

38,745$642,016

#DIV/0!

Actual Exp

#DIV/0!

#DIV/0!

#DIV/0!#DIV/0!

0.00%

2,073

0

0

39

$553,793

0

98.92%

0

14,716

5,683546

0.00%

0.37%

015

0

225,651600

0

$76,095

Actuals

$779,444

per site

$202

$583,202

511

62

$76,032

0

99.92%

0.00% 0

0.00%

0.08%

00

443

Jan'15 T0

Financial Analysis

2016 Actuals

$559,865 $583,645

0.71% 4,000 0.00%

8,36622

0 0205,252 192,189

#DIV/0!

92

$202

per site

$807,010

$1,707 $642,016 $915,896

#DIV/0!

#DIV/0!

$2,234,645

224,462

7,520

$75,200112,800

0

Proforma Exp

#DIV/0!#DIV/0!

163,917

113,72750,000

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

#DIV/0!

24,337

$2,384,617

5,962

INCOME#DIV/0!

#DIV/0!

Proforma @ 95% Occ11

#DIV/0!

#DIV/0!

284,662

#DIV/0!

#DIV/0! 027,416

#DIV/0!

26,320

#DIV/0!

23,253

0

309

43

595 223,808

65,407

#DIV/0!

Actual Exp

22 8,11816

174

5,999

65,601 174

0

116,079

5 1,77316,071

34,70445,878122

3 1,01711,447

18,800

#DIV/0!

$897,09675,579

32,783

$582,400

#DIV/0!

$2,519,307

72

37,513

91,5167227,037

#DIV/0! 5,6400

27,185

#DIV/0!#DIV/0!

#DIV/0!

1. Actual numbers based on financials provided by the client

2. Proforma GSR = $529 x 376 sites x 12 months; $529 average rent based off of current rent roll and does not factor in lifetime leases

3. Proforma vacancy set to 5%; Average occupancy of 55+ communities other than Sandhill Shores in St Lucie County is 98% per the 2016 JLT report

4. Eight tenants on lifetime leases who pay rent of $275/month per the Dec ’16 rent roll are netted out

5. Proforma assumes that all RV sites are converted back into MH sites thus there is no RV or electric income

6. Proforma Water and Sewer Income assumes that water and sewer is billed to tenants at 85% recovery

7. Proforma Tax Passthrough assumes that 100% of property tax increase is passed on to tenants (about $25 per tenant at current occupancy)

8. Proforma utility expenses grown in proportion to the number of filled sites; Electricity expense is lowered to $50k to cover the common areas, office and amenities

9. Proforma taxes grown 25%; 2015 assessed value = $4,734,300; 2015 mill rate = $2.6151 per $100; An extra tax payment of $129,548.85 was made in 2016 and has been removed in the 2016 column

10. Historical Capital Reserves are unknown and do not represent actual amounts

11. Proforma is projection put together by ARA Newmark and may not represent actual future performance

UNDERWRITING ASSUMPTIONS



Rent comparables

1 Spanish Lakes CC 1 Las Casitas, Fort Pierce, FL 34951 1300 98% $525 None $525

2 Tropical Isles MHP 5556 S Federal Hwy, Fort Pierce, FL 34982 143 100% $550 T/L $510

3 Spanish Lakes Fairway 13987 Geranio Court, Fort Pierce FL 34951 1573 98% $530 None $530

4 Spanish Lakes Riverfront 157 Camino Del Rio, Port Saint Lucie FL 34952 621 100% $510 None $510

5 La Buona Vita MHP 8601 S US Hwy 1, Port Saint Lucie FL 34952 40 100% $448 None $448

Saint Lucie County Area 55+ Communities 735 98% $513 $505

Physical Occupancy

376 36%

Adjusted RentSites Av. Rent

Note: Data from Saint Lucie County 2016 JLT Report; Water = $26/mo, Sewer = $32/mo, Trash = $22/mo, Lawn = $28/mo

Saint Lucie County Area 55+ Communities

3200 U.S. 1, Fort Pierce, FL 34982

Rent IncludesAddress

Sandhill Shores

RENT COMPARABLES

$507 W/S $449

Subject Property#

5

13

4

2



PROPERTY location and site map

MIAMI

TAMPA

ORLANDO

FORT PIERCE



PROPERTY Amenities

• Library• Shuffleboard• Pool

• Gym• WiFi• Clubhouse

• Billiards room• Horseshoe pits• Laundry room

• Card room• Campfire ring• Business center

• Pet friendly• Picnic area• Planned activities



PROPERTY Photos



Nearby attractions

FORT PIERCE

PORT ST LUCIE

Fort PierceFarmer's Market

Savannas PreserveState Park

St. LucieCounty Aquarium

Fort Pierce City MarinaSunrise Theater

Treasure CoastSquare Mall

Navy Seal Museum

Fort Pierce Inlet State Park

Tradition Field

SUNRISE THEATER• A restored theater located in Fort Pierce’s beautiful historic district that hosts Broadway shows, operas,

jazz concerts and more.• Average season attendance of over 85,000.• Annual economic impact of $32MM.

FORT PIERCE INLET STATE PARK• A coastal park offering a wide range of outdoor activities including fishing, camping, hiking, surfing

and more.• Annual visitation exceeding 200,000.• Total direct economic impact of nearly $15MM in 2014 according to the Florida Department of

Environmental Protection.

TRADITION FIELD• Spring training ground for the New York Mets and home to the St. Lucie Mets minor league team.• Has seating capacity of 7,000.• Annual economic impact over $35MM according to a study done by the University of Michigan.

FORT PIERCE CITY MARINA• Public marina featuring amenities such as laundry, showers, an ATM machine, two restaurants and proximity

to Fort Pierce’s downtown attractions. Located on the Intracoastal Waterway, the marina and nearby downtown businesses can tap into Florida’s $10.4B per year recreational boating economy.

• $30.7MM refurbishment and expansion project was completed in 2015. The number of slips was doubled to 274 and 12 man-made islands were added as breakwaters.

N

Jupiter Inlet Aquatic Preserve



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 Group: 901 S. MoPac Expressway, Barton Oaks Plaza II, Suite 275, Austin, TX 78746 T 512.342.8100

Additional information for Sandhill Shores is available on our website at:http://arausa.listinglab.com/SandhillShoresMHC

Jon [email protected] T 303.260.4486

NATIONAL MANUFACTURED HOUSING GROUP

Andrew [email protected] T 512.637.1219

Todd [email protected] T 303.260.4470

PRIMARY CONTACTS:

For a video tour, please visit: https://youtu.be/HshPqW-yiTM

mobile home parks for sale and trailer parks for …...site information address 3200 u.s. 1 fort...

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