NAI Farbman/NAI Daus has been retained as the Exclusive Agent to extend the opportunity to acquire Rustic Pines, a manufactured housing community that contains 131 developed home sites.
Rustic Pines features a good mix of homes with a critical mass of more modern vintages giving the community a newer feel versus some of the competition with only metal on metal homes.
Rustic Pines offers an attractive in-place cash flow, with approximately 68% physical occupancy and 54% revenue occupancy. Current NOI trend is estimated to be $120,000 based on the current rent roll and current expense trend. NOI with 14 current non-revenue dealer homes and 4 abandoned home rented will rise to over $190,000. This is prior to any initiative to bring in new homes, making an acquisition of Rustic Pines a unique investment opportunity in the Greater Cleveland market. The current management has made significant investments in 2015, including but not limited to the addition of a new management office, complete renovation of the water pump house and equipment, addition of grating over the water treatment system, tree removals, road patching and more.
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