• Applewood MHC is a 45-site, all-age community at 84% economic occupancy positioned on 6 acres of land located near three large MSAs with a total population of over 3.5 million. The park is serviced by public utilities that are direct billed to tenants.
• According to the owner, both April and May rents are being collected without any tenant issues. This is mostly consistent with what MHC owners are telling us around the country.
• The existing lender has expressed interest in financing the acquisition for a qualified borrower.
• The community is within a 5-minute drive from Cargill Value Added Meats, the employer of choice for many of the area’s residents. Cargill is the largest employer in Otoe County and a major source of food supply for the country.
• Offering includes 3 park-owned homes, all of which are currently occupied averaging $243 for the home rent portion. Low number of vacant homes in community indicates strong demand for affordable rents in Nebraska City and provides an owner the opportunity to bring in more tenants to fill the remaining vacant spaces. The owner recently brought in 4 used homes that were all sold within 30 days, including 1 in cash.
• The Owner recently spent approximately $44,000 in capital expenditures for bringing in 4 new homes ($33K), road upgrades ($9.2K), and tree trimming ($1.8K). Gravel roads have been well maintained and owner plans to re-gravel at some point during the spring/summer of 2020.
• Property sits on an elevated plane. With recent Midwest flooding issues, the park has seen increased inquiries and demand from displaced people.