FOR SALE. Texarkana, TX $1,100,000 MultiFamily S. Lake Drive PROPERTY HIGHLIGHTS

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1 $1,100,000 MultiFamily Texarkana, TX FOR SALE 5601 S. Lake Drive PROPERTY HIGHLIGHTS Approximately 75% leased park in vibrant, growing area. Located near intersection of Hwy 59 & I 369 in Texarkana, TX. Separate electric(owned by electric company) and water meters (owned by park) at each home. Combination tenant-owned homes (11) and parkowned homes (32, with 4 vacant), 7 vacant lots, 2 RV pads. Total: 52 pads. NOI $92, Priced at $1,100,000 Offered by McAdams and Associates, TX License # , Marty McAdams Cathy Anderson, CCIM cathy.anderson@crye-leike.com

2 Table of Contents Property Description... 3 Property Photos... 4 Additional photos... 5 Rent Roll... 6 Financials... 7 Maps... 8 Maps and Aerials... 9 Regional Map Parcel outline Demographics Demographics... 13

3 PROPERTY DESCRIPTION Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX Cavalier Mobile Home Park Texarkana, TX Cavalier Mobile Home Park is a 52 pad park located in the busy city of Texarkana, TX. Park is approximately 75% occupied, with 4 park-owned units available, 7 vacant mobile home lots and 2 vacant RV spaces. 28 park-owned homes are in the process of becoming tenant-owned through rent-to-own (RTO) process, with tenants paying all maintenance and utility costs.lots are all separately metered for electric and there is all city water and sewer in the park. Owners read park-owned water meters and bill tenants back for water usage monthly. Lot rent is currently $260/pad with park owners responsible for taxes, sewer and common electric. The park is located off of Hwy 59, just a couple of miles off of I 369. The city of Texarkana is located just west of the Texas/Arkansas border and Bowie County, where the park is located, boasts a population of over 90,000. The county is 89,306 square miles. The park is a quiet, family type community, with play equipment and families abounding. The tenants are a mix of selfemployed and traditionally employed and the current tenants recommend new tenants to the manager when space becomes available. This park is very well run with management completing background checks on all applicants before approving applications. There is a real pride of ownership in this park, evident by the neatly manicured lawns, lawn decorations, flowers and play equipment in front of some of the units. The park is just down the road from the local elementary school and management states that there are many families with children in the park. NOI estimated at $92,000: Asking price: $1,100,000 Offered by: McAdams and Associates, TX License # , Marty McAdams Cathy Anderson, CCIM cathy.anderson@crye-leike.com Page 3

4 PROPERTY PHOTOS Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX View of homes Speed limit sign near entry Entry with sign from Highway 59 Mailbox station near front Play area next to home View of more homes Cathy Anderson, CCIM Page 4

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6 Apr-18 Cavalier Mobile Home Park Rent Roll Number Lot # Tenant/Park- Owned or RV 1 1a Vacant Lot Lot Rent Home Rent Total Rent 2 2 POH $ $90.00 $ TOH $ $0.00 $ Vacant Lot 5 5 POH $ $ $ POH $ $ $ POH $ $ $ TOH $ $ POH $ $ $ TOH $ $ POH $ $ $ POH $ $ $ POH $ $ $ POH $ $90.00 $ POH $ $ $ Vacant POH - Needs some work prior to renting Vacant POH - ready to rent, possibly next week $ $ $ $ $50.00 $ POH $ $ $ POH $ $ $ POH $ $ $ TOH $ $ Vacant Lot $ Vacant Lot $ POH $ $ $ TOH $ $ TOH $ $ Vacant POH - being remodeled $ $ $ TOH $ $ POH $ $ $ POH $ $ $ POH $ $ $ TOH $ $ RV Lot $ POH $ $ $ POH $ $ $ POH $ $ $ POH $ $ $ POH $ $ $ Vacant Lot $ Vacant Lot $ POH $ $ $ a RV $ TOH $ $ Vacant Lot $ Vacant POH - needs some work prior to renting $ $ $ POH $ $ $ TOH $ $ TOH $ $ POH $ $50.00 $ POH $ $ $ POH $ $ $ POH $ $ $ Total $16,

7 Cavalier Mobile Home Park Financials Gross rents: $167, Expenses: Taxes: $8, Insurance: $10, Trash: $7, Water: $21, ($17, of this figure was Gas & Electric: $ billed back to tenants in 2017) Utilities: $1, Maintenance: $3, Home Repair: $7, Equipment Purchases: $ License/Permits: $50.00 Telephone: $1, Management Fee: $10, Advertising: $48.00 Office Supplies: $ Professional Fees: $3, Postage & Delivery: $13.30 Total Expenses: $75, NOI: $92, Asking price: $1,100,000 Cap rate:.084

8 S E C T I O N I M a p s

9 MAPS AND AERIALS Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX S.Lake Drive, Texarkana, TX Cavalier Mobile Home Park Cathy Anderson, CCIM Page 9

10 REGIONAL MAP Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX Cathy Anderson, CCIM Page 10

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12 S E C T I O N I I D e m o g r a p h i c s

13 DEMOGRAPHICS Cavalier Mobile Home Park 5601 S. Lake Drive Texarkana, TX Population Characteristic 1 Mile 3 Mile 5 Mile Ages ,715 Ages ,334 Ages ,232 Ages ,186 Ages ,111 Ages ,984 Ages ,880 Ages ,845 Ages ,909 Ages ,042 Ages ,026 Ages ,916 Ages ,665 Ages ,343 Ages ,016 Ages Ages Race Characteristic 1 Mile 3 Mile 5 Mile Non Hispanic White 1,859 6,290 18,388 Population Black 301 2,603 9,821 Population Am In/AK Nat Household Income 1 Mile 3 Mile 5 Mile Median Household Income $45,934 $35,556 $37,382 < $ ,600 $10000-$ $15000-$ $20000-$ $25000-$29999 N/A $30000-$ $35000-$ $40000-$ $45000-$ $50000-$ ,018 $60000-$ ,088 $75000-$ $ $ $ $ N/A $ $ > $ Characteristic Housing 1 Mile 3 Mile Housing Units 1,089 3,449 Occupied Housing Units 996 3,138 Owner Occupied Housing Units 724 2,114 Renter Occupied Housing Units 272 1,024 Vacant Housing Units Cathy Anderson, CCIM cathy.anderson@crye-leike.com Page 13