Meadowbrook Court MHC
17-Lot MHC - 11% Cap Rate - 94% Occupied - Public Utilities (Direct Billed) - All Park-Owned Homes
Marketing description
Property Overview
The subject property is a 17-lot manufactured home community. All homes on-site are park owned homes.
The rents range from $400-$825 per month.
The park is self-managed by the seller. Two tenants help with the maintenance and lawn care around the community at an hourly rate.
The road along the perimeter of the community is paved and maintained by the city of Windsor.
Water/Sewer Infrastructure
The water and sewer are public utilities, provided by the city of Windsor, in which a majority of tenants are directly billed for their usage. Lots 1, 3, 7, and 10 are not directly billed, rather the community owner pays for their usage and the tenants reimburse the community owner.
The sewer lines are operating without any issue, but the seller is in the process of replacing the old clay lines. Currently, half the community is serviced by 4" clay lines, while the other half is serviced by 6" PVC lines. The seller has the materials to complete the remainder of the community, but has not yet completed the project.
There are sewer clean-outs ever 75' throughout the property.
Utility Overview
The electricity, gas,and trash are all directly billed to the tenants. The electricity is provided by Evergy, the gas by Spire Energy, and the trash by Ditzfeld Trash Service.
Investment highlights
Market Rent
The market suggests lot rent should be at or above $350 per month.
Comparable Lot Rents:
Lakeside Mobile Home and RV Park (Warrensburg, MO): $375/month
Four Seasons Mobile Home Park (Warrensburg, MO): $450/month
Meadowlark Mobile Home Park (Sedalia, MO): $370/month (includes water/sewer)
Whiteman Estates (Knob Noster, MO): $360/month
Rent-to-Own Option
A new buyer would have the ability to sell the homes on contract to the current tenants in order to reduce maintenance costs and increase cash flow throughout the terms of the contracts.
Our valuation assigns a lot rent value of $350 per month, with an additional $470 per month per home over a 5-year period for the Rent-to-Own portion. This assumes each home is sold for an average of $28,000.
Local Demographics and Economy
Windsor, Missouri is located at the intersection of Missouri state highways 2 and 52. It is approximately an hour drive from Windsor to Kansas City and an hour and a half drive to Jefferson City (Missouri's Capital City).
There are just over 3,000 people that live in Windsor. The median household income is $42,000 per year and the median property value is $96,400.
The median age of Windsor residents is 38.2 years old.
The largest employment sectors within Windsor are Healthcare and Social Assistance (30%), Manufacturing (12.8%), Construction (11.3%), and Retail Trade (9.84%).
The largest employers in the area are: Golden Valley Memorial Healthcare, Tracker Marine, and Schreiber Foods.
The average commute time for Windsor residents is 26.3 minutes. An estimated 35.6% of Windsor residents drive less than 15 minutes each day for their commute to work.
The community is located 15 miles from Whiteman Air Force Base. A military installation since 1942, which provides 3,000 jobs to active duty military members and 2,500 full time civilian jobs.
The community is also located less than 30 miles from Warrensburg, Missouri, which is home to the University of Central Missouri. The University of Central Missouri employs about 680 staff members ranging from professors to food service.
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