6945 Navarre Pkwy, Navarre, FL 32566

The Subject Package is a two-park manufactured housing portfolio in Florida with stable occupancy and defined operational upside. The communities are in Crestview and Navarre, FL supported by median single-family home values of approximately $273,000 and $415,000, respectively.

The portfolio is comprised primarily of tenant-owned homes, with only five rental units across both communities. In-place rents are below market, and the portfolio includes seven vacant lots that can be infilled, providing a clear path to incremental NOI growth without entitlement risk.

Both communities are served by city water and septic systems. At the Crestview property, water is direct-billed to residents, sewer is septic, and the community pays for trash service. At the Navarre property, water is billed back to residents, sewer is septic, and the community pays for trash service. Residents are responsible for lawn care at both properties.

All rental and rent-to-own homes were fully renovated within the past two years. Ownership converted most rentals to short-term RTOs with small balances and short maturities. Repairs and maintenance expenses were elevated during this period and have been adjusted downward in the proforma to reflect stabilized operations. Roads at the Crestview community were recently paved, and the city also completed paving on the public road leading into the property. Legal and accounting expenses were temporarily elevated due to eviction activity tied to the renovation and RTO conversion process.

Based on underwriting assumptions that include modest 5% annual rent increases, the portfolio is projected to generate an approximately 11.9% cash-on-cash return and a 20% IRR by year five.