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KEITH WILSON CO. 10/21/2013

MOBILE HOME PARK REAL ESTATE BROKERAGE

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2608 RISING STAR

EDMOND. OK 73034 CELLULAR: (405) 414-9803

E-MAIL: kwilsonco@

9/2011

FOR SALE-VALUE ADD

COUNTRY HILLS MOBILE HOME PARK

2800 Country Club Road

Ada, OK

150 pads

$1,000,000

$185 pad rent

2 star park (“C” class)

43% occupancy (65 tenants on 10/2013)

Tenant pays city water/sewer-submetered. Owner pays trash.

41 flat acres (fronts on Country Club Road)

20 abandoned homes are being removed from the park

2 park-owned homes, 80’s models, rent for $600 each, valued at $15k total.

Brick office is unoccupied

Income: pad-$145 k, home rental-$10k, total of $155k.

Asphalt streets in poor condition-deferred maintenance

Country Hills Mobile Home Park was purchased by the current owners 7 years ago and was 100% occupied. The park is located just outside the city limits of Ada, OK. to the north. It is close to the Chickasaw Casino, airport and a newer vibrant commercial corridor with retail, hotels, restaurants, etc. Ada is a healthy city in southern OK, with a population of 17,000 and is the county seat of Pontotoc county.

The information contained herein, while gathered from sources deemed reliable, cannot be guaranteed

INCOME/EXPENSE (est.)

INCOME (est.)

Pad: $185 @65…………………….$144,300

Home rentals: 2 @ $415………… ….. 9,960 (1)

Total………………………………..$154,260

EXPENSES (est.)

Payroll………………………………$34,800 (2)

Trash…………………………………..9,000

Utilities………………………………. .5,000

Taxes…………………………………11,000

Insurance…………………………….. 8,000

Legal/acct…………………………… ..4,000

R/M…………………………………. .10,000

Office………………………………… .2,000

Total…………………………………$83,800 (54%)

NOI……………………………………..$70,460

(1) Home rental income is the total rental of $600/mo. minus the pad component of $185/mo.

(2) Payroll comprises 2 maintenance at $1,200/mo. each and mgr. at $500/mo.

SALES INFORMATION

Sales price……………………… $1,000,000

Existing debt…………………… …$750,000, Vision Bank,

Ada, OK

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Price/pad…………………………….$6,666

Cap Rate………………………………7.04%

GRM…………………………………..6.48x

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