RIVERS EDGE MANUFACTURED HOME COMMUNITY Edge... · cap rate (noi/pp) - lot rent only cash purchase return - (cfbd/pp) lot&poh cocr (cfad/dp) - debt purchase exp ratio (exp/egi) total

MAY 2018

CONFIDENTIAL EXECUTIVE OFFERING MEMORANDUMMAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

RIVERS EDGE MANUFACTURED HOME COMMUNITYHAMPTON, TN 37658

MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/ 423-483-0492/[email protected]

TABLE OF CONTENTSOFFERING OVERVIEW• Welcome Letter

RIVERS EDGE MANUFACTURED HOME COMMUNITY• Executive Summary• Key Considerations• Rent Roll• Investment Highlights• Property Description / Infrastructure• Financial Overview• Aerial Map• Demographics• Local Retail & Schools• Location Map & MHP Supply Stores

ADVISOR BIOS

01

03

02

WELCOME LETTERINVESTMENT OPPORTUNITYWe welcome the opportunity to provide you with our in depth overview of Rivers Edge Manufactured Home Community and its position in this current market. We will give you our honest, no holds barred assessment of this 45-lot community so you have a better understanding of how this investment currently performs, its investment potential, and what it takes to get it there.

As leading specialists in the industry, our primary interest is to give you a clear understanding of the driving forces in the current marketplace. Our evaluation is based on verifiable data, market knowledge and proven experience that we feel will serve your best interest at this time.

We invite you to thoroughly review this offering memorandum, If you have further interest, please contact us to discuss any questions you may have, as well as schedule a tour of the property.

GUIDELINES

Offers must be presented in writing and include:

• Price

• Source of capital and relevant experience

• Proposed schedule of due diligence andclosing

• Amount of earnest money

• List of contingencies including committeeapprovals, possible 1031 exchanges, etc.

NOFFERING OVERVIEW | 3MAXWELL BAKER/404-442-2807/[email protected]

GLENN ESTERSON/423-483-0492/[email protected]

PROPERTY ADDRESS: 100 Bertie LaneHampton, TN 37658

PROPERTY TYPE: Manufactured Home Community

TOTAL LOTS: 45 Lots

VACANT PADS: 7

LOT RENT ONLY TENANTS: 38

LOT RENT: $150 - $175 per month

ACRES: ±15.51

PRICE PER PAD: $12,222

EXECUTIVE SUMMARYINVESTMENT OPPORTUNITYHampton, TN (Kingsport-Johnson City-Bristol CMSA) - Well located, stabilized MHP with plenty of up-side in a strong market. The park has 45 lots with 38 lot rent only tenants each paying $150- $175. There are 7 vacant lots. Current occupancy is roughly 85%.

This MHP has shared septic and city water that is sub-metered and is direct billed to the tenant. There are 0 park owned homes. The tenant owned units are in good shape with majority of them being 80s and 90s models. The privately maintained roads are gravel and in good condition as our offering price suggests. The park is NOT in a flood zone. Located in a excellent location near all amenities close to downtown Johnson City and Kingsport.

This park is being offered as a value-add investment with a 8.34% CAP on current lot rent only using a 34% expense ratio plus consideration for the vacant land with MHP zoning that is valued at $225K. The park and land must be purchased together. We are looking for cash offers, however recourse bank debt should be available for this deal. At full price, using back debt (5.5% interest, 15 YR AM, 30% down) the Total Return for the park is 15%+. The price per lot is about $12,222 each and includes full infrastructure for each lot.

We are asking our investors to submit offers at or above $750,000 for the entire park including the additional land. The potential of this park using an 90% occupancy and only calculating the $200 Lot Rent Value and equal consideration for the land is $968K.

RIVERS EDGE MANUFACTURED HOME COMMUNITY | 4MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

KEY INVESTMENT CONSIDERATIONS$52,165

$31,780

$-

$31,780

$20,385

$10,877

$31,2619.48%

9.48%

12.4%

24.4%

18.9%

$10,877

1.64

$12,222

$-

$45,597

$31,780

$31,780

$13,817

$10,877

$24,693 8.34%

8.29%

8.4%

33.9%

15.0%

$10,877

1.43

$12,222

OPERATING CASH FLOW BEFORE DEBTInterest Rate Amort Years Down Payment

DEBT SERVICE #1 5.500% 15 30%

DEBT SERVICE #2 Bank Debt

TOTAL DEBT SERVICE---------------------------------------------------------------------------

CASH FLOW AFTER DEBT----------------------------------------------------------------------PRINCIPAL REDUCTION

TOTAL PRE-TAX CASH FLOW

CAP RATE (NOI/PP) - LOT RENT ONLY

CASH PURCHASE RETURN - (CFBD/PP) LOT&POH

COCR (CFAD/DP) - Debt Purchase

EXP RATIO (EXP/EGI)

TOTAL RETURN (CF+PRIN / DP)

PRINCIPAL REDUCTION

DCR (NOI/DS)

PRICE PER PAD

ADVISED PRICING CURRENT OCCUPANCY

LOT VALUE $550,000 8.33% CAP

6.65 Acres $225,000 $33,835 $/ACRE (6.65+- AC)

TOTAL VALUE $775,000

PRO-FORMA VALUE 90% OCCUPIED

LOT VALUE $743,295 8.50% $200 Lot Rent

6.65 Acres $225,000 $33,835 $/ACRE (6.65+- AC)

TOTAL VALUE $968,294 35% Exp Ratio

Simple Old School Underwriting

Income LOT POH

$69,000 $69,000 $-

$24,150 Gross Expenses - 35% - NO POH

$44,850 NOI - LOT RENT ONLY

8.15% CAP V Value: $550,000INFRASTRUCTURE

Number of Spaces

Number of Park-Owned

Vacant Pads

Number of Vacant Park-Owned

Single-Wide Homes

Double-Wide Homes

Number of Lot Renters

Homes Used for Storage

Road Type Paved

Flood Plane No

Topography Flat

Parking Spaces 2/1

Mowing Responsibilities Landlord

Water / Sewer City Water/Septic

45

0

7 (Plus Expansion Area)

0

36

2

38

0

Gravel

No

Flat

2/1

Tenant

Direct Bill / Shared Septic

Rivers Edge

PROPERTY ADDRESS:

# Pads:

Based on Purchase Price of

Base Rent

Pad Rents

Vacant Pads at Market Rents

Gross Potential Rent Income (GPRI)

Reimbursements

Water Included

Total Expense Reimbursement

GROSS POTENTIAL INCOME (GPI)

VACANCY

EFFECTIVE GROSS INCOME (EGI)

EXPENSES:

R/E TAX

R/E TAX

INSURANCE

INSURANCE

FLOOD INS

MANAGEMENT

PAYROLL

MAINTENANCE

MAINTENANCE

WATER

WELL

SEWER

SEPTIC PUMP

SEPTIC REPAIR

TRASH

ELECTRICTY

ELECTRICTY

LANDSCAPE

LEGAL

ROADS

TOTAL EXPENSES

NOI-----------------------------------------------------------------------------------------

Seller

Current

$69,000

$16,800

$85,800

$-

$85,800

$16,800

$69,000

$3,044

$715

$5,196

$250

$5,624

$726

$-

$555

$725

$16,835

$52,165

Seller POH Expenses

NO POH

NO POH

NO POH

Buyer

YEAR 1

$69,000

$16,800

$85,800

$-

$85,800

$16,800

$69,000

$3,653

$550

$6,900

$1,200

$525

$1,000

$5,850

$775

$-

$1,200

$500

$1,250

$23,403

$45,597

PPP=

List Price:

$12,222.22

$550,000

45

Rivers Edge 100 Bertie Ln Hampton, TN 37658

7 Lots / 0 POH

15.56%

Land

POH

Liability

POH

Not in Flood Zone

PM @ 10%

None

Park Only

POH

Direct Bill

None

Septic - Shared 2/1

2.5% Annual / $250 Pump

None

Included Cans

Street Lights

Tenants - Direct Bill

Manager and Tenant

Private, gravel, good shape


RENT ROLL/INVENTORYUnit Seller Unit # Park Name Unit Type Size Tenant Lot Rent Rent Annual Rent

1 1 Rivers Edge MHP Lot Rent SW Vest 150.00$ 150.00$ 1,800$ 2 2 Rivers Edge MHP Lot Rent SW Woody 150.00$ 150.00$ 1,800$ 3 3 Rivers Edge MHP Lot Rent SW Atwood 150.00$ 150.00$ 1,800$ 4 4 Rivers Edge MHP Lot Rent SW Burleson 150.00$ 150.00$ 1,800$ 5 5 Rivers Edge MHP Lot Rent SW Martinez 150.00$ 150.00$ 1,800$ 6 6 Rivers Edge MHP Lot Rent SW Foerscg 150.00$ 150.00$ 1,800$ 7 7 Rivers Edge MHP Lot Rent SW Odom 150.00$ 150.00$ 1,800$ 8 8 Rivers Edge MHP Lot Rent SW Forrester 150.00$ 150.00$ 1,800$ 9 9 Rivers Edge MHP Vacant Lot Vacant -$ -$

10 10 Rivers Edge MHP Lot Rent SW Johnson 150.00$ 150.00$ 1,800$ 11 11 Rivers Edge MHP Vacant Lot Vacant -$ -$ 12 12 Rivers Edge MHP Lot Rent SW Emerson 150.00$ 150.00$ 1,800$ 13 13 Rivers Edge MHP Vacant Lot Vacant -$ -$ 14 14 Rivers Edge MHP Lot Rent SW Marge 150.00$ 150.00$ 1,800$ 15 15 Rivers Edge MHP Lot Rent SW Vaniver 150.00$ 150.00$ 1,800$ 16 16 Rivers Edge MHP Vacant Lot Vacant -$ -$ 17 17 Rivers Edge MHP Lot Rent SW Arnett 150.00$ 150.00$ 1,800$ 18 18 Rivers Edge MHP Lot Rent SW Davenport 150.00$ 150.00$ 1,800$ 19 19 Rivers Edge MHP Lot Rent SW Mullens 150.00$ 150.00$ 1,800$ 20 20 Rivers Edge MHP Lot Rent SW Carver 150.00$ 150.00$ 1,800$ 21 21 Rivers Edge MHP Lot Rent SW Powell 150.00$ 150.00$ 1,800$ 22 22 Rivers Edge MHP Vacant Lot Vacant -$ -$ 23 Rivers Edge MHP No Lot No Lot -$ -$ 24 Rivers Edge MHP No Lot No Lot -$ -$ 25 Rivers Edge MHP No Lot No Lot -$ -$ 26 26 Rivers Edge MHP Lot Rent DW Pruett 175.00$ 175.00$ 2,100$ 27 27 Rivers Edge MHP Lot Rent SW Burleson 150.00$ 150.00$ 1,800$ 28 28 Rivers Edge MHP Lot Rent SW Keister 150.00$ 150.00$ 1,800$ 29 29 Rivers Edge MHP Lot Rent SW Rhodes 150.00$ 150.00$ 1,800$ 30 30 Rivers Edge MHP Lot Rent SW Isaccs 150.00$ 150.00$ 1,800$


RENT ROLL/INVENTORYUnit Seller Unit # Park Name Unit Type Size Tenant Lot Rent Rent Annual Rent31 31 Rivers Edge MHP Lot Rent SW Wilson 150.00$ 150.00$ 1,800$ 32 32 Rivers Edge MHP Lot Rent SW McJunk 150.00$ 150.00$ 1,800$ 33 33 Rivers Edge MHP Lot Rent SW Oliver 150.00$ 150.00$ 1,800$ 34 Rivers Edge MHP No Lot No Lot -$ -$ 35 35 Rivers Edge MHP Lot Rent SW Wilcox 150.00$ 150.00$ 1,800$ 36 36 Rivers Edge MHP Vacant Lot Vacant -$ -$ 37 37 Rivers Edge MHP Lot Rent SW Ingram 150.00$ 150.00$ 1,800$ 38 Rivers Edge MHP Expansion Lot Expansion -$ -$ 39 Rivers Edge MHP Expansion Lot Expansion -$ -$ 40 Rivers Edge MHP Expansion Lot Expansion -$ -$ 41 Rivers Edge MHP Expansion Lot Expansion -$ -$ 42 Rivers Edge MHP Expansion Lot Expansion -$ -$ 43 Rivers Edge MHP Expansion Lot Expansion -$ -$ 44 Rivers Edge MHP Expansion Lot Expansion -$ -$ 45 Rivers Edge MHP Expansion Lot Expansion -$ -$ 46 Rivers Edge MHP Expansion Lot Expansion -$ -$ 47 Rivers Edge MHP Expansion Lot Expansion -$ -$ 48 48 Rivers Edge MHP Lot Rent SW Bell 150.00$ 150.00$ 1,800$ 49 49 Rivers Edge MHP Lot Rent SW Hardy 150.00$ 150.00$ 1,800$ 50 50 Rivers Edge MHP Lot Rent DW Bob 175.00$ 175.00$ 2,100$ 51 51 Rivers Edge MHP Lot Rent SW Young 150.00$ 150.00$ 1,800$ 52 52 Rivers Edge MHP Lot Rent SW Ostander 150.00$ 150.00$ 1,800$ 53 53 Rivers Edge MHP Lot Rent SW Lyons 150.00$ 150.00$ 1,800$ 54 Rivers Edge MHP Expansion Lot Expansion -$ -$ 55 Rivers Edge MHP Expansion Lot Expansion -$ -$ 56 Rivers Edge MHP Expansion Lot Expansion -$ -$ 57 Rivers Edge MHP Expansion Lot Expansion -$ -$ 58 Rivers Edge MHP Expansion Lot Expansion -$ -$ 59 Rivers Edge MHP Expansion Lot Expansion -$ -$ 60 Rivers Edge MHP Expansion Lot Expansion -$ -$


RENT ROLL/INVENTORYUnit Seller Unit # Park Name Unit Type Size Tenant Lot Rent Rent Annual Rent

61 Rivers Edge MHP Expansion Lot Expansion -$ -$ 62 Rivers Edge MHP Expansion Lot Expansion -$ -$ 63 Rivers Edge MHP Expansion Lot Expansion -$ -$ 64 Rivers Edge MHP Expansion Lot Expansion -$ -$ 65 Rivers Edge MHP Expansion Lot Expansion -$ -$ 66 Rivers Edge MHP Expansion Lot Expansion -$ -$ 67 Rivers Edge MHP Expansion Lot Expansion -$ -$ 68 68 Rivers Edge MHP Lot Rent SW Hall 150.00$ 150.00$ 1,800$ 69 69 Rivers Edge MHP Lot Rent SW Cannon 150.00$ 150.00$ 1,800$ 70 70 Rivers Edge MHP Lot Rent SW France 150.00$ 150.00$ 1,800$ 71 71 Rivers Edge MHP Vacant Lot Clayton Demo Home -$ -$ 72 72 Rivers Edge MHP Lot Rent SW Gaff 150.00$ 150.00$ 1,800$ 73 73 Rivers Edge MHP Lot Rent SW Henson 150.00$ 150.00$ 1,800$ 74 Rivers Edge MHP Expansion Lot Expansion -$ -$ 75 Rivers Edge MHP Expansion Lot Expansion -$ -$ 76 Rivers Edge MHP Expansion Lot Expansion -$ -$ 77 Rivers Edge MHP Expansion Lot Expansion -$ -$ 78 Rivers Edge MHP Expansion Lot Expansion -$ -$ 79 Rivers Edge MHP Expansion Lot Expansion -$ -$ 80 Rivers Edge MHP Expansion Lot Expansion -$ -$ 81 Rivers Edge MHP Expansion Lot Expansion -$ -$ 82 Rivers Edge MHP Expansion Lot Expansion -$ -$ 83 Rivers Edge MHP Expansion Lot Expansion -$ -$ 84 Rivers Edge MHP Expansion Lot Expansion -$ -$


INVESTMENT HIGHLIGHTS• Small Value-Add Park With Motivated Seller• Kingsport-Johnson City TN CMSA• 8.34% CAP on Lot Rent with 34% Exp Ratio• Direct Billed City Water• Large Lots• Lot Rent Only• Price Per Lot = $12,222 (Park Only)• Expandable by 6.65 AC with zoning

• Park could use some landcaping improvements• Tenant Owned Homes are 1980 - 1990s Models• Mom & Pop Operator, Books and Records may be limited

• Additional Land Must Convey With Sale

KNOWN ISSUES


THE OFFERING

PROPERTY ADDRESS: 100 Bertie LaneHampton, TN 37658

COUNTY: Carter

PARCEL NUMBER: 066 021.01066 021.00

SITE DESCRIPTION

# OF PADS: 45

TOTAL LAND AREA: ± 15.51 acres

CURRENT OCCUPANCY: 85%

ZONING: R-3 High Density Residential

MECHANICAL

WATER: Direct Bill Water, Shared Septic

ELECTRIC: Tenants - Direct Bill

PROPERTY DESCRIPTION/INFRASTRUCTURE

INFRASTRUCTURE RIVER’S EDGE MHCNumber of Spaces 45

Number of Park-Owned 0

Vacant Pads 7 (plus expansion area)

Number of Vacant Parked-Owned 0

Single-Wide Homes 36

Double Wide Homes 2

Number of Lot Renters 38

Homes Used for Storage 0

Road Type Gravel

Flood Plane No

Topography Flat

Parking Spaces 2/1

Mowing Responsibilities Tenant

Water/Sewer Direct Bill/Shared Septic

Rivers Edge Manufactured Home Community is located in Carter County, 15 miles East of Johnson City, TN, in the foothills of the Appalachian Mountains and is home to top manufacturers like Snap-on Tools and Borla Performance Industries. The area is also home to Tennessee College of Applied Technology, Alliance for Business and Training, and the Workforce Development Complex. Carter County’s state parks, national protected areas and other historical and outdoor recreational attractions bring approximately 300,000 visitors a year from around the world.


LOT RENT: $150 - $175

PARK-OWNED HOMES: 0

TOTAL PRICE - Park & Land: $775,000

DOWN PAYMENT: 30%

TOTAL PADS: 45

PRICE PER PAD - Park Only: $12,222

PARCEL SIZE: ± 15.51 acres

FINANCIAL OVERVIEW


AERIAL

6.65 AC


DEMOGRAPHICS

1 Mile

3 Miles

5 Miles

2017 SUMMARY 1 MILE 3 MILES 5 MILES 2022 SUMMARY 1 MILE 3 MILES 5 MILES

Population 1,124 5,170 14,723 Population 1,120 5,151 14,678

Households 493 2,229 6,249 Households 492 2,228 6,251

Families 334 1,531 4,251 Families 332 1,522 4,229

Average HH Size 2.28 2.31 2.33 Average HH Size 2.28 2.30 2.33

Owner Occupied Housing Units 349 1,632 4,326 Owner Occupied

Housing Units 348 1,629 4,333

Renter Occupied Housing Units 144 597 1,922 Renter Occupied

Housing Units 144 600 1,918

Median Age 44.6 46.0 44.5 Median Age 46.5 48.1 46.2

Median HH Income $28,511 $31,457 $32,703 Median HH

Income $29,374 $33,714 $36,153

Average HH Income $37,100 $41,406 $43,744 Average HH

Income $41,659 $47,148 $50,480


LOCAL RETAIL & SCHOOLS

Rivers Edge Manufactured Home Community

Hampton Elementary School

TA Duggar Junior High School

Hampton High School

West Elk Avenue

Highway 2377

Watauga River

Watauga Lake


LOCATION & MHP SUPPLY STORES

Hampton Mobile Home Parts & Accessories

Moblie Home Depot

Rivers Edge Manufactured Home Community

Murray’s Mobile Home Parts & Services

Ron’s Mobile Home Parts & Services


Maxwell R. Baker joined Lee & Associates in 2014 as a commercial real estate broker specializing in purchasing and sellingmobile home communities in the Southeast. His family has been involved with mobile home parks for more than 15 years,and he has been a part of management, rehabilitation, and disposing mobile home parks since his family purchased theirfirst park. Max is also Founder and President of The MHP Broker offering mobile home park owners and investors brokerageservices, free mobile home park analyses, in-depth market research, and mobile home park financing consultation.

In 2014 and 2015, Max completed approximately 80% of all Georgia manufactured home community transactions andhas also closed transactions in other Southeast states including Tennessee, Alabama, North Carolina, South Carolinaand Florida. Max's core competencies include structuring and negotiating complicated transactions, owner financing,research and outsourcing, and his "deal-making" capabilities.

Max, along with his expert team of researchers, compile and maintain the industry’s most comprehensive database ofmobile home community data in the Southeast. Max and The MHP Broker are recognized as a trusted advisor in this rapidlygrowing multifamily, affordable housing sector.

• Georgia State University - B.A. Real Estate• United States Marine Corps

• Atlanta Commercial Board of Realtors• Real Estate Broker - Georgia• Georgia Manufactured Housing Association (GMHA) member• Southeast Community Owners (SECO) member

Biography

Education

Memberships & Associations

3500 Lenox RoadSuite 200Atlanta, GA 30326

T [email protected]

Partial Client ListBeal BankColony CapitalMarket Street CapitalAffordable Housing Communities Inc. Capital Square Holdings LLCThe Reach GroupMidland Loan ServicesHartman Wright Group, LLC Affordable Communities Group, LLC

PrincipalMAXWELL BAKER

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - MAXWELL BAKER

ADVISOR BIOS| 16MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

Glenn Esterson is a Senior Director with Lee & Associates, specializing in investment grade mobile home communities.During his fifteen years in the commercial real estate business, Mr. Esterson has successfully owned and operated mobilehome parks as well as assisting his clients in the sales, leasing and management of mobile home communities throughoutthe southeastern U.S. markets.

Early in his career, Mr. Esterson was working on apartment sales, condo-conversions and property management. Fromthere, Mr. Esterson transitioned into investment sales of multi-tenanted small business parks throughout the Southeast andmid-Atlantic. He and his team has transacted in nearly every southeastern state and holds multiple real estate licenses.

Mr. Esterson works exclusively with private investors as their primary real estate investment advisor for their acquisition anddisposition needs. Mr. Esterson provides clients with expertise in asset management, portfolio analysis, site selection, leaseadvisory and consulting. Mr. Esterson has executed over 200 sale or lease transactions over his career with a transactionalvolume in excess of $100 million.

• 2016-Present Lee & Associates, Atlanta - Senior Director Mobile Home Communities• 2013-2016 Marcus & Millichap, National Office & Industrial Properties Group• 2003-2013 Esterson Management Solutions, Inc. – Founding Member• 2001-2005 American Commercial Properties, Director of Multi-Family Investment

• Sierra Nevada CollegeBachelor of Arts

Profile

Experience

Education

3500 Lenox RoadSuite 200Atlanta, GA 30326

T 404.442.2825C [email protected]

Senior DirectorGLENN ESTERSON

ADVISOR BIO // MOBILE HOME PARKS

ADVISOR BIO - GLENN ESTERSON

ADVISOR BIOS| 17MAXWELL BAKER/404-442-2807/[email protected] ESTERSON/423-483-0492/[email protected]

The information contained in this Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Lee & Associates and should not be made available to any other person or entity without the written consent of Lee & Associates. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Lee & Associates has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Lee & Associates has not verified, and will not verify, any of the information contained herein, nor has Lee & Associates conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICELee & Associates is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Lee & Associates, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Lee & Associates, and is solely included for the purpose of providing tenant lessee information.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LEE & ASSOCIATES AGENT FOR MORE DETAILS.

EXCLUSIVELY LISTEDBIRMINAAL

MAXWELL BAKER / PRINCIPALPHONE: 404.442.2807 | [email protected] & ASSOCIATES | ATLANTA 3500 LENOX ROAD, SUITE 200 | ATLANTA, GA 30326

Documents

RIVERS EDGE MANUFACTURED HOME COMMUNITY Edge... · cap rate (noi/pp) - lot rent only cash purchase return - (cfbd/pp) lot&poh cocr (cfad/dp) - debt purchase exp ratio (exp/egi) total