10401 POND MEADOW DRIVE, CITY, OK 73151

FOR SALE

TRI CITY MOBILE HOME COMMUNITY

200 Naomi Lane Newcastle, OK 73065

$2,800,000

46 sites

39 POH

8.3% Cap

TRI CITY MHC DRONE VIDEO

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

Keith Wilson Co. is pleased to exclusively offer for sale at a 8.3% cap rate, the Tri City Manufactured Home Community located in Newcastle, OK, a fast-growing SW suburb.

The 46-site park is an all-ages MH community that is 100% occupied. The park has 39 park owned mobile homes (“POH”), with an average manufactured year of 2001, 33 of which are on lease-to-own (“LTO”) contracts, 6 are rentals. The main access road in the community is a dedicated public street maintained by the City of Newcastle. Income is strong and the owner has been successful in enhancing the community by constructing new asphalt streets, upgrading the housing stock and adding a new storm shelter.

The City of Newcastle has a population of 11,000, a 40% increase from 2010 and is home to the Newcastle Casino located 3 miles north of Tri City. In 2018, Amazon moved into a 640,000 square foot fulfillment center 10 miles north of the park. The University of Oklahoma, the largest institution of higher education in Oklahoma with 30,000 students, is 30 minutes east of the community.

Tri City represents an opportunity to purchase one of the cleaner, superior mobile home communities in the Oklahoma City metro area, which is one of the better performing economies in the U.S.

TRI CITY MANUFACTURED HOME COMMUNITY 2 GENERAL INFORMATION

Address: 200 Naomi Lane, Newcastle, OK 73065 (OKC SW suburb in McClain County)

No. of sites: 46 MH sites, no RV

Age: 1975

Lot rent: Average in place lot rents = $360/month In February 2020 lot rents increased by an average of $15/month

Occupancy: 2019 = 95%, June 2020 = 100%

Land: 3.7 acres, a single rectangular-shaped parcel of land, relatively flat but slopes S/SE towards Marcy Creek. McClain County ID # 0000-14-09N-04W-0-0750-00.

Zoning: C-C-2 – Community Commercial District. According to FEMA map panel 40087C0040G, dated 11/16/2007, the site is located within unshaded Zone X, defined as areas of 0.2% annual chance flood or above the 500-yr. flood plain.

Streets/parking: Asphalt streets and gravel parking pads. Naomi Street, which feeds the five entry drives, is a dedicated public street maintained by the City of Newcastle.

Storm shelter: Yes, constructed in March 2019

Utilities: Tenants pay: Municipal-City of Newcastle water/sewer (submetered); electricity (100 amp); and gas. Sanitary sewer piping is PVC.

Park pays: Trash

Park owned homes: 39 POHs with an average vintage of 2001. (POH) 33 = LTOs 6 = Rental Homes from $495-$565 (including lot rent)

TRI CITY MANUFACTURED HOME COMMUNITY 3 HISTORICAL AND IN PLACE FINANCIALS In-Place 2018 2019 TTM- Expense Average # of Occupied MHs 44 44 46 Revenues MH Lot Rent 159,355 170,755 $199,860 (1) Utility Reimbursements: Water + 13,068 12,468 11,249 Fee Income 480 4,775 5,690 Site Maintenance Income 1,097 - 176 Application Fee Income 50 60 195 Miscellaneous Income - 0 5 Bad Debt (3,797) (4,021) (5,751) 170,253 184,037 $211,424 Operating Expenses Auto 401 1,011 1,026 Bank Expense - - - Equipment and Site Supplies - 170 251 Landscaping and Groundskeeping 8,568 7,997 6,010 Licenses & Permits 618 371 282 Miscellaneous - 45 45 Office Expense 53 613 742 Personnel Expense: 8,408 9,055 9,158 Postage 70 155 97 Professional Fees 475 701 627 Repairs & Maintenance 2,506 732 372 Resident Concessions - 365 2,175 Telephone 940 798 380 Utilities: - - - Electric - 954 989 995 Water - 13,038 12,377 12,424 Trash - 4,341 5,160 5,435 Insurance 2,201 2,404 3,175 Real Estate Taxes 8,456 8,771 8,836 Management Fee ## 6,796 7,301 7,316 Capital Reserves ## 2,300 2,300 2,300 Total Expenses 60,124 61,315 61,645

Net Operating Income $110,128 $122,722 $149,779

Homes Revenues Rental Revenue 20,430 18,405 12,240 (1) Existing LTO Income 68,080 75,383 103,920 (1) LTO Deposits 15,147 10,948 19,393 Total Homes Revenues 103,657 104,736 135,553

Homes Expense Leasing Commissions Homes (5,500) (7,500) (8,500) Homes Payroll (4,930) (5,458) (5,656) Homes Expense (11,497) (16,495) (19,974) Homes Insurance (8,486) (6,773) (7,012) Personal Property Taxes (7,356) (7,102) (6,937) Homes Management Fee (5,165) (5,106) (5,649) Total Homes Expense (42,934) (48,433) (53,728)

Homes NOI 60,723 56,303 81,825

Park & Homes NOI 170,851 179,025 231,604

(1) In Place Lot Rent, Home Rental Revenue and Existing LTO Income All other revenues & expenses are trailing 12 Months through May 2020

TRI CITY MANUFACTURED HOME COMMUNITY 4 CURRENT 2020 RENT ROLL

Status Units Actual Lot Rent Home Payment Total Charges Resident Occupied 7 $1,865 $0 $1,865 Resident Occupied - LTO 33 $12,130 $8,660 $20,790 Park Owned - Rented 6 $2,660 $1,020 $3,680 Park Owned - Vacant 0 $0 $0 $0 Vacant Site 0 $0 $0 $0 TOTAL 46 $16,655.00 $9,680.00 $26,335

Site Information Billing Summary Site Type Status Market Rent Actual Rent Home Payment Total Charges 1 MH Resident Occupied - LTO $400.00 $345.00 $320.00 $665.00 2 MH Resident Occupied 400.00 245.00 0.00 245.00 3 MH Resident Occupied - LTO 400.00 320.00 205.00 525.00 4 MH Resident Occupied - LTO 400.00 380.00 140.00 520.00 5 MH Resident Occupied 400.00 320.00 0.00 320.00 6 MH Resident Occupied 400.00 245.00 0.00 245.00 7 MH Resident Occupied - LTO 400.00 375.00 325.00 700.00 8 MH Resident Occupied 400.00 320.00 0.00 320.00 9 MH Park Owned - Rented 400.00 380.00 170.00 550.00 10 MH Resident Occupied - LTO 400.00 380.00 205.00 585.00 11 MH Park Owned - Rented 400.00 380.00 185.00 565.00 12 MH Park Owned - Rented 400.00 380.00 115.00 495.00 13 MH Resident Occupied 400.00 245.00 0.00 245.00 14 MH Resident Occupied - LTO 400.00 400.00 140.00 540.00 15 MH Resident Occupied - LTO 400.00 345.00 195.00 540.00 16 MH Resident Occupied 400.00 245.00 0.00 245.00 17 MH Resident Occupied - LTO 400.00 320.00 205.00 525.00 20 MH Resident Occupied - LTO 400.00 400.00 335.00 735.00 22 MH Resident Occupied 400.00 245.00 0.00 245.00 23 MH Resident Occupied - LTO 400.00 345.00 155.00 500.00 27 MH Resident Occupied - LTO 400.00 320.00 345.00 665.00 28 MH Resident Occupied - LTO 400.00 380.00 200.00 580.00 29 MH Resident Occupied - LTO 400.00 400.00 485.00 885.00 30 MH Resident Occupied - LTO 400.00 400.00 330.00 730.00 31 MH Resident Occupied - LTO 400.00 400.00 205.00 605.00 32 MH Resident Occupied - LTO 400.00 380.00 195.00 575.00 34 MH Resident Occupied - LTO 400.00 380.00 195.00 575.00 35 MH Resident Occupied - LTO 400.00 400.00 175.00 575.00 36 MH Resident Occupied - LTO 400.00 380.00 240.00 620.00 37 MH Park Owned - Rented 400.00 380.00 135.00 515.00 38 MH Resident Occupied - LTO 400.00 380.00 180.00 560.00 39 MH Resident Occupied - LTO 400.00 400.00 325.00 725.00 40 MH Resident Occupied - LTO 400.00 400.00 335.00 735.00 41 MH Resident Occupied - LTO 400.00 400.00 485.00 885.00 42 MH Park Owned - Rented 400.00 380.00 120.00 500.00 43 MH Resident Occupied - LTO 400.00 380.00 380.00 760.00 45 MH Park Owned - Rented 400.00 380.00 135.00 515.00 47 MH Resident Occupied - LTO 400.00 380.00 260.00 640.00 48 MH Resident Occupied - LTO 400.00 380.00 330.00 710.00 49 MH Resident Occupied - LTO 400.00 380.00 275.00 655.00 50 MH Resident Occupied - LTO 400.00 380.00 400.00 780.00 51 MH Park Owned - Rented 400.00 380.00 160.00 540.00 52 MH Resident Occupied - LTO 400.00 400.00 230.00 630.00 53 MH Resident Occupied - LTO 400.00 400.00 195.00 595.00 54 MH Resident Occupied - LTO 400.00 400.00 335.00 735.00 55 MH Resident Occupied - LTO 400.00 400.00 335.00 735.00 Total $18,400.00 $16,655.00 $9,680.00 $26,335.00

TRI CITY MANUFACTURED HOME COMMUNITY 5 PARK OWNED HOME DATA

LTO Home LTO Original Monthly Site Home Status Year Make Bed Bath Width Length LTO Balance Remaining Type Term Payment PMTS 1 LTO 2012 Clayton Single 2 2 16 56 $34,880 143 108 $320 3 LTO 1974 Fleetwood Single 2 1 14 56 $4,100 59 19 $205 4 LTO 2000 BLMT Single 1 1 14 36 $13,160 107 92 $140 7 LTO 2012 Clayton Single 2 2 16 56 $40,300 155 123 $325 10 LTO 1995 Redman Single 2 1 14 56 $17,630 107 85 $205 14 LTO 2006 Lakeside Single 1 1 12 38 $18,200 131 129 $140 15 LTO 1996 Skyline Single 2 1 14 46 $16,380 119 83 $195 17 LTO 1970 Skyline Single 2 1 12 46 $4,305 59 20 $205 20 LTO 2012 Clayton Single 2 2 16 56 $43,550 131 129 $335 23 LTO 2006 Lakeside Single 1 1 12 38 $13,175 119 84 $155 27 LTO 2012 Clayton Single 2 2 16 56 $34,845 143 100 $345 28 LTO 1980 Prince Single 2 1 14 56 $17,200 95 85 $200 29 LTO 2020 Fleetwood Double 4 2 24 52 $85,845 179 176 $485 30 LTO 2017 Fleetwood Single 2 2 56 16 $55,110 166 166 $330 31 LTO 1995 Belmont Single 2 1 14 48 $20,910 107 101 $205 32 LTO 1998 Clayton Single 2 1 14 52 $22,335 119 111 $195 34 LTO 2000 Champion Single 2 1 14 52 $22,140 120 112 $195 35 LTO 1996 Skyline Single 2 1 14 52 $16,100 95 91 $175 36 LTO 1997 Clayton Single 2 1 16 56 $25,200 119 104 $240 38 LTO 1995 Skyline Single 2 1 14 56 $16,020 95 88 $180 39 LTO 2013 Clayton Single 2 2 16 56 $37,375 119 114 $325 40 LTO 2013 Single 2 2 16 56 $43,885 131 130 $335 41 LTO 2020 Fleetwood Double 4 2 24 52 $87,300 180 180 $485 43 LTO 2017 Fleetwood Single 2 2 16 56 $65,740 179 172 $380 47 LTO 1995 Skyline Single 2 2 16 66 $27,820 119 106 $260 48 LTO 2012 Clayton Single 2 2 16 56 $40,920 143 123 $330 49 LTO 2005 Forest RiverSingle 14 60 $22,550 107 81 $275 50 LTO 2019 Fleetwood Single 3 2 16 72 $68,800 179 171 $400 52 LTO 1994 Cavalier Single 2 1 14 48 $19,320 84 84 $230 53 LTO 1999 Fleetwood Single 1 1 14 36 $17,745 95 90 $195 54 LTO 2012 Clayton Single 2 2 16 56 $44,220 131 131 $335 55 LTO 2012 Clayton Single 2 2 16 56 $45,225 134 133 $335 33 LTOS $1,042,285 $8,660

9 Rental 2000 Sunshine Single 2 1 14 48 $170 11 Rental 1997 Skyline Single 2 1 14 52 $185 12 Rental 1987 Champion Single 2 1.5 14 48 $115 37 Rental 2000 Clayton Single 2 1 14 46 $135 42 Rental 1973 Rush Single 2 1 12 56 $120 45 Rental 1973 Cherokee Single 2 2 14 66 $135 51 Rental 1997 Fleetwood Single 2 2 14 56 $160 6 Rentals $1,020

TRI CITY MANUFACTURED HOME COMMUNITY 6

PRICINGSALES INFORMATION INFORMATION

Park Owned NOI of $149,779 at 7.1% cap rate = $2,100,000

Park Owned Homes NOI of $81,825 at 11.7% cap rate = 700,000

Combined Park & Homes NOI of $231,604 at 8.3% cap rate = $2,800,000

TRI CITY MANUFACTURED HOME COMMUNITY 7

SITE MAP

TRI CITY MANUFACTURED HOME COMMUNITY 10 OKLAHOMA CITY 2020

Oklahoma City has a vibrant, diversified economy with a population of 1,460,000 and had an unemployment rate of 3.4% as of March 2020. The State’s capital is located at the crossroads of I-40 and I-35 in the middle of the country gives it easy access to ship goods and transportation across the U.S. Oklahoma City is the 25th largest city in the U.S., moving up 6 spots since 2010. The cost of living index is only 84.6% of the national average. Major industries include energy, technology, manufacturing, biomedicine & aviation. Local headquarters include Devon, Chesapeake, and SandRidge in the energy sector, plus Sonic Restaurants, Paycom, OGE, MidFirst Bank, Love’s Travel Stores, and Hobby Lobby. Additional major employers include the Air Force, Boeing, Cox Enterprises, AT&T, and Northrop Grumman.

Oklahoma City is 200 miles north of the Dallas-Fort Worth Metroplex on I-35. Presenting similar logistical advantages, OKC also presents a significantly cheaper cost of living and commercial occupancy, a fact noted by many recent corporate relocations to OKC from throughout the nation.

In 2008 Oklahoma City became the home to the Oklahoma City Thunder NBA basketball team, the first professional sports franchise in the state, which has attracted a fervent following.

The downtown skyline changed in 2012 with the construction of the 10th largest building west of the , the 50 story, 1.8 million square foot Center. A new $300 million, 500,000 square foot OKC Convention Center is scheduled for completion in 2020.

Since 2018, Amazon has occupied a massive 640,000 square foot fulfillment center 10 miles north of Tri City MHP. The facility employs 1,750 people.

Employing 20,000, Oklahoma City’s Tinker Air Force Base is the largest air logistics center in the US Air Force. It provides depot maintenance, product support, services and supply chain management and information support for 31 weapon systems, 10 commands, 93 air force bases and 46 foreign countries. It is home base for 24 AWACS surveillance planes in the USAF fleet. Tinker has several huge buildings under roof, including a 2.5 million square foot repair facility.

Oklahoma City ranks: #1 Best large cities to start a business #1 In top 10 large cities for seniors #1 Most affordable metros for young adults #2 Best places for families #2 For 1st time homebuyers #5 Least expensive places to own a home #8 For educated millennial population growth

#8 Fastest growing median wage growth OKLAHOMA CITY DOWNTOWN SKYLINE

TRI CITY MANUFACTURED HOME COMMUNITY 11 NEWCASTLE

In January 2019, the SW Oklahoma City suburb of Newcastle was ranked the 36th "Best City to Live" in the United States by 24/7 Wall St., which created a weighted index of over two dozen measures to identify the best city to live in each state.

The city of Newcastle, located in the fast-growing SW side of the Oklahoma City metro area, has a population of 11,000 and has experienced 40% population growth in the last 10 years.

The city’s resident-driven Bridge to 2020 initiative launched in 2007 to develop a long-term strategic plan for the community. In addition to nearby amenities in Oklahoma City, Newcastle boasts seven golf courses, six movie theatres, access to four hospitals, and two shopping malls.

A relatively affluent city, Newcastle’s median income of $78,144 is about $30,000 higher than the Oklahoma State average, and goods and services are about 17% less expensive than they are nationwide.

Tri City Manufactured Home Community is located in the heart of Newcastle, just behind the commercial corridor of businesses on Main Street. The area immediately south of the park is in the process of developing numerous commercial buildings.

Above photo of Newcastle before and after expansion of Main Street / Highway 62 to 4 lanes

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AERIAL OF PARK

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NOTABLE LANDMARKS

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MAP OF OKC / NEWCASTLE

TRI CITY MHP

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ADJACENT COMMERCIAL

STORM SHELTER

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