Evergreen Estates

Montgomery, Alabama

Property overview

Strategically located at the intersection of Interstate 65 and Interstate 85, Montgomery is the capital city of Alabama and the second largest city in the state. The metropolitan area, comprised of Autauga, Elmore, Lowndes and Montgomery counties, has a population of 374,000. A region of vast economic diversity, Montgomery is home to state and regional governments, a major military installation, the USAF Air University, an extensive service industry, wholesale and retail trade, tourism, and an industrial base. This unique diversity provides a well-balanced economic environment. Montgomery is a region of vast economic diversity. As the capital of Alabama, it is home to state and regional governments as well as Maxwell Air Force Base, a major military installation and site of the prestigious Air University. An extensive service industry, wholesale and retail trade, and a thriving industrial base contribute to the city’s vibrant and well-balanced economic environment.

MHRE Inc. is pleased to present Evergreen Estates located in Montgomery, Alabama. Built in 1972, the investment opportunity consists of 627 MHC sites, which includes 155 leased homes, 45 vacant inventory homes and 3 employee homes. In addition, there is also 45 acres of vacant land (M-1 Zoning) with over 2,700 feet of highway frontage along with a 14,000 sq. ft. warehouse that is currently leased.

There are several shopping, dining and entertainment opportunities in Montgomery including the Shoppes at Eastchase and Eastdale Mall, Montgomery Zoo, Civil Rights and Memorial Center, and Riverwalk Stadium- home of the minor league baseball team, the Montgomery Biscuits. Auburn University at Montgomery and Faulkner University are 2 nearby educational opportunities. Outdoor recreation includes Dannelly Park and Peter Crump Park.

Evergreen Estates
4590 Troy Hwy
Montgomery, Alabama 36116

For detailed information on this property please contact: Christopher Nortley (586) 884-8416.

Property Summary

Developed Sites627
Year Constructed1972
Land (Acres) +169
Occupied Sites476
Vacant Sites151
Occupancy75.92%
Average Rent/Site$267
SECONDARY USEFamily
STAR CLASSIFICATION3
WATERMunicipal
SEWERMunicipal
WATER METER TYPESub-metered
SEWER METER TYPESub-metered

OFFERING SUMMARY

Community Price$15,250,000
Community Owned Homes & Notes$4,800,000 + $450,000 vacant land
Total Investment$20,500,000
Price per Site$24,322
Price Occupied per Site$32,038
Operating Expense Ratio (At Close With Reserves)46.94%
NOI (At Close With Reserves)$1,245,446
Cap Rate - Year 1 (With Reserves)8.17%
Operating Expense Ratio - Year 1 (With Reserves)44.83%
NOI - Year 1 (With Reserves)$1,064,341

HOME INVENTORY SUMMARY

LEASED HOMES159
LEASED OPTION HOMES0
INSTALLMENT CONTRACTS0
MODELS/INVENTORY45