American & Redwood Mobile Home Parks 2000 E 29th St

This is a two park MHP portfolio located in Muncie, IN (metro over 150,000 residents). The parks offer a combined 58 pads and are presently 50% occupied. There is also a commercial building and a single family residence included with this portfolio. Both parks are on city water & city sewer. The parks have a 3rd party property manager that would have interest in managing the portfolio going forward if you are not interested in handling this in-house. They also have identified tenants who live in the parks that would be good candidates for limited management/greeter positions. The vast majority of the trailers are currently tenant owned. The parks are being sold as a portfolio and not individually.
Residents are direct billed for water, electricity, & gas by the utility providers. Garbage is included with the property tax bill. The park roads are a combination of asphalt and gravel and are considered to be in fair condition (both parks will need some road patch prior to winter). The underground plumbing is predominantly copper & steel. All vacant pads are able to accept new trailers. The tenants mow their own pads. The park mows the common areas. The parks utilize two different vendors to push snow as necessary. The park utilizes month-to-month leases. Tenants currently pay their rent using the PayLease Property Management System.
The parks have undergone many upgrades over the past 4-5 years, beginning with new ownership in 2019 and continuing with the current ownership group in 2022:
1. Three newer homes were added to Redwood, and one newer home was added to American.
2. New spider sewer connections were installed for eight homes in 2022 to meet Delaware County code requirements.
3. Numerous road patches were completed in both communities.
4. A single-family home was renovated
MR. LANDMAN, LLC is a licensed real estate brokerage firm in the State of Indiana under Lic#RC52000015. Jonathan Fisher is a managing broker in the State of Indiana under Lic#RB18000549.
LOCATION:
Muncie is an incorporated city and the seat of Delaware County, Indiana, United States. Previously known as Buckongahelas Town, named after the prominent Delaware Chief, it is located in East Central Indiana, about 50 miles northeast of Indianapolis. At the 2020 United States Census, the city's population was 65,195, down from 70,085 in the 2010 Census. It is the principal city of the Muncie Metropolitan Statistical Area, which encompasses all of Delaware County. The city is also included in the Indianapolis–Carmel–Muncie, IN Combined Statistical Area.
Muncie is the home of Ball State University (over 20,000 students).
The median home cost in Muncie is $123,900. Home appreciation the last 10 years has been 73.6%. Home Appreciation in Muncie is up 15.1%.
The median age of Muncie real estate is 57 years old.
Renters make up 42.8% of the Muncie population.
The average 1-bedroom unit in Muncie rents for $710/month.
The average 2-bedroom unit in Muncie rents for $880/month.
The average 3-bedroom unit in Muncie rents for $1,180/month.
Muncie has seen the job market decrease by -5.6% over the last year. Future job growth over the next ten years is predicted to be 30.3%, which is lower than the US average of 33.5%.
The Sales Tax Rate for Muncie is 7.0%. The US average is 7.3%.
The Income Tax Rate for Muncie is 4.3%. The US average is 4.6%.
Muncie violent crime is 19.9. (The US average is 22.7)
Muncie property crime is 56.3. (The US average is 35.4)
Muncie is located:
62 miles NE of Indianapolis, IN
78 miles SW of Fort Wayne, IN
86 miles NW of Dayton, OH
121 miles NW of Cincinnati, OH
145 miles NW of Columbus, OH
Here are the 20 largest employers for Muncie, IN:
• Ball State University (3,379 employees)
• IU Health Ball Hospital (2,613 employees)
• Muncie Community Schools (650 employees)
• Navient (633 employees)
• First Merchants Corp (551 employees)
• Meridian Health Services (550 employees)
• MPT Muncie/Magna Powertrain (535 employees)
• Youth Opportunity Center (516 employees)
• Progress Rail (500 employees)
• City of Muncie (465 employees)
• Delaware County Government (452 employees)
• Delaware Community Schools (392 employees)
• Lifetouch (362 employees)
• Hillcroft Services (349 employees)
• Wal-Mart North Only (323 employees)
• Mursix Corporation (300 employees)
• DIY Group, Inc (295 employees)
• Wal-Mart South Only (274 employees)
• Ontario Systems (273 employees)
• Maxon - a Honeywell Company (250 employees)
Ball State University (Ball State or BSU) is a public research university in Muncie, Indiana. It has three off campus centers in Fishers, Indianapolis, and Fort Wayne.
Ball State is classified among "R2: Doctoral Universities – High research activity". The university is composed of seven academic colleges. As of Fall 2020, total enrollment was 21,597 students, including 15,205 undergraduates and 5,817 postgraduates. The university offers about 120 undergraduate majors and 130 minor areas of study and more than 100 master's, doctoral, certificate, and specialist degrees.
Ball State athletic teams compete in Division I of the NCAA and are known as the Ball State Cardinals. The university is a member of the Mid-American Conference and the Midwestern Intercollegiate Volleyball Association.