M&W MHC

Executive summary

M&W Manufactured Housing Community is a 130-site manufactured housing community located in Muscatine, IA (Quad Cities MSA). The property is serviced by well water and a brand-new waste-water treatment plant that was built in 2022, along with roads that were just repaved 2 years ago. The average lot rent is $400 with occupancy currently sitting at 55%. With 6 vacant park-owned homes and 53 vacant lots, this offering presents a significant value-add opportunity through lease up and moderate infill of the vacant sites.

M&W provides investors with an attractive basis and significant upside in a notable Midwest market where there is strong demand for affordable housing. The Quad Cities are one of the most stable real estate markets, supported by major employers and a diverse local economy that is home to more than 380,000 people. We project an investor to be able to achieve an average of a 9.2% cash-on-cash return, 24.2% IRR and a 2.7x equity multiple over a 5-year hold.