Merrimac Manor
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Executive Summary
Berkadia Manufactured Housing is pleased to present Merrimac Manor in Huntsville, AL. This offering features 174 sites in Alabama’s most populous city. With the addition of employers like Meta, Amazon, Toyota, and the FBI, there is an influx of 10,000+ potential jobs in the market, thus positioning Merrimac Manor as an attractive affordable housing opportunity. The lot rents at competing communities average $474 versus the upcoming $388 lot rents at Merrimac Manor, which provides immediate rental upside to a new owner. Additionally, this community benefits from public water, sewer, and electric utilities that are direct billed to their residents, cutting down on costly utility expenses. Lastly, current management completed extensive projects in the last few years to enhance the quality of the community which included improvements to the office, playground, roads, and landscaping. This offering presents the opportunity to acquire a well-maintained asset with operational efficiencies and rental upside in the fast-growing Huntsville market.
THE LOCATION
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
MERRIMAC MANOR
hunter larocca
Director
402.227.9643
hunter.larocca@berkadia.com
Brian Hummell
Director
614.468.5773
brian.hummell@berkadia.com
Kevan Enger
Senior Managing Director
407.494.8541
kevan.enger@berkadia.com
Ian Hilpl
Managing Director
315.406.0900
ian.hilpl@berkadia.com
CONTACT US
Orlando Office
300 South Orange Avenue
Suite 1500
Orlando, FL 32801
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INVESTMENT HIGHLIGHTS
Favorably Positioned in Growing Huntsville MSA
1
Location
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89% Economic Occupancy
2
Below Market Rents
3
Excellent Curb Appeal | Recent Capital Improvements
4
Public Utilities | Direct Billed Water, Sewer & Electric
5
Attractive Assumable Financing
6
Population
585,283
Huntsville, the largest city in Alabama, boasts a population of 215,006 people and a metro population of 502,728. It is widely recognized as one of the top cities to live and work in the Southeast, consistently earning accolades from national publications. The economy of Greater Huntsville is diverse, anchored by institutions such as Redstone Arsenal, Huntsville Hospital, and NASA’s Marshall Space Flight Center. In addition to being home to several Fortune 500 companies, Huntsville offers a wide range of manufacturing, retail, and service industries. The city’s exceptional quality of life is evident through its abundant educational, recreational, and cultural opportunities.
Median HH Income
$73,821
Unemployment Rate
2.1%
MAJOR Employers
Quick Facts – Huntsville, AL MSA
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Median Single Family Home Price
$297,000
Population Employed in Blue-Collar Positions
31%
Redstone Arsenal
The Boeing Company
U.S. Department of Defense
Federal Bureau of Investigation
Northrop Grumman
Huntsville Hospital
The University of Alabama in Huntsville
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Senior Director 256.682.9143 david.wilson@berkadia.com
David Wilson
BROKER OF RECORD
Broker of Record office
BIRMINGHAM OFFICE 2204 Lakeshore Drive Suite 120 Birmingham, AL 35209
Call for offers: Tuesday, March 19, 2024