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2824 13th ave council bluffs, IA 51501
Investment Highlights
Note: Rents may change as the data is from the BOV.
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2824 13TH AVE COUNCIL BLUFFS, IA 51501
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 company 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Hunter LaRocca
Director
407.227.9643
hunter.larocca@berkadia.com
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Executive Summary
Berkadia Manufactured Housing is pleased to present Overland MHC. This offering features 103-sites in the Omaha MSA and is strategically positioned to take advantage of the sprawling residential growth and the vast array of amenities that the robust city has to offer. Overland also features significant upside opportunities due to below market rents as well as the ability to implement a utility recapture. According to our market analysis, lot rents at Overland are over $100 less than the direct manufactured housing competition, providing an opportunity to increase revenue on day one.
Additionally, the community benefits from the utilization of public utilities but currently covers utility expenses for their residents. By introducing sub-metering to the community, a new owner could increase NOI by 36%. On top of the below market rents and public utilities, Overland is an attractive asset as it features a strong tenant base, low turnover rate, and is primarily made up of Resident-Owned Homes. Overall, Overland MHC presents a compelling investment opportunity, combining its advantageous location, potential for increased revenue through rent adjustments, utility recapture possibilities, and attractive asset profile.
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IDEALLY LOCATED IN OMAHA MSA
BELOW MARKET RENTS
OPPORTUNITY TO IMPLEMENT UTILITY RECAPTURE
LOCATION
Overland MHC heavily benefits from a strong location with immediate proximity to the downtown district. The community is also minutes away from a diverse employment base, abundant amenities, and easy accessibility to major thoroughfares including I-29 and I-80.
The property is located within Omaha MSA, the most populous city in the state of Nebraska, boasting a population of 487,300 people and a metro population of 1.5 million. Within three miles of the property, the area is projected to grow 2.1% over the next five years to approximately 70,500 residents. Omaha’s growth rate and strategic urban development have positioned the community for long-term prosperity, making it a key region for experienced commercial and civil construction experts.
2023 Population – 94,009
Estimated Population Growth (3 mi radius – 2.1%)
Median HH Income - $65,363
Median Single Family Home Price - $282,000
% Population in Blue-Collar Positions – 45%
Home to 5 Fortune 500 Companies: ConAgra, Berkshire Hathaway, Kiewit Corporation, Mutual of Omaha and Union Pacific Corporation.
Pottawatomie County/Omaha MSA Quick FactS
Kevan Enger
Senior Managing Director
407.494.8541
kevan.enger@berkadia.com
Brian Hummell
Director
614.468.5773 brian.hummell@berkadia.com
ian hilpl
Managing Director
315.406.0900
ian.hilpl@berkadia.com
Ralph Depasquale
Managing Director
License #9002106
Phone: 312.845.8572
ralph.depasquale@berkadia.com
BROKER OF RECORD
overland mhc
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Overland MHC
EXECUTIVE SUMMARY
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ORLANDO OFFICE
300 South Orange Avenue Suite 1500 Orlando, FL 32801
COLUMBUS OFFICE
6555 Longshore Street Suite 280 Dublin, OH 43017
CHICAGO OFFICE
125 South Wacker Drive Suite 400 Chicago, IL 60606
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friday, april 12, 2024
