Exceptional Opportunities. Exceptional Returns.
100
mobile home parks
with 6,500 pads
250,000
square feet
of retail and office
4
storage
facilities
Who We Are
Cook Properties, headquartered in Rochester, New York, was established in 1997 as a privately owned real estate development company. Since 1997, We have been involved in property ownership and management, including land development, property investment and general contracting.
We have been successfully navigating the “blue waters” of NYS for over 25 years.
We operate 100 multi-tenanted properties across New York State and have significant experience in developing and managing mobile home park communities. Our portfolio consists of mobile home parks, storage facilities, apartments, office buildings, and mixed use plazas.
- Our mobile home park portfolio consists of 100 communities with 6,500 pads
- Our retail and office properties measure 220,000 sf
- We operate 3 storage facilities with 500 units
- Assets under Management is $325,000,000
Our paramount concern has always been our customers: our Residents, Tenants, and Investors. Satisfied customers lead to a profitable bottom line. We strive to provide the best, most satisfying, economical, safe living and work environments possible. We lead by example and treat others how we wish to be treated.
100 MHPs throughout New York State…and Growing
Why Mobile Home Parks?
- Recession Resistant
- Pandemic Proof
- Reliable Collections
- Quality Affordable Housing
- Low Resident Turnover, Life Long Residents
- 98% of mobile homes never leave
Why Choose Self-Storage Facility Investment?
Nearly 10% of all US households rented a storage space in 2020. These facilities have low construction costs, low overhead and low staffing costs. Demand remains high across a wide range of demographics, while monthly rentals provide steady income.
Exceptional Opportunities. Exceptional Returns.
Cook Properties Fund 20 – Case Study
Cook Properties Fund 20 – Closed
The subject portfolio will not be included in the Cook Properties Fund 20. The fund has closed but we wanted to
provide case study material in the following slides illustrating a similar execution investors can expect when
investing in the portfolio opportunity offered.
The capital raised was used to acquire multiple assets, in several geographic regions, rather than just one property
in a single location. The diversification helped spread the investment risk across a variety of properties with
thousands (1,500) of income producing mobile home park lots. This portfolio opportunity has 2300 pads.
We are already outperforming our anticipated cash on cash returns. We expected to achieve a 10% cash on cash in
mid 2022, however we will hit that target in late 2021.
Cook Properties Case Studies
- Two adjacent MHPs in Waterloo NY
- Purchased 3 years apart: Schoolhouse Estates for $425,000 March 2010 and Isle of
- Pines for $475,000 July 2013
- 70 total permitted pads, 35 occupied at purchase
- 2013 Schoolhouse refinanced for $550,000 to replace water lines, pads
- 2017 Schoolhouse refinanced for $1,085,000 to pave roads and cash out
- Parks combined in 2018
- 2018 Isle of Pines refinanced for $775,000 to develop 6 acres between the
- two parks and add 16 new pads and homes
- 2020 bought parcel next door. On track to develop 22 more new pads in 2021
- 90 pads total by end of 2021
- Refinanced in Sept 2021 for $9.272mm
- All investment capital has been returned
- Purchased in 2015 for $2.4mm
- 141 pads
- Sub metered water and sold off 10 park owned homes, rehabbed and rented 10 more within first 3 months of ownership
- In 2016, just 12 months after purchase, refinanced @ $4mm
- Raised rent annually
- Increased annual NOI from $228,000 to $482,000
- Increased value from $2.4mm to $4mm++ (we’re refinancing in ‘21)
- Site plan APPROVED to develop vacant land for 50 new homes
- Cap rate from purchase to now is 9.5% to 12.1%
- Through 3rd Qtr 2021, cash on cash is 28%
- Refinancing Oct 2021 for $8.925mm
- Purchased in Jan 2018 for $2.3mm, 124 pads
- Brought in 10 new homes and sold off 20 park owned homes in first 12 months of ownership
- Raised rent annually
- Increased annual NOI from $263,000 to $341,000
- Increased value from $2.3mm to $3.9mm
- Jan 2019 Refinanced at 65% LTV; 85% of capital returned
- Refinanced again in 2021; balance of capital returned and an additional 50% on capital returned
- Through 3rdQtr2021, 31% cash on cash on original capital investment
- Purchased in 2017 for $3.3mm, 117 pads
- Installed 12 new pads and homes
- Sub-metered water in 2018, adding $35,000 to the bottom line
- Raised rent annually
- Working on site plan to develop excess vacant land for 60 new homes
- Increased annual NOI from $296,444 to $481,000
- Cap rate from purchase to now is 8.9% to 9.6%
- Refinancing Oct 2021 for $7.75mm
- Through 3rdQtr2021, cash on cash is 28%
- Purchased 2018 for $3.5mm, 192 pads in 2 parks
- Installed 30 new pads and homes so far
- 20 homes demoed
- Raised rent annually
- Increased annual NOI from $312,412 (2018) to $454,695 (2019)
- Increased value from $3.5mm to $5.5mm; will refinance 1st qtr2022
- Cap rate from purchase to now is 8.9% and 13%
- 2020 cash on cash return was 12.4%
- Through 3rdQtr2021, cash on cash is 17%
- Purchased Jan 2020 for $3.19mm, 85 pads
- Installed 6 new pads and homes and executed on management efficiencies
- Raised rent Jan 2021
- Increased value from $3.19mm to $4.95mm, refinance Sept 2021
- Returned ALL Investor Capital in 20 months
