Tristate Portfolio

Global Overview

• This portfolio consists of 107 developed pads across seven communities, primarily in the St. Joe, MO MSA and one outlying community located in Falls City, NE. The portfolio consists of 43 Park Owned Homes, 4 Rent to Own Contracts, 25 Tenant Owned Homes, and one Single Family Home. The portfolio offers both local operators and out of state investors significant market share in a high demand area. With 70 homes on site, the portfolio is currently at 70% physical occupancy. All communities are served by public, direct billed utilities, excluding CR 332 in Savannah which is currently on septic, but is served by city water. City Connection is available at CR 332 approximately 100 yards from the property. With direct billed utilities, low common area maintenance requirements, newer utility main lines, and limited park owned roads, this property offers a scalable business model for an experienced operator. See Rent Roll Section for detailed per property occupancy details.

Terrace MHC - Savannah, MO

• Terrace MHP is located in Savannah, MO and is comprised of 30 pads, one single family home, a storage building, and a 30x40 shop for additional park storage. The park is 65% occupied with 15 Park Owned Home and 7 Tenant Owned Homes, and one Single Family Home. Lot rent currently averages $380 with Park Owned Home Rents above lot rent averaging $495. The single family home is currently rented at $725 per month. The property is served by 100% public utilities, with the owners paying water for the 3 tenants in the lower section (see rent roll). The upper section of the park features PEX water lines and are billed directly to the tenants. Current ownership pays a local contractor for lawn service at the property. Current ownership lives at this property in the double wide located on lot 18 in the upper section of the park. The Owner’s home features a two stall attached garage as well as a full basement.

CR 332 MHC- Savannah, MO

• CR 332 is comprised of 8 lots with 6 lots currently occupied by 2 Park Owned Homes, 2 Rent To Own Homes, 1 Tenant Owned Home, and 1 RV. Lot rent is currently $375 with Park Owned Home Rents averaging $510 above lot rent. The county does allow RVs in the event new ownership would prefer to run a mixed RV/MH Community Model. CR 332 is located in the county and is currently served by city water and private septic systems, with one system serving two vacant lots in need of repair or replacement. There is a city connection approximately 100 yards to the North of the property in the event new ownership would prefer to place the community on public systems.

CPEX MHC - St. Joe, MO

• CPEX is an 8 lot, fully physically occupied community on the North side of Saint Joe. There are currently 5 Park Owned Homes, which include 3 Models that ownership placed in the property in September of 2026. Lot rent is currently $325 with Park Owned Home Rents above lot rent averaging $500. The property is served by 100% public, direct billed utilities and there are no park owned roads at the community. Ownership has added new 200 amp electrical service to all pads, as well as PEX water lines, new plastic sewer lines, and sewer clean outs between each home.

Vermont St. MHC - Elwood, KS

• Vermont Street is located in Elwood, KS and is comprised of 12 lots. The property is currently fully physically occupied with 11 Manufactured homes and 1 RV. Lot rent is $325 with Park Owned Home Rents above lot rent averaging $425. The property is served by 100% direct billed utilities. Sewer Lines are plastic, Water Lines are PEX, and all lots have 200 amp electrical service, except lot 4 which currently has 100 amp electrical service. Ownership pays a local contractor for lawn service at the property.

Atlantic St. MHC - Elwood, KS

• Atlantic is comprised of 6 pads, one of which is located diagonally to the Southeast across from the main parcels. There are currently 6 homes on site, one of which is in need of removal (707 N 13th St. Elwood, KS). Lot rent is $325 with Park Owned Home Rents averaging $670 above lot rent. All units are served by public, direct billed utilities. With the exception of the home in need of removal, all units have new plastic sewer lines, PEX water lines, and 200 amp electrical service.

Elwood Lots - Elwood, KS

• Elwood is a collection of 5 miscellaneous lots that allow mobile homes throughout a small radius surrounding the local school district. Currently 5 of the 5 lots are occupied by manufactured homes, with 3 being Park Owned Homes and 2 that are tenant owned. Two of the Park Owned Homes are currently in need of rehab, 1 single wide and 1 double wide. There is the possibility of adding an additional home to 401 N 11th St. and 1103 Connecticut for new ownership. 1103 Connecticut, 401 N 11th Street, and 305 N 11th Street have new plastic sewer lines, PEX water lines, and 200 amp electrical service. Current ownership has no knowledge of 1006 Connecticut or 403 N 3rd Street as they were purchased as Tenant Owned Homes. See rent roll for further information.

Falls City MHC - Falls City, NE

• Falls City is a 38 lot community, with 12 homes currently on site, 5 of which are Parked Owned Homes, and 2 Rent to Own Contracts. The city does allow RVs and current ownership is utilizing two lots as RV lots. Lot rents currently average $195 and have not been raised in several years, offering simple and attainable upside for new ownership. Park Owned Home rents average $475 above lot rent. Current ownership pays a local contractor for lawn service. The property is served by 100% direct billed, public utilities and the roads are owned and maintained by the city, including snow removal. Gas lines are original steel, water lines are a mix of copper and PVC, and sewer lines are a mix of Clay lines owned by the City, and PVC stub outs, electric is 200 amp service and was replaced in 1990. See deal room exhibits for further water, sewer, electrical, and gas line information.

Utilities and Infrastructure

• Current ownership has invested intensively in park infrastructure. The majority of the parks feature newer PVC sewer lines, PEX water lines, and 200 amp service to each pad, creating a simple and clear path forward for experienced infill operators. See Deal Room for Maps, Infrastructure Information, List of Recent Improvements and other supporting Information. Contact Broker For Additional Details

Park Owned Home

• Parked Owned Home Inventory is primarily Twenty Teens, with homes ranging from 1976 to 2024. See Deal Room for full list of Park Owned Home Inventory. Current Ownership has steadily infilled the properties, showing a strong demand for affordable housing within the subject communities. Contact Broker for Additional Details

Rent to Own Contracts

• CR 332 Lot 1: $2,850 in remaining payments: RTO Comes to Term 02-01-2027 CR 332 Lot 2: $500 in remaining payments: RTO Comes to Term 10-01-2026 605 Reavis Falls City, NE: $6,105 in remaining payments: RTO Comes to Term 06-01-2027 707 Reavis Falls City, NE: $21,600 in remaining payments: RTO Comes to Term 03/31/2031 Contact Broker for Additional Details

Area Lot Rents

• Savannah, MO: Lot rents are near market at Terrace and CR 332 Saint Joseph, MO: Average Lot rent in St. Joe is currently $515, placing CPEX $140 below market Elwood, KS: Average Lot Rent in the Elwood/Wathena, KS area is $325, placing Elwood, Vermont, and Atlantic MHCs near market rent Falls City, NE: Average Lot rent in Falls City and surrounding areas is $300-$350, placing Falls City $110-$160 below market Contact Broker for Additional Details

Additional Expansion

• Several of the properties offer the ability to reconfigure or further develop sites in order to increase site count. Savannah, MO is currently working to provide the ability to add tiny homes to their manufactured housing communities, which would allow for further infill in the lower area of the Terrace property. See deal room for current proposed zoning. Contact Broker for Additional Details.

Equipment List

• The Following Equipment can be included in the sale for additional consideration: - 2011 Ford 250 Super Duty - 175,000 miles - 2014 Ford 550 Super Duty 4x4 enclosed service truck -135,000 miles - 2019 International Flatbed Truck - 106,000 miles - 2014 JCB ECO 260 Skid loader - 850 hours - 2021 Sany SY16 Mini Excavator - 250 hours - 2017 Texas Pride 20' Dump Trailer - 2026 28' Tilt Bed Trailer - 1992 Ford 8000 Dump Truck - 2 Axel Car Trailer - Single Axel Lawn Mower Trailer - Cub Cadet 60' Zero Turn - Cub Cadet 48" Zero Turn - Grasshopper 52' Zero Turn - 24' Flatbed 3 Axel Trailer - 40' Semi Trailer (Currently Used for Parts Storage) - 1958 Ford 861 Powermaster (Tractor) Contact Broker for Additional Details

Financial Analysis

• Year one of Financial Analysis is based on the current in place occupancy and the seller's actual 2025 expenses. Year 2 assumes the lease up of the currently vacant homes and an average raise of $30 to lot rents only and adjusting expenses to 35%. Year 3 through 6 assume gradual infill of 5 homes per year across the portfolio to bring the portfolio to 90% occupancy while raising rents by an average of 3% per year. Year 7 onward assume a 3% rent raise which translates to a $10 rent increase per year. Income projections for infill assumes lot rent only, offering further upside for new ownership intending to rent park owned homes or utilize rent to own strategies. Contact Broker for Additional Details.

Individual Park Addresses

• Terrace - 503 13th Terrace N. Savannah, MO 64485 CR 332 - 12761 County Road 332 Savannah, MO 64485 CPEX - 5214 Savannah Road Saint Joseph, MO 64505 Vermont - 208 Vermont Street Elwood, KS 66024 Atlantic - 1209 Atlantic and 607 N 12th Street Elwood, KS 66090 Elwood - 1006 Connecticut, 1103 Connecticut, 403 N 3rd, 401 N 11th, and 305 N 11th Street Elwood, KS 66090 Falls City - 605 Reavis Street Falls City, NE 68355 Properties have multiple addresses and parcels, addresses above are for mapping reference only. Contact Broker or see Deal Room for detailed Parcel Information.

Saint Joseph, MO

• Six of the Seven properties in the portfolio are located within the Saint Joseph, MO MSA. The MSA has a population of over 120,000 residents and is located less than an hour from downtown Kansas City, offering affordable housing within commuting distance to major employers both in St. Joe and in Kansas City, MO. Major employers in Saint Joseph, MO include: Mosaic Life Care, Triumph Foods, 139th Airlift Wing of the U.S. Air Guard, Boehringer Ingelheim Veterinary Pharmaceuticals, and Clairos Battery Manufacturing.

Falls City, NE

• Falls City, NE is the County Seat of Richardson County and has a population of 4,000 residents. Major employers include: Fast Global Solutions, Herzog Rail, CGB, as well as many small and mid level agricultural and manufacturing employers. CITRONIQ, a renewable plastics manufacturer is working on an $8.6 Billion investment on a 120 acre site just south of Falls City. The project looks to add 160 careers after completion, but will inevitably draw contractors in need of housing to the area when construction begins in 2027. See Deal Room for more information.