Mobile Home Park Details
- Cap Rate: 7.3%
- Listing ID: 1324845
- Posted On: Sep 16, 2020
- Updated On: Mar 12, 2021
Description
*Listing Broker: Jennifer Stein, JDS Real Estate Services Inc.*
Link to Offering Memorandum & Public Files:
This is a unique opportunity to purchase a 69 space Mobile Home Park in Saegertown, PA. Current Owner Operator has taken great care for the property, and has kept a very clean park, with rental upside, and the ability to sub-meter and capture well water additional income!
Currently this property has only 11 Park Owned Homes, with 48 Tenant Owned Homes, 5 Vacant Lots, 2 homes in process of filing for Abandon Title, and 2 Partially Developed Lots!
Partially Developed Lots HAVE WATER & SEWER, and are plotted and off of the main road; to be put into service these lots need piers, and Electric/Gas Service installed.
There is upside in the current utilities structure, as Well Water, is not currently being billed to the tenants. New Operator could increase NOI by $14,640 by billing $20/mo to tenant! Sewer is billed back to tenant at a rate of 1:1 with a flat fee of $24/tenant/mo and Trash is currently included in the rent. Electric infrastructure is underground.
CITY MAINTAINED STREETS - City Maintains and plows the streets, as well as is responsible for fixing pot holes. Streets fully repaved in 2018.
Seller has built and created a solid community, with great long term tenants. Property is neat and clean with with friendly neighbors - Tenants have great lots and love calling Fountain House home!
Property is currently 28.5+ Acres, incoming buyer can easily build out an ADDITIONAL 30+ SPACES!
Location
-- Saegertown, PA - General Location
Saegertown is located north of the center of Crawford County. It is • bordered to the north, east, and south by Woodcock Township and
to the west, across French Creek, by Hayfield Township.
U.S. Route 19 and 6 pass together through the center of town, leading northeast (8mi) to Cambridge Springs and south (6mi) to Meadville, the Crawford County seat. Pennsylvania Route 198 leads southeast (6mi) to Blooming Valley and west (3mi) to Exit 154 on Interstate 79. Via I-79 it is 32 miles north to Erie and 95 miles south to Pittsburgh.
-- Saegertown, PA - General Location
Saegertown is located north of the center of Crawford County. It is • bordered to the north, east, and south by Woodcock Township and
to the west, across French Creek, by Hayfield Township.
U.S. Route 19 and 6 pass together through the center of town, leading northeast (8mi) to Cambridge Springs and south (6mi) to Meadville, the Crawford County seat. Pennsylvania Route 198 leads southeast (6mi) to Blooming Valley and west (3mi) to Exit 154 on Interstate 79. Via I-79 it is 32 miles north to Erie and 95 miles south to Pittsburgh.
-- Proximity to Airport
Fountain House MHP is located less than 35 Miles from Erie • International Airport
-- Shopping Centers & Grocery Near By
Grocery Stores Only a few Miles Away Walmart 15 Minute Drive Away Restaurants & Bars 5 Minute Drive
Park Information
| Number of MH Lots: | 69 |
| Total Occupancy: | 86.0 % |
| Average MH Lot Rent: | $241 |
Financial Information (Actual)
| Gross Income: | $241 |
| Operating Expense: | $47,607 |
| Net Operating Income: | $172,373 |
| Expense Ratio: | 19753.9 % |
Utility Information
| Water: | Well |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 11 |
| Average Rent for Park-owned Homes: | $283 |
