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Address is Airport Road Hallstead, PA 18822

Mike Riccardi

M. Riccardi Agency, Inc

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Green Valley MHP

Land Lease Community for Sale in Hallstead, Pennsylvania

Airport Road
Hallstead, PA 18822

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Mobile Home Park for Sale

Number of MH Lots: 57
Size: 28 acre(s)
Purchase Method: Cash, Seller Financing, New Loan
Status: Active
Property ID: 185238
Posted on: Jun 04, 2012
Updated on: Nov 01, 2013

Property Description

Land: 28 acres
Sites: 57 total – 56 homes, 1 office trailer,
Water & Sewer: municipal public
Streets: municipal
Utilities: underground
Homes owned by park (lot and home rental): 52
Lot rentals (lot only): 4
Great opportunity to take over this investment for only $250,000 cash down payment and owner holds the mortgage at 4% with no balloon. This is a 2 part installment sale purchase with all upside. Total price is $2million with part 1 being initial purchase of all structures for $1 million with $250,000 cash down and part 2 being the purchase of ground for $1 million at the end of 5 years. See attachment for full details.OR $500,000 cash down for complete purchase at total price of $2,000,000 with owner financing for up to 20 years with 10 year balloon.
All homes have shingle roofs and vinyl siding including homes on lot rentals. All park owned homes are 2000 or newer. Facility is totally maintained and managed. Continued office, management and maintenance staff is not a requirement to new owner. All sites have storage sheds, parking pads, and skirting. 50% Gas leasing rights available at an additional price of $250,000. Gas rights not a requirement of sale and can be excluded. Estimated additional income from gas rights $5000/month. Royalties are estimated to commence within 12 months. Rents are currently in process of being increased as leases expire. Currently renting to gas drilling employees at up to $1000/month per home. Income will increase substantially from current annual income by year end.
All utilities are underground and each lot has its own lateral for municipal water and sewer and all laterals are connected. Each lot pays its own water bill. Each lot is a legimate sized building lot for township requlations if someone wanted to apply for subdivision and build homes for resale or rental.
EXPANSION: Adjoining acreage available for sale to expand park to over double its current size.

Location Description

Located in Northeastern Pennsylvania just south of the New York border and approximately 1/2 hour north of Scranton. Demand for housing is at a premium due to the large amount of gas drilling being done in the immediate area and property values are increasing at a rapid pace.

Park Information

Number of MH Lots:57
Total Occupancy:100.0%
Year Built:1998
Average MH Lot Rent: $250
Size:28.0 acre(s)

Financial Information (Actual)

Gross Income$399,000
Operating Expense$160,000
Net Operating Income$200,000
Expense Ratio 40.1%
Debt Infoowner financing

Lot Information

Singlewide Lots:17
Doublewide Lots:35

RV Information

Number of RV Lots:0

Utility Information

Water Paid By: Tenant - Individual Service

Park-Owned Homes

Number of Park-owned Homes:52
Average Rent for Park-owned Homes: $620

Zip codes in Hallstead, PA

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