Photo of Mobile Home Park

Mobile Home Park Details

Purchase Method: Cash, New Loan
Cap Rate: 16.0%
Listing ID: 425459
Posted On: Feb 19, 2014
Updated On: Feb 28, 2017

Description

16% Cap Rate with "Rent to Own" Income. Option 2- Purchase the Property without the Rent to Own Notes for $1,500,000 (11.5% Cap Rate). This one will not last!!! Developed in the 1990's, the subject property is located along the west side of Rathburn Road, just 1-2 miles north of Route 3. The City of Syracuse is located ~30 southeast of the property. The park has primarily Single-Wide homes (and 2 Double Wides) with a variety of ages; three storage buildings (two of which are adjoining) and a water pump house. The homes are serviced by loop roadways; driveways and primarily propane gas. Complete Offering Package available upon request.

Location

Oswego County is in northwestern New York State, just north of Syracuse and northwest of Utica, along the eastern shore of Lake Ontario. The county name is from the Mohawk language word meaning "the outpouring", referring to the mouth of the Oswego River. The subject property, CH is located in the Town of Hannibal (2010 census population-4,854). The town is located in the western sector of Oswego County which borders Lake Ontario to the North. The Cities of Oswego and Fulton commercial districts are located within 5-10 miles of the subject property. Route 104 corridor, a major transportation corridor along the south shore of Lake Ontario, runs through the Town of Hannibal and is located within 3-4 miles of the property. The general area is comprised of many historic towns and villages with interspersed agricultural areas. Oswego County is located with the Syracuse, New York Metropolitan Statistical Area (MSA).