Contact Information

Jon Fisher
License: 471.020503 (IL) 18000549 (IN) 117228 (SC)

MR LANDMAN LLC

CONTACT BROKER

Price: $1,350,000
Purchase Method: Cash, New Loan
Listing ID: 5729758
Posted On: May 16, 2024
Updated On: Jun 2, 2024

Description

Titusville Estates is a 42-pad MHP located in Titusville, PA. The age of the park is not known by the current owner. The park is zoned Residential/Mixed Use and is believed to be in compliance. The vast majority of the tenants pay their rent by making a deposit at a local bank, and three tenants currently pay their rent via Zelle. The park has both an onsite manager and a maintenance guy.

The size of the base pads are 16 x 80. No homes are abandoned or need to be removed from the park. 30 out of the 42 pads are currently occupied (71% occupied). 17 of the homes are TOH averaging $325/month. 10 of the homes are POH averaging $700/month. Two of the homes are RTO averaging $650/month. There is a Cape Cod style SFR on the property currently rented for $625. There are no vacant trailers being held for back taxes. The park utilizes annual leases. None of the tenants are currently behind in rent. The park currently has titles for all of the POH. The park is not located in a flood zone.

Titusville Estates MHC is on well & septic. The composition of the waterlines was not provided. The electrical pedestals are believed to be 200 amp to each pad. Residents are billed directly for their electricity & gas by their respective providers. Water is provided by the park. Garbage is provided by the park. The roads are considered to be in "good" shape are gravel. The park maintains the roads. The tenants are responsible for mowing their own pads. The park mows the common areas and vacant pads. The park manager pushes snow as necessary.

I asked the owner of the park to provide some insight on the improvements that they have made in the park since they've owned it:

"We have filled up three brand new 2022 model homes, installed two new water tanks for well water. In 2023 we did gravel throughout the park and also renovated four of the park owned homes."

I also asked the owner of the park if they were going to continue to
operate the park what items would they concentrate on improving?

"We would pave the roads. Remove some trees where the Cape Cod SFR is. Build a playground for the kids."

MR. LANDMAN, LLC is a licensed brokerage in the State of
Pennsylvania under LIC#RB069500. Jonathan Fisher is a licensed
broker in the State of Pennsylvania under LIC#RM425074.

Location

Titusville is a city in the far eastern corner of Crawford County, Pennsylvania. The population was 5,262 at the 2020 census. Titusville is known as the birthplace of the American oil industry and for a number of years was the leading oil-producing region in the world. It was also notable for its lumber industry, including 17 sawmills, as well as its plastic and toolmaking industries. It is part of the Meadville micropolitan area.

•The median home cost in Titusville is $92,600. Home appreciation the last 10 years has been 51.5%. Home Appreciation in Titusville is up 14.3%.

•The median age of Titusville real estate is 78 years old.

•Renters make up 49.0% of the Titusville population.

•Renting a two-bedroom unit in Titusville costs $800 per month, which is 44.1% cheaper than the national average of $1,430 and 51.3% cheaper than the state average of $1,210.

•Titusville has an unemployment rate of 7.9%. The US average is 6.0%.

•Titusville violent crime is 11.6. (The US average is 22.7)
•Titusville property crime is 31.8. (The US average is 35.4)

Titusville, PA is located:

27 miles E of Meadville, PA
80 miles NE of Youngstown, OH
104 miles NE of Pittsburgh, PA
122 miles NE of Akron, OH
135 miles NE of Cleveland, OH

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