Photo of Mobile Home Park

Mobile Home Park Details

Purchase Method: Cash, New Loan
Listing ID: 710660
Posted On: Oct 4, 2016
Updated On: Nov 28, 2016

Description

- Being sold as part of a portfolio with Coldbrook Resort Campground and Roundup Lake Campground.
- Opportunity to acquire a large 663-site campground with approximately 175 sites for annual tenants.
- At 55% occupancy among the annual sites at the park, there is tremendous opportunity to add value by filling long-term sites. Nearby manufactured housing communities including one directly across the street appear to be operating at much higher occupancy.
- Current owner has recently negotiated a major reduction in real estate taxes with the county. The assessed value is expected to decrease from approximately $11M to approximately $4M.
- Since the current management team was put in place, approximately $60k of capital projects have been completed consisting of $20,350 in road improvements and $39,590 for tree removal and landscaping improvements.
- Amenities include a large pool, arcade, kayaking, a private, stocked lake, and laundry facilities.
- Community is already set up on public water.

Location

- Great regional access with Atlantic City 30 miles to the southeast and Philadelphia 40 miles to the northwest.
- Atlantic City is the gambling and resort capital of the east coast with eight casinos generating over $2.2 billion in gaming revenue in 2015.
- One of Atlantic City' s main attractions, The Boardwalk, spans several miles and features casinos, shops, rides, restaurants and several events throughout the year.
- According to the South Jersey Transportation Authority there were over 24 million visits made to Atlantic City in 2015.
- Vineland, NJ is less than 20 minutes away with a Walmart Supercenter and several national retailers.
- The Atlantic City food scene is on the rise with the number of high profile restaurants being added each year such as Izakaya, Il Mulino, and Docks Oyster House.
- The National Wildlife Refuge, Edwin B. Forsythe, a short 50 miles from the property, protects more than 47,000 acres of southern New Jersey coastal habitats, mostly catering to migratory birds.

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