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Address is 3121 State Route 35 Hazlet, NJ 07730

Jacqueline Sawchik

Marcus & Millichap - McClellan & Baskin

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Brookside Mobile Estates

Mobile Home Park for Sale in Hazlet, New Jersey

3121 State Route 35
Hazlet, NJ 07730

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Sale Price: $9,500,000
 

Contact Information

Jacqueline Sawchik
Marcus & Millichap - McClellan & Baskin

Mobile Home Park for Sale

Number of MH Lots: 90
Size: 6.5 acre(s)
Cap Rate: 6.4%
Status: Active
Property ID: 722745
Posted on: Nov 15, 2016
Updated on: Jan 20, 2017
Price: $9,500,000

Property Description

Brookside Mobile Estates, located in Hazlet, New Jersey, is comprised of 90 MH Sites, 3 Single Family Homes and 2 Retail Store Fronts. Situated on highly trafficked Highway 35, tenants enjoy the convenience of nearby shopping, restaurants and entertainment. Brookside is also only a short commute to New York City (40 minutes by car and 1 hour by train, which is a 5 minute walk from the park). The current owner, who has owned and operated the community for the past 33 years, has put significant energy towards capital improvements throughout the years including new water/sewer lines and pulling out numerous older homes and replacing them with updated vinyl sided/pitched roof homes which has greatly enhanced the aesthetics of the community. The community provides an investor the unique opportunity to purchase a MHC in an irreplaceable location void of New Jersey Rent Control with ample upside in both sub-metering and continuing to improve occupancy and huge upside in the sale of new mobile homes. Average of $25,000 per new home sold.
Please note that included in the Purchase Price but NOT underwritten into the list price, is approximately $6,979 of Monthly Income from the 14 POH. The Homes/Home Revenue has been priced in addtion to the Real Estate - Asking Price of $600,000.

Park Information

Number of MH Lots:90
Total Occupancy:79.0%
Year Built:1960
Average MH Lot Rent: $775
Size:6.5 acre(s)

Financial Information (Pro Forma)

Gross Income$790,816
Operating Expense$242,113
Net Operating Income$548,703
Expense Ratio 30.6%
Debt Info

Lot Information

Singlewide Lots:90