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Mobile Home Park Details

  • Price: $3,800,000
  • Property ID: 1049038
  • Posted on Apr 3, 2019

Property Description

Sunstone is pleased to offer for sale El Rancho & Spring Ridge Village, a two property portfolio with 75 rentable units including 71 MH sites, one single family house, and 3 apartments located in the Washington DC metro city of Hagerstown, Maryland. Priced at an 8.55% Cap rate on in place NOI, the portfolio offers attractive yield with occupancy upside through infill of 8 Vacant Sites. The local sub-market is diverse economically and starved for attainable work force housing which yields high rental rates and strong tenant demand. There is significant new development in the immediate area and the properties are close in proximity offering operational synergies. Must be purchased as a portfolio in conjunction with Rent to Own Home Contracts.

• 8.55% Cap Asking Price on In Place NOI - Occupancy Upside with 8 Vacant Home Sites for Infill
• El Rancho was Recently Paved with Asphalt Roads from Gravel
• Rarely Available Washington DC/Baltimore MSA Location - High Demand Housing Market - 75 Miles from Dulles, Reagan and Baltimore Airports
• 1.4M Sq/Ft of New Industrial Development Adjacent to Spring Ridge Village
• Two Properties in Close Proximity giving Operational Efficiency

PARK SALE PRICE: $3,654,000
TOTAL SALE PRICE: $3,800,000

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Park Information

Number of MH Lots: 71
Total Occupancy: 89.0 %
Average MH Lot Rent: $520
Size: 37.9 acre(s)

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