Property Description

• Opportunity to acquire a 840-site RV park located near several state parks and nature areas and roughly an hour away from both Pittsburgh, PA and Morgantown, WV. The community is coming out of foreclosure (REO) and the special servicer has operated the property with a third party management company for the last few years. • Approximately 88% of the park’s rental income is from seasonal tenants who pay $2,500 per season and many leave their RVs in the park year-round. In order for seasonal tenants to reserve their site for the next year, they must put a deposit down of $600 by Labor Day Weekend. Only about 30 tenants per year choose not to renew but due to the lengthy wait list, the park does not have a problem back filling those lots and is 100% reserved by closing on November 1st. • The community recently brought 87 RV sites back online that had been out of use by the previous owner; these will be able to accommodate larger RVs. The additional sites are already fully leased for the 2019 season and will generate $217,500 in ($2,500 per site for the season). • Recent capital improvements include upgrades to the power boxes for old camp sites, internet, road repairs, construction of new game room/laundry facility and planting of new trees/flowers around the property. • According to the Seller, the waste water treatment plant will eventually need to be replaced. Seller has received bids in the $1mm range. • The community features an extensive amenity package including one of the largest outdoor swimming pools in the state, two playgrounds, a camp store, basketball court, volleyball court, horseshoe pits, mini golf course, dog park, nature trail, laundry facility, and an arcade. • The park is located along Indian Creek, an idyllic Pennsylvania native trout stream. The Indian Creek Valley Trail is a planned 22-mile hike and bike trail along the entire length of the former railroad that runs alongside the creek. Currently there are 8 miles of finished trail which includes the portion that runs along the community and another 5 miles of unfinished trail. • Value add opportunity to keep park partially open during the winter to accommodate a very tight lodging market for vacationers skiing at Hidden Valley and 7 Springs Ski Resorts that collectively market “Over One Million Visitors Each Year”.