Contact Information

Mobile Home Park Details

  • Price: $1,365,000
  • Purchase Method: New Loan
  • Property ID: 1112724
  • Posted On: Jul 29, 2019
  • Updated On: Jul 29, 2019

Property Description

Marcus & Millichap is pleased to present the opportunity to acquire a manufactured housing community located in Western Pennsylvania, known as Lakeview Manor. The community currently contains 72 sites that are 74 percent occupied. Lakieview Manor is an all age community situated on 73 acres of land. The asset is serviced by private water and sewer (lagoon) that are sub-metered.

Lakeview Manor is located within 40 miles of Erie which had a population of 97,369 in 2017 and 90 miles of Pittsburgh which had a population of 302,407 in 2017. With a current occupancy of 74 percent, a new investor can benefit from the steady income while implementing an aggressive sales program to increase occupancy.

The community is being offered for a total price of $1,365,000 with $1,085,000 allocated to the real estate and $280,000 allocated to the 15 park owned homes. At the current asking price on the real estate, a new investor can assume a 8.00% Year 1 Cap Rate.

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Park Information

Community Type: All Age
Number of MH Lots: 72
Total Occupancy: 74.0 %
Year Built: 1970
Average MH Lot Rent: $237
Size: 73.0 acre(s)

Utility Information

Water: Well
Water Paid By: Tenant - Submetered

Park-Owned Homes

Number of Park-owned Homes: 15

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