Contact Information

Mobile Home Park Details

  • Price: $3,920,000
  • Cap Rate: 6.9%
  • Property ID: 1192096
  • Posted On: Feb 18, 2020
  • Updated On: Feb 18, 2020

Property Description

Marcus & Millichap is pleased to present the opportunity to acquire three manufactured housing communities located in Massachusetts and Maine. All three communities are all-age, and contain a total of 132 sites. Allendale Pines and Acorn Acres are located in Massachusetts and are serviced by public water and sewer, while Indian Run Estates is located in Maine and serviced by private water and sewer (well/septic). Allendale Pines, Acorn Acres and Indian Run Estates have a 98 percent global occupancy allowing a new buyer to benefit from strong occupancy and low number of park owned homes.

Allendale Pines is located in Pittsfield, MA and contains 55 sites which are 98 percent occupied. Allendale is the only community in this portfolio that is subject to rent control. The community provides its tenants with an ideal location just minutes from Allendale Shopping Center and Berkshire Crossing, two large shopping areas which include a Walmart Supercenter, Home Depot, Dick’s Sporting Goods, T.J. Maxx, HomeGoods, Harbor Freight Tools, Big Lots, etc.

Acorn Acres consists of 37 sites which are 97 percent occupied located in Auburn, MA. The community has a population greater than 545,000, median housing value of $295,746 and average household income of $100,229 within a 15 mile radius.

Lastly, Indian Run Estates is located in Dresden, ME near the Kennebec River and 50 minutes north of Portland (45 Miles). The community contains 40 sites that are 98 percent occupied, situated on 5 acres and allows room for 22 expansion sites.

The communities are being offered for sale individually or as a portfolio.

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Park Information

Community Type: All Age
Number of MH Lots: 132
Total Occupancy: 98.0 %
Average MH Lot Rent: $317

Financial Information (Pro Forma)

Gross Income $491,018
Operating Expense $219,555
Net Operating Income $271,463
Expense Ratio 44.7 %
Debt Info

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