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Mobile Home Park Details

  • Price: $900,000
  • Cap Rate: 8.6%
  • Property ID: 1265307
  • Posted On: Jun 4, 2020
  • Updated On: Jun 4, 2020

Property Description

ASHVILLE, NY (JAMESTOWN MSA) – This Mobile Home 2-Park Portfolio is well-located in a rural setting near Chautauqua Lake in New York, and offers plenty of up-side in a strong market (135,000 people in the county). This portfolio features Ashville Mobile Home Park (MHP) and Wellman Mobile Home Park (MHP), which are both conveniently located near all the area’s amenities and just minutes to downtown Jamestown.
Collectively, the parks offer a total of 67 lots, with 39 lot-rent tenants. Neither of the parks have park-owned homes (POH), however, Ashville MHP features a single-family home and a three-bay garage -- both of them are fully-leased. The tenant-owned homes are in good condition, with majority of them being constructed in the 1980’s to early 2000’s. Among both parks, there is a total of 28 vacant lots, giving an overall current occupancy of 61%. Both of the parks offer an opportunity to expand.
In regards to utilities, Ashville MHP is serviced by public utilities, and Wellman MHP is serviced by a well water/lagoon system, which has been well maintained. The roads throughout the park are gravel and privately-maintained. Neither park is located in a flood zone. This portfolio is being offered as a value-add investment investment, with an 8.6% combined CAP on current income, using a 46% expense ratio. These parks can be purchased together, or separately. Owner financing is available with 25% down. We are asking investors to submit offers at, or above, $900,000 for both
parks.

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Park Information

Community Type: All Age
Number of MH Lots: 67
Size: 21 acre(s)

Utility Information

Water: City
Sewer: City

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