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Mobile Home Park Details

  • Price: Call for Price
  • Purchase Method: Cash, New Loan
  • Property ID: 1276984
  • Posted On: Jun 23, 2020
  • Updated On: Jun 23, 2020

Property Description

The Erie MH Portfolio offers a great value-add opportunity to acquire three (3) centralized communities nearby each other with significant value-add potential in matching the higher average market occupancy and remaining rental rate growth from the in-place occupancy. This Mid-Atlantic portfolio consists of a total 291 sites with portfolio occupancy at 204 occupied sites (70.1%), in a market with average occupancy above 90%. All three (3) communities are on public water and sewer. The offering and includes 36 homes, of which 27 are occupied rental homes (4 rent-to-own) and 5 homes available either for sale or for lease. In addition to the value-add aspect of the portfolio, this opportunity provides diversity within the local market while still being in close proximity to each other.

The Erie MH Portfolio is being offered only as a combined three asset sale with all park inventory/rentals with no debt assumption requirements.

INVESTMENT HIGHLIGHTS
- Three Established MHC’s - 291 Spaces - Less than 15 Miles Apart with Substantial Occupancy Upside
- Highly-Occupied Manufactured Housing Market
- Modest Rental Rate Upside

Please contact listing brokers for additional information.

Location

The Erie MH Portfolio is in close proximity to the Erie International Airport and located between Cleveland Hopkins International Airport and Buffalo Niagara International airport. Erie is Pennsylvania’s fourth-largest city with emerging economic drivers within healthcare, tourism, technology, higher education and service sectors along with established manufacturing industries. The area is known for a variety of lake and outdoor activities and events, with draws to the National Landmark, Presque Isle State Park, which surrounds Erie’s downtown.

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