Mobile Home Park Details

  • Property ID: 1333261
  • Posted On: Oct 1, 2020
  • Updated On: Aug 9, 2021

Property Description

• Myers MHC offers investors the opportunity to purchase a stable, cash flowing asset on all city utilities, well located in Hancock on top of a hill on a quiet dead end street and less than a half mile from I-70. Easy access to I-70 means residents are just 30 minutes away from Hagerstown, MD.
• Opportunity for an investor to purchase a stabilized community at an attractive in place yield and continue pushing rents. If all 6 units were brought up to the highest home rent currently in place, an investor would add over 8% ($4,800) to the property’s annual gross income.
• Current owner purchased the asset out of foreclosure and completed an extensive rehab of all 6 homes including but not limited to electrical service upgrades, roof coatings, new countertops and stainless-steel appliances, new flooring and interior and exterior paint, and water sub-meters.
• There is a lack of renovated housing stock in the area. After completing home rehabs, current owner was able to lease up units rapidly, demonstrating the tremendous demand for quality affordable housing in the area.
• Water, sewer, and trash are included in rent, and property owner also has the right to bill back additional amounts if usage is higher than allowed.
• Within a 10-mile radius of the community, the 2020 total population is over 20,100 people with strong average household incomes of $65,566 and average home values of $213,244.
• Hancock was recently officially designated as “Maryland’s Trail Town” by the governor of Maryland. There are 13 national and regional hiking/biking trails that run through the town and with more than 4.3 million people using these trails annually, Hancock is a natural stopping point for many of these outdoor enthusiasts.

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Park Information

Community Type: All Age
Number of MH Lots: 6
Total Occupancy: 100.0 %
Year Built: 1975
Average MH Lot Rent: $808
Size: 1 acre(s)

Utility Information

Water: City
Water Paid By: Park
Sewer: City

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