Contact Information

Mobile Home Park Details

  • Price: $2,200,000
  • Cap Rate: 7.8%
  • Property ID: 1337945
  • Posted On: Oct 9, 2020
  • Updated On: Jan 15, 2021

Property Description

The MHP Broker is pleased to present a 2-park portfolio in Meadville, PA. Asbury Manor East and Asbury Manor West are located just 45 minutes south of Erie, PA, making them well-located parks. These two nearly adjoining parks are serviced by city utilities and feature 104 total pads that are situated along paved roads. Furthermore, this portfolio offers a tremendous value-add opportunity with current occupancy at only 62%, and full infrastructure is in place for adding new homes.
There are currently 62 tenants and only 7 park-owned homes (POH's) within the parks. The seller will also include in the sale an additional 8 homes he has purchased, which are off-site and not move-in ready, however, some of the homes will only require minimal work to become move-in ready. Additionally, there are 10 homes within the park that are in bad shape and will need to be removed, as unfortunate events in a prior sale lead to the parks being neglected through poor management. Due to this, vacancies increased, and homes were left vacant. Ownership is actively rehabbing, filling vacancies, and removing dilapidated homes, so this is an excellent opportunity to capture the additional upside already started by the owner.
Currently, lot rents are $339/month with utilities charged in addition to this base rent. Water is submetered to each home and read monthly by management on site. A small portion of Asbury Manor West does fall into a FEMA flood zone according to their maps, but no flooding has ever occurred. All homes are above the flood level, and insurance is not currently carried.
We are offering this community at a 7.75% CAP on lot rent only. Seller maintains good books and records, and management and maintenance have been there for 5+ years. They currently handle all of the parks day to day operations and are willing to stay in place if the new owner desires. A MH toter and other operational equipment such as mini-excavator and JD Commercial zero turn will also be included in the sale. The Yr 2 pro forma, with 80 occupied units with no change in lot rent, is $2,700,000. We are asking investors to submit offers at, or above, $2,200,000 for the park, POH inventory, and equipment.

Interested in purchasing this mobile home park? Get pre-qualified for a loan.

Park Information

Number of MH Lots: 104
Total Occupancy: 62.0 %
Average MH Lot Rent: $339
Size: 36 acre(s)

Financial Information

Gross Income $252,216
Operating Expense $91,822
Net Operating Income $160,394
Expense Ratio 36.4 %
Debt Info

Utility Information

Water: City
Sewer: City

Park-Owned Homes

Number of Park-owned Homes: 7
Average Rent for Park-owned Homes: $539

Download Documents

Other Listings by Maxwell Baker See More

Similar Mobile Home Parks for Sale