Mobile Home Park Details

  • Cap Rate: 4.1%
  • Property ID: 1466811
  • Posted On: Jun 28, 2021
  • Updated On: May 1, 2022

Property Description

https://estersonmhcteam.​com/property/5-park-portfolio-ithaca-saratoga-ny-msa

Well located, 448 lots, five park manufactured home community portfolio with upside in occupancy, lot rent and a 42-lot expansion area.​
The portfolio is a stabilized opportunity with upside consisting of 5 land-lease communities in strong NY MSA markets.​ The portfolio has 438 active MH lots with 353 lot rent only tenants each paying an average lot rental rate of $483 per month.​ There are 8 park owned home tenants and 0 vacant park owned.​ There are 77 vacant active lots.​ There is also a 10- unit apartment building that is mostly occupied that is included in the deal.​ Current occupancy is roughly 82% on active lots.​

All parks are year-round, all-ages communities and has city water & sewer at 1 park and private water & sewer at 4 parks.​ Woodcrest Acres & Forest Hills provide water & sewer services to its tenants and is included in the rent.​ Forest Hills utilizes a wastewater treatment plant that has no

known deferred maintenance.​ Pine Hill, Country Acres & Valley View bill back the water & sewer to the tenant.​ The tenant owned units are a mix of newer & older vintage but all in above average condition.​ Roads are paved and in mostly average condition as our offering price suggests.​ No parks are in flood zones.​

We are asking that investors submit offers at or above $25,000,000.​ Given the quality of the asset and expansion potential, this 5 park portfolio should qualify for non-recourse financing.​

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

Park Information

Community Type: All Age
Number of MH Lots: 448
Size: 635 acre(s)

Financial Information

Net Operating Income $1,007,913
Debt Info

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