Contact Information

Mobile Home Park Details

  • Price: $3,300,000
  • Cap Rate: 5.6%
  • Property ID: 1520286
  • Posted On: Sep 23, 2021
  • Updated On: Oct 13, 2021

Property Description

https://estersonmhcteam.​com/property/maplehurst-mhc-horseheads-ny

The Esterson MHC Team is pleased to present Maplehurst MHC, a 50-lot, 55+ retirement manufactured home community that’s 100% occupied and located in Horseheads, NY.​ Just 8 miles from the Chemung Regional Airport and 14 miles from Corning, NY, “The Crystal City”, Horseheads provides the ideal, small hometown feel, with all the conveniences of a big city.​

The community is comprised of 50 MH lots, all of which are tenant owned, and 94% of its tenants sign annual lease agreements.​ Current homesite rents at Maplehurst average $448, which is right in-line with the market.​ Maplehurst MHC also has weekly curbside trash pickup and is on private well & septic, all of which are paid for by the current owner.​

At $3,300,000, we are offering investors the opportunity to purchase a fully stabilized, cash-flowing investment property, with a 9.8% cash-on-cash return Year 1.​ Given the quality of the asset and occupancy rate, Maplehurst should qualify for nonrecourse financing at a 3.8% interest rate, 70% LTV and 30-year amortization, with 2-3 years of interest-only payments.​

Amenities

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Park Information

Community Type: 55 And Over
Number of MH Lots: 50
Total Occupancy: 100.0 %
Average MH Lot Rent: $448
Size: 14 acre(s)

Financial Information (Actual)

Gross Income $283,519
Net Operating Income $184,642
Debt Info

Utility Information

Water: Well
Sewer: Septic

Park-Owned Homes

Number of Park-owned Homes: 0

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