Mobile Home Park Details
- Purchase Method: Cash, New Loan
- Cap Rate: 8.1% (Actual)
- Listing ID: 1717009
- Posted On: Jul 19, 2022
- Updated On: Jan 15, 2024
Description
Presque Isle Mobile Home Park is an excellent turnkey investment property located in the middle of the beautiful town of Presque Isle, Maine - the largest town in Northern Maine above Bangor. This Mobile Home Park is the largest park in Northern Maine with 85 Licensed Pads, a single-family home, and situated on 9.58 acres. Public water & sewer and private paved roads. Seller is also offering a credit of $50,000. This will help cover the cost of a new sewer line (estimated replacement is $20,000) and help fill vacant lots with new homes. Great opportunity for profit growth! Consistent occupancy and a waiting list for prospective tenants. Presque Isle is located on the border of USA and Canada. Economically, it has gone through the strongest upswing in decades. The subject property presents a prime investment with an actual in going Cap rate of 8% with an enormous opportunity to create upside by bringing in more homes to rent. Northern Maine, particularly Presque Isle, has a classic New England feel of going back in time. Walking distance to the mall, Walmart and Downtown. It is 1 to 2 blocks off the Main Street, which is walking distance to the Banks, Fast Food, & other Main Street Businesses. Come check it out and make it your very own today!
Location
Prime, in-town location & largest mobile home park in Aroostook County. Private, paved roads.
Park Information
| Community Type: | All Age |
| Number of MH Lots: | 85 |
| Total Occupancy: | 52.0 % |
| Average MH Lot Rent: | $250 |
| Size: | 10 acre(s) |
Financial Information (Actual)
| Gross Income: | $210,600 |
| Operating Expense: | $77,486 |
| Net Operating Income: | $133,114 |
| Expense Ratio: | 36.8 % |
Lot Information
| Singlewide Lots: | 85 |
Utility Information
| Water: | City |
| Water Paid By: | Park |
| Sewer: | City |
Park-Owned Homes
| Number of Park-owned Homes: | 19 |
| Average Rent for Park-owned Homes: | $710 |